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Resolution Standards

In order for resolution to be both feasible and credible, financial institutions need to be organised and managed at all times in a way that facilitates the effective use of stabilization options in the event of their failure. The Monetary Authority will set resolution standards with which relevant authorized institutions (AIs) are expected to comply with in order to enhance their resolvability.

In 2017, the Monetary Authority issued standards regarding the core information that an AI will be requested to submit to the Monetary Authority to inform AI specific resolution planning (Code of Practice chapter: Resolution Planning – Core Information Requirements (CI-1)). This will help the Monetary Authority devise a preferred resolution strategy for an AI and identify impediments to resolvability for that AI under that strategy.

The Monetary Authority will set further resolution standards which relevant AIs need to comply with in order to remove impediments to resolvability. The table below lists the typical impediments to resolvability, and for each impediment describes the status of HKMA’s current progress in developing resolution standards as well as the relevant international standards on which they are based.

AI Impediments to resolvability

Status of development of HKMA resolution standards

International resolution standards

1. Insufficient loss absorbing capacity (external and internal)
2. Inability to maintain operational continuity
  • Draft Code of Practice chapter on Operational Continuity in Resolution - scheduled for consultation in 2019
3. Inability to avoid early termination of financial contracts
  • Proposals for rules imposing contractual requirements in relation to early termination rights –scheduled for consultation in 2019
4. Inability of valuation systems to meet resolution valuation requirements
  • HKMA Resolution Valuation Policy Framework – to be developed
5. Inability to meet funding in resolution needs
  • Work to operationalise funding in resolution arrangements under development
6. Inability to maintain access to payment, clearing and settlement services from FMIs & banks
7. Restructuring capabilities
  • Draft Code of Practice chapter on Operational Continuity in Resolution - scheduled for consultation in 2019
  • HKMA Resolution Valuation Policy Framework – to be developed

The Monetary Authority will work with relevant AIs to identify and address impediments to orderly resolution based on these, and any future HKMA resolution standards as they are established.

Last revision date: 17 June 2019
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