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People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Banking Sector: Supervision and Regulation
Author:
International Monetary Fund. Monetary and Capital Markets Department
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2021: Issue 118
Language:
English
Publication Date:
15 Jun 2021
DOI:
https://doi.org/10.5089/9781513573311.002
ISBN:
9781513573311
ISSN:
1934-7685
Pages:
48
Keywords:
People's republic of china-Hong kong special administrative region; B. banking sector structure; holding company; China banking; People's Republic of China-Hong Kong Special Administrative Region FSAP; Bank supervision; Artificial intelligence; Commercial banks; Basel Core Principles; Bank soundness; Global; Central Asia; Asia and Pacific; External audit
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Banking supervision and regulation by the Hong Kong Monetary Authority (HKMA) remain strong. This assessment confirms the 2014 Basel Core Principles assessment that the HKMA achieves a high level of compliance with the BCPs. The Basel III framework (and related guidance) and domestic and cross-border cooperation arrangements are firmly in place. The HKMA actively contributes to the development and implementation of relevant international standards. Updating their risk based supervisory approach helped the HKMA optimize supervisory resources. The HKMA’s highly experienced supervisory staff is a key driver to achieving one of the most sophisticated levels of supervision and regulation observed in Asia and beyond.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund
Volume 2021: Issue 118