The State Council has asked banks to further lower financing costs for small and micro businesses and to increase lending to such businesses by 20% over the next year.
The HKMA says it will finalise Hong Kong’s timeline when there is more clarity on the implementation status in other major jurisdictions.
Effective from April 2021, the bill will cap the interest and fees on loans at 100% of the loan amount and introduce a 0.8% per day rate cap for high-cost loans.
APRA's investigation will focus on the conduct that led to Westpac's alleged 23 million AML breaches, and whether its senior managers breached the Banking Act, including the BEAR.
The framework brings together all of the Basel Committee's global standards for the regulation and supervision of banks.
The revised prudential standard on credit risk management will come into effect from 1 January 2021, six months later than was proposed in a March consultation.
The BCBS proposes to allocate direct crypto-asset holdings to the banking book, and indirect exposures to the trading book, while prohibiting the use of internal models to calculate market risk.
The prudential standard comes into effect from 1 January 2021 for ADIs using advanced measurement approaches to calculate the required capital for operational risk.
The HKMA has not seen any large-scale outflow of funds from Hong Kong and the banking system had sufficient capital and liquidity to withstand any impact.
LegCo has approved HK$33bn in funding to provide 90% guarantees on approved loans taken out by eligible enterprises and professionals seeking to set up their own practices.