Based on the recent supervisory activities of the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), it is evident that the regulators are increasing their focus on regulatory requirements for information technology.
In particular, the HKMA issued a circular on 12 August 2014 extending its guidance on incident responses to system disruptions and system maintenance. Furthermore, the SFC updated its Code of Conduct this year to include more focused regulations for system controls and the security of electronic trading platforms. With the rapid adoption of technology to support business activities, we expect that regulators will continue to strengthen their regulations through the issuance of new requirements and on-site examinations to ensure the safety and soundness of banks’ IT systems.
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