HKMA confirms Basel II launch
HONG KONG – In mid-March, Hong Kong Monetary Authority (HKMA) officials confirmed that they are to move ahead with Basel II implementation in their jurisdiction. Simon Topping, an executive director at the regulator in banking policy, spoke at a City University of Hong Kong seminar on Basel II Compliance, which was attended by nearly 400 banking and finance professionals, students and faculty members.
The Hong Kong regulator confirmed that the jurisdiction will be implementing Basel II alongside the first wave of nations to do so, with basic and standardised approaches to credit and operational risk due to be in place by January 2007 at all 77 locally-incorporated financial services firms. Institutions that are implementing the advanced internal ratings-based approach to credit risk will have until January 2008 to put their systems in place.
Hong Kong is not – for now – permitting the use of
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