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The Banking (Capital) (Amendment) Rules 2015 were gazetted today (October 23) to introduce some miscellaneous refinements to the principal Rules.
The amendments align certain aspects of the Banking (Capital) Rules more closely with the relevant Basel III standards, addressing several technical details noted in an earlier evaluation by the Basel Committee on Banking Supervision on Hong Kong's capital regime.
A spokesman for the Financial Services and the Treasury Bureau said, "As an international banking and financial centre, Hong Kong supports the consistent implementation of the international standards across all Basel Committee member jurisdictions. The latest refinements will align our capital rules for banks more closely with the international standards."
A spokesman for the Hong Kong Monetary Authority said, "We have engaged the banking industry in formulating the refinements. They are not expected to have a significant impact on local authorised institutions' capital positions."
The Banking (Capital) (Amendment) Rules 2015 will be tabled before the Legislative Council at its sitting next Wednesday (October 28) for negative vetting. They will come into operation on January 1, 2016.
Ends/Friday, October 23, 2015
Issued at HKT 11:31
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