Hong Kong to adopt loose approach to Basel II

The Hong Kong Monetary Authority, the financial regulator for the special administrative region of China, will not be mandating that certain types of banks adopt certain portions of the revised Basel Accords, according to a speech by Simon Toping, executive director of the Hong Kong Monetary Authority, in early July.

In the speech, which was posted on the Bank for International Settlements website today, Topping says that banks will be able to choose which approach they take under Basel II – either the basic, the standard or the advanced approaches to operational or credit risk. However, “while we won’t mandate particular approaches, we will expect to see levels of risk management that are commensurate with the types and levels of risk being run”, he said. This approach contrasts with the US, where

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