Hong Kong proposes safeguards for contracts during resolution
Rules seek to protect some critical financial contracts during resolution
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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