Financial Institutions (Resolution) Ordinance (Cap.628): Commentary & Annotations 2nd + Proview

The text is for persons involved in compliance for international and local financial institutions within the scope of Cap. 628, which consists of 244 sections over 15 Parts, and 9 schedules. The Ordinance implements the Financial Stability Board’s “Key Attributes of Effective Resolution Regimes for Financial Institutions”. It is a cross-sectoral statute that provides for new regulatory powers for the existing regulators in respect of ALL banks, certain insurers and licensed corporations, as well as financial market infrastructure entities, and establishes two new administrative tribunals for review purposes.

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Included in this text are the original Cap. 628, Financial Institutions (Resolution) (Protected Arrangements) Regulation (Cap. 628A) the Financial Institutions (Resolution) (Loss Absorbing Capacity Requirements – Banking Sector) Rules (Cap.  628B), the Financial Institutions (Resolution) (Contractual Recognition of Suspension of Termination Rights – Banking Sector) Rules (Cap.  628C), the accompanying Codes of Practice published by the Monetary Authority, including CI-1  “Resolution Planning – Core Information Requirements”, chapter LAC-1 “Resolution Planning – LAC requirements”, and chapter ST-1 “Resolution Planning – Contractual Recognition of Suspension of Termination Rights” , as well as guidance materials from the Financial Stability Board, including annotations and introductions to the various sections. This text is most useful for legal and compliance professionals advising international and local financial institutions.