Hong Kong set to meet Basel III deadline as others struggle

Hong Kong

The Hong Kong government expects to have the final rules on Basel III capital requirements for locally incorporated banks in force by the G-20's deadline of January 1, 2013.

A joint statement by the Hong Kong Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority (HKMA), said the legislation would be tabled on October 24, "with a view to commencement" on January 1.

The legislation addresses the first phase of the Basel III regulations, focusing on a Tier 1 capital ratio

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