Hong Kong unveils disclosure guidance
Wednesday 23 November 2011 - by firstname.lastname@example.org
Under the new advice, firms based in the Asian jurisdiction are now "encouraged" to make disclosures on at least an annual basis from financial year 2011.
The HMKA says: "Authorised institutions are therefore strongly encouraged to follow the disclosure provisions set out in the Basel Committee's paper, so far as applicable to them, and insofar as they reasonably can on a proportionate basis, having regard to the extent to which they use incentives-based compensation arrangements and the size, scope, nature and complexity of their business."
The paper adds however that overseas incorporated firms are not expected to make separate disclosures on their local operations, as long as the information required is already disclosed by their head offices.
It continues: "The Monetary Authority will be taking the necessary steps to amend CG-5 to bring it into line with the Basel Committee's remuneration disclosure standard, in a manner considered suitable for the local banking sector, and we will provide a revised draft of CG-5 to the industry associations in the near future."
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