HKMA publishes plans for Basel II implementation
The Hong Kong Monetary Authority (HKMA) today published its annual report for 2005, in which the authority announces its current progress with Basel II implementation and tasks due to be completed this year.
The HKMA, in consultation with the banking industry, continued to develop proposals and draft rules for implementing the revised capital adequacy standards under Basel II in Hong Kong in January 2007.
The HKMA collaborated with the Department of Justice and the Financial Services and the Treasury Bureau to secure the passage of the Banking (Amendment) Bill 2005. The bill gives express statutory backing for the implementation of Basel II in Hong Kong and provides for the new capital adequacy
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