Hong Kong proposes safeguards for contracts during resolution

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The Hong Kong skyline, including the HKMA building (foreground, right)

Authorities in Hong Kong have proposed rules to protect certain financial arrangements during a resolution process, so as not to disrupt the most important agreements.

A consultation jointly launched by the government, the Hong Kong Monetary Authority (HKMA) and financial regulators on November 22 said a lack of legal certainty around some instruments could lead to higher funding costs and potentially a reduction in liquidity in some markets. The risk of contagion would also grow, they noted.

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