Management Summary
- Purpose / Background: The HKMA has revised SPM Module IC-6 to align with the full implementation of "Credit Data Smart" and updates to the "Hong Kong Approach to Consumer Debt Difficulties" and the "Interbank Debt Relief Plan." This module serves as a statutory guideline under section 16(10) of the Banking Ordinance.
- One-line conclusion: Authorized Institutions (AIs) must update their internal credit data handling processes and debt relief frameworks to comply with the updated statutory standards effective June 12, 2026.
- Key Changes:
- Full integration of regulatory expectations regarding the "Credit Data Smart" consumer credit reference ecosystem.
- Formalization of updated requirements for the Hong Kong Approach to Consumer Debt Difficulties.
- Updated procedural alignment for the Interbank Debt Relief Plan.
- Harmonization of existing data sharing practices with the latest HKMA supervisory guidance.
- Key Dates / Deadlines: Effective date is 12 June 2026.
- Applicability / Impact scope: All Authorized Institutions (AIs) in Hong Kong.
- Recommended management actions:
- Review internal policies against the revised SPM IC-6 to ensure alignment with "Credit Data Smart" protocols.
- Update operational workflows for consumer debt relief to reflect the revised industry approaches.
- Conduct staff training for credit and retail banking teams on the updated statutory requirements.
- Perform a gap analysis between current credit reference data usage and new mandatory standards.
Detailed Summary
1) Document overview
The document is a formal circular from the HKMA announcing the revision of SPM Module IC-6, "The Sharing and Use of Consumer Credit Data through Credit Reference Agencies." It is issued as a statutory guideline under section 16(10) of the Banking Ordinance, mandating compliance across all AIs.
2) Main requirements
AIs are required to:
- Adopt the standardized procedures defined under the "Credit Data Smart" framework for data sharing.
- Comply with updated reporting and interaction standards for consumer debt relief and the Interbank Debt Relief Plan.
- Maintain data accuracy and privacy standards as mandated by the HKMA’s refined supervisory expectations.
3) Key changes
- Transition from previous legacy credit reference practices to the new "Credit Data Smart" standard.
- Incorporating recent policy enhancements into the regulatory framework for managing consumer debt difficulties.
- Strengthening the governance requirements for data exchange between AIs and Credit Reference Agencies (CRAs).
4) Important dates & transition
- 12 June 2026: Date of Gazette notice and official effective date. The policy becomes active immediately upon this date.
5) Impact and risks
- Operational: AIs must adjust systems and internal guidelines to match the new CRA data interaction protocols.
- Compliance: As a statutory guideline, failure to adhere to the revised module may result in supervisory action under the Banking Ordinance.
- Data/IT: Integration with the Credit Data Smart infrastructure must be verified to ensure compliance with the new guidelines.
6) Compliance action checklist
- [ ] Download the full module from the HKMA supervisory communication website.
- [ ] Map internal "Consumer Credit Data" policies to the specific clauses in the revised IC-6.
- [ ] Update Debt Relief Plan documentation to reflect the latest industry-agreed enhancements.
- [ ] Brief the Board/Senior Management on the shift to statutory compliance under the new module.
- [ ] Verify that third-party vendors (if any) or CRA connection points are compliant with the new data sharing standards.
7) Appendices/attachments summary
- The document includes an enclosure (the revised SPM Module IC-6 itself). This enclosure contains the full technical specifications, definitions, and regulatory requirements governing credit data sharing and the updated debt relief protocols for the industry.