In 2014 the Hong Kong Monetary Authority ("HKMA") published its national implementation of the rules Supervisory Policy Manual RE-1 ("SPM RE-1") and provided guidance for Authorised Institutions ("AIs") in Hong Kong on how to develop their recovery plans.
On 6 July 2017, the HKMA issued further guidance on the implementation of SPM RE-1 which will cover overseas-incorporated AIs with branch operations in Hong Kong and smaller, less complex locally incorporated AIs ("Wave 3 Institutions"). Wave 3 Institutions will be individually notified of the timeline for submitting their recovery plans. Depending on the nature and size of the operations of a particular entity in Hong Kong, the HKMA will require different levels of information to be included in the recovery plan. Read our paper for full details.
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