Hong Kong issues guidelines on disclosure
HK clarifies on banking disclosure rules
The Hong Kong Monetary Authority (HKMA) has issued a non-statutory guideline on the application of the banking disclosure rules. The idea is to give new guidance about how the rules should be applied and to clarify certain requirements. The rules complete the introduction of the new disclosure regime for Authorised Institutions (AI) and came into effect on January 1 this year although, for the most part, AIs will make their first disclosures under the new regime only on June 30, when they reveal interim positions.
The rules, together with this new guideline, provide a comprehensive set of disclosure requirements for both locally- and overseas-incorporated AIs, covering profit and loss, state of affairs and capital adequacy ratios. The guideline was developed in response to requests during the consultation process for clarification of some provisions in non-technical language. The publication also includes a complete set of definitions of terms used in the rules.
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