People’s Republic of China-Hong Kong Special Administrative Region: Financial Sector Assessment Program-Basel Core Principles for Effective Banking Supervision-Detailed Assessment of Observance

July 16, 2014

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People’s Republic of China-Hong Kong Special Administrative Region: Financial Sector Assessment Program-Basel Core Principles for Effective Banking Supervision-Detailed Assessment of Observance, (USA: International Monetary Fund, 2014) accessed December 22, 2024

Summary

This Basel Core Principles (BCP) for Effective Banking Supervision Detailed Assessment Report has been prepared in the context of the Financial Sector Assessment Program for the People’s Republic of China–Hong Kong Special Administrative Region (HKSAR). The Hong Kong Monetary Authority (HKMA) supervises a major international financial center which was affected, though not significantly so, by the financial crisis. The HKMA is maintaining its commitment to the international regulatory reform agenda and is an early adopter of many standards. Supervisory practices, standards, and approaches are well integrated, risk based and of very high quality. There is one area in relation to the overarching legislative framework and powers which warrants further attention. The HKMA enjoys clear de facto but not de jure operational independence. There are two important cross border dimensions for Hong Kong as an international financial center. One is related to HKSAR’s significant position as a host supervisor. The second is the increasing importance of Mainland China in the current portfolios and prospects of the locally incorporated institutions, and indeed in the choice of HKSAR as a platform for overseas institutions to establish relationships with Mainland China.

Subject: Artificial intelligence, Banking, Capital adequacy requirements, Credit risk, External audit, Financial regulation and supervision, Market risk, Public financial management (PFM), Technology

Keywords: Artificial intelligence, Audit program, Banking group, Capital adequacy requirements, Capital base, Chief executive, Corporate governance, CR, Credit risk, Credit risk, External audit, Financial system, Global, Holding company, Incorporated AIs, Interest rate, ISCR, Market risk, Risk management, Risk profile, Senior management

Publication Details

Pages:

360
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/207
Stock No:

1HKGEA2014006
ISBN:

9781498372176
ISSN:

1934-7685

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