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93.7799

Implementation of the Key Attributes of Effective Resolution Regimes in Hong Kong

The Financial Stability Board (FSB), of which the HKMA is a member, has been established to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies.  Following the global financial crisis, the FSB was tasked by G20 leaders with developing policy measures to reduce the risks posed by systemically important financial institutions (SIFIs) and concluded that each of its member jurisdictions should establish an effective resolution regime for financial institutions to help protect financial stability and public funds in the event that any individual financial institutions are no longer viable.

There is now broad consensus internationally on the "Key Attributes" that resolution regimes should have and these are set out in new international standards drawn up by the FSB: the "Key Attributes of Effective Resolution Regimes for Financial Institutions".  In Hong Kong, a Financial Institutions (Resolution) Bill was introduced into the Legislative Council in December 2015 to establish a single cross-sector resolution regime for financial institutions conferring powers on the Monetary Authority, the Securities and Futures Commission and the Insurance Authority. 


Implementation in Hong Kong

DateTitle

06 Apr 2017

Consultation Conclusion on Regulation on Protected Arrangements

22 Nov 2016

Regulations on Protected Arrangements Consultation Paper

22 Apr 2016

Supervisory Policy Manual module RE-2 on Resolution Planning (draft under consultation)

18 Dec2015

Quarterly Bulletin article on establishing an effective resolution regime for financial institutions in Hong Kong

9 Oct 2015

Consultation response on establishment of an effective resolution regime for financial institutions in Hong Kong

21 Jan 2015

Second Consultation Paper on an Effective Resolution Regime for Hong Kong

20 Jun 2014

Supervisory Policy Manual module RE-1 on Recovery Planning

7 Jan 2014

Frequently Asked Questions

7 Jan 2014

Consultation Paper on an Effective Resolution Regime for Hong Kong
30 Sep 2013 Quarterly Bulletin Article on New International Standards on Effective Resolution Regimes for Financial Institutions

Financial Institutions (Resolution) Ordinance

30 Jun 2016

Financial Institutions (Resolution) Ordinance (gazetted version)


Financial Institutions (Resolution) Bill 

20 Nov 2015

Financial Institutions (Resolution) Bill


Key FSB documents

DateTitle
Oct 2014 

Key Attributes of Effective Resolution Regimes for Financial Institutions (2014 update)

Apr 2013

Thematic Review on Resolution Regimes
Nov 2011 Key Attributes of Effective Resolution Regimes for Financial Institutions
Last revision date: 6 April 2017
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