The legislation will introduce a deposit protection scheme, new supervisory powers for the RBNZ, and a new accountability framework for deposit takers' directors.
September 29, 2022The HKMA may issue directions to banks or their holding companies if it believes non-compliance with the Stay Rules (including by a related company) may impede orderly resolution.
December 31, 2021Financial institutions will be required to submit their first recovery plans within 18 months from the date they receive a request from BNM.
July 31, 2021Banks have to adopt provisions in financial contracts binding counterparties to temporary stays on termination rights that may be imposed by the HKMA during a bank resolution.
June 28, 2021The institutional location of the resolution function is commonly the central bank, prudential supervisor or deposit insurer. This decision often entails trade-offs.
May 13, 2021Implementation will occur in two phases, the first for contracts where the only counterparties are HKMA-authorised institutions and/or FIs that are part of G-SIBs.
January 4, 2021