HKMA finalizes Basel III final reform package implementation date

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Authored by: Simon Deane and Michelle Ng

On 10 November 2023, the HKMA wrote a letter to the Hong Kong Association of Banks (“Letter”), providing an update on the implementation timetable of the Basel III final reform package. The Letter informed the HKAB that:-

(a) all standards in the package (on credit risk, operational risk, market risk, CVA risk and the output floor) would take effect on 1 January 2025; and

(b) the reporting-only requirement for the new standards on market risk and CVA risk would commence on 1 July 2024.

The HKMA will consider if further refinements are needed before submission to the Legislative Council for negative vetting. 

To view the Letter, please click here.

Key Contacts

Simon Deane

Consultant | Banking and Finance

Email or call +852 2825 9209