The Banking (Capital) (Amendment) Rules 2023 Commencement Notice 2024 has been published, establishing January 1, 2025, as the start date for Parts 3 and 5 of the Banking (Capital) (Amendment) Rules 2023 (BCAR). Approved by the Legislative Council in February 2024, the BCAR integrates the Basel III final reform package into local law, addressing credit, operational, market, and CVA risks. Transitional provisions initially included have been removed since both parts will now commence simultaneously. Related amendments to the Banking (Disclosure), (Liquidity), and (Exposure Limits) Rules will also take effect on the same date. The Commencement Notice will be reviewed by the Legislative Council on October 16, 2024.
Resources: https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2024/20241010e1.pdf
