Resolution Planning

Jul 2017

On 7 July 2017, the Hong Kong Monetary Authority (HKMA) Resolution Office issued the Financial Institutions Resolution Ordinance (FIRO) guidelines, which aims to establish a resolution regime for Hong Kong financial institutions, in line with the international resolution standards set out by the Financial Stability Board (FSB), and allows the HKMA to have tighter regulatory control over systemically important banks and take direct action.  Whilst the guidelines do not specify the exact timing for including all in scope parties, it is expected that the HKMA will follow a similar “wave” approach to the one used for Recovery Planning and therefore it is advisable for banks to begin by performing a self-assessment.  Read our paper for full details.

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Albert Lo
Partner
Tel: +[852] 2289 1925
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Brian KY Yiu
Partner
Tel: +[852] 2289 1934
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