On 04 Sep 2025, the HKMA revised SPM module CG-7 on 'Benchmark Submission' to incorporate updated HIBOR and CNH HIBOR Codes of Conduct and refine supervisory requirements based on thematic review observations. The revised module, effective 5 September 2025, enhances benchmark robustness and is accessible via HKMA's public and supervisory websites.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Introduction
On 04 Sep 2025, the Hong Kong Monetary Authority (HKMA) issued a revised version of the Supervisory Policy Manual (SPM) module CG-7 on 'Benchmark Submission' as a statutory guideline under section 7(3) of the Banking Ordinance, effective 5 September 2025.
Key Regulatory Changes
The revisions to module CG-7 incorporate updated Codes of Conduct for the HKD Hong Kong Interbank Offered Rate (HIBOR) and CNH HIBOR, which were revised by the Hong Kong Association of Banks (HKAB) and the Treasury Markets Association following thematic reviews conducted by the HKMA. These updates enhance the robustness and reliability of interest rate benchmarks, with the revised Codes of Conduct now included as annexes to the SPM module. The revisions also refine certain supervisory requirements based on observations from the thematic reviews.
Implementation and Access
The revised SPM module CG-7, alongside the updated Codes of Conduct, will take effect on 5 September 2025. Authorized Institutions may access the revised module via the HKMA’s public website (https://brdr.hkma.gov.hk/eng/spm) and the Supervisory Communication Website (https://brdr.stet.iclnet.hk/eng/spm).
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