Code of Practice chapters regarding valuation in resolution issued under the Financial Institutions (Resolution) Ordinance (Cap. 628) (“FIRO”) (2026-07-24)

Code of Practice Email: HKMA E-mail Alert of 27 July 2026 (05:00 p.m. HKT)

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Title: Code of Practice chapters regarding valuation in resolution issued under the Financial Institutions (Resolution) Ordinance (Cap. 628) (“FIRO”) (2026-07-24)

Type: Code of Practice

URL: https://brdr.hkma.gov.hk/eng/doc-ldg/current/20260713-1-EN

Email Received: 2026-07-27 17:20

Summary Created: 2026-07-27 12:00

English Summary
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Management Summary
  • Purpose / Background: The HKMA has issued two new chapters (VIR-1 and VIR-2) under the Code of Practice for the Financial Institutions (Resolution) Ordinance (FIRO) to clarify regulatory expectations regarding valuation methodologies and operational capabilities during a resolution event.
  • One-line conclusion: Authorized Institutions (AIs) must now align their internal resolution planning with the newly defined valuation standards and build the requisite data and operational capabilities to support timely resolution valuations.
  • Key Changes:
  • Established clear methodologies and processes for mandatory FIRO valuations (VIR-1).
  • Set explicit expectations for AIs to develop and maintain robust valuation-in-resolution capabilities (VIR-2).
  • Formalized the HKMA’s approach to monitoring and assessing these valuation capabilities.
  • Updated RA-1 ("Operational Independence of the Monetary Authority as Resolution Authority") for administrative alignment.
  • Key Dates / Deadlines: Effective immediately (issued 24 July 2026).
  • Applicability / Impact scope: All Authorized Institutions (AIs) in Hong Kong.
  • Recommended management actions:
  • Conduct a gap analysis of current data infrastructure against VIR-2 capability requirements.
  • Review internal resolution valuation frameworks to ensure alignment with VIR-1 methodologies.
  • Integrate valuation-in-resolution readiness into existing recovery and resolution planning (RRP) workstreams.
  • Brief senior management and risk committees on the enhanced evidentiary standards for resolution valuations.
Detailed Summary
  1. Document overview
  • The HKMA issued two new chapters of the Code of Practice under section 196 of the FIRO: VIR-1 (Approach to Valuation in Resolution) and VIR-2 (Valuation in Resolution Capabilities).
  • The document also includes an administrative update to RA-1 (Operational Independence of the Monetary Authority as Resolution Authority).
  1. Main requirements
  • VIR-1 (Valuation Approach): Outlines the statutory valuations required under FIRO. Specifies the expected methodologies, processes, and required outputs to ensure consistency and transparency during resolution scenarios.
  • VIR-2 (Capabilities): Mandates that AIs establish internal arrangements and operational capabilities to facilitate timely and robust valuations. This includes data accessibility, valuation expertise, and process readiness.
  • Implementation: The MA will assess AIs' compliance with these requirements as part of their ongoing resolution planning and supervisory oversight.
  1. Key changes
  • Transition from general guidance to explicit chapters in the Code of Practice for valuation.
  • Refinement of "valuation capabilities" from a theoretical requirement to an operational expectation.
  • Administrative cleanup of RA-1 to align with modern formatting and translation standards.
  1. Important dates & transition
  • Issuance date: 24 July 2026.
  • The new chapters are effective immediately and are available on the HKMA’s public and Supervisory Communication websites.
  1. Impact and risks
  • Operational: AIs may need to enhance data extraction capabilities to ensure valuation inputs are accurate and readily available.
  • Compliance: Non-compliance with the new expectations could lead to adverse findings in resolution readiness assessments.
  • Reporting: AIs must ensure that internal valuation frameworks are audit-ready and satisfy the procedural expectations outlined in VIR-1.
  1. Compliance action checklist
  • [ ] Download and review full text of VIR-1 and VIR-2 from the HKMA website.
  • [ ] Perform a self-assessment against the capabilities listed in VIR-2.
  • [ ] Update Recovery and Resolution Plan (RRP) documentation to reference the new valuation methodologies.
  • [ ] Engage IT and Data teams to verify that necessary data points for valuation are accessible in stress scenarios.
  • [ ] Update internal governance/committee charters to reflect the new requirements regarding resolution valuation.
  1. Appendices/attachments summary
  • RA-1 (Updated): This document clarifies the operational independence of the MA during the resolution process; the update is strictly administrative (housekeeping, translation, and formatting).
中文摘要
快速切換摘要區塊
管理層摘要
  • 目的/背景： 金管局根據《金融機構（處置機制）條例》（FIRO）第 196 條，發布關於「處置機制下估值」的兩項新規章（VIR-1 及 VIR-2），旨在提升處置程序中估值的及時性與穩健性，並同時更新關於處置機制下營運獨立性的規範（RA-1）。
  • 一句話結論： 受監管機構需根據新發布的 VIR-1 及 VIR-2 要求，建立並強化處置機制下的估值能力與相關業務安排。
  • 關鍵變更：
  1. 新增 VIR-1： 明確 FIRO 下處置估值的要求、方法論、程序及輸出標準。
  2. 新增 VIR-2： 規定金融機構為支援處置估值所需建立的能力與內部安排。
  3. 更新 RA-1： 針對「處置機制下金管局的營運獨立性」進行行政性修訂（格式對齊、資訊更新及翻譯優化）。
  • 重要日期： 文件發布日期為 2026 年 7 月 24 日，已即時生效。
  • 適用對象： 香港所有認可機構（AIs）。
  • 管理層建議行動：
  1. 內部檢閱： 立即研讀 VIR-1 與 VIR-2，評估現有處置能力是否符合規範要求。
  2. 能力提升： 根據 VIR-2 的指引，補強機構在處置期間提供估值數據的作業能力。
  3. 策略對接： 確保處置計劃（Resolution Plan）中的估值相關環節已納入上述新指引要求。
  4. 合規存檔： 確認相關合規程序已更新，並將文件備份於監管檔案系統。
詳細摘要

1) 文檔概述
本次發布涉及《金融機構（處置機制）條例》（FIRO）下的《實務守則》（Code of Practice）。目的為建立處置程序中的估值框架，確保在必要時能進行迅速、可靠的資產與負債估值，以維護金融穩定。適用範圍覆蓋所有香港認可機構。

2) 主要要求

  • VIR-1（處置估值方針）：
  • 定義了 FIRO 要求下的法定估值義務。
  • 規範估值過程中的方法論選擇（如持續經營與處置狀態下的差異）、工作流程及預期的輸出成果。
  • VIR-2（處置估值能力）：
  • 要求機構建立並維持必要的能力，以確保估值數據在處置壓力下具備高可用性與準確性。
  • 描述了金管局對機構估值準備工作的監管期望及執行方針。

3) 關鍵變更

  • 新增內容： 過去關於估值的操作指引較為碎片化，VIR-1 與 VIR-2 系統性地填補了法規空白。
  • RA-1 更新： 屬於「例行性修訂」（Housekeeping），包含修正過時資訊、統一文件格式至最新守則標準，以及優化中英文對照翻譯。

4) 重要日期與過渡安排

  • 文件發布日： 2026 年 7 月 24 日。
  • 生效日期： 即時生效，機構需儘速將上述要求納入處置計劃框架內。

5) 對機構的影響與風險

  • 營運/數據風險： 若機構缺乏即時提供高質量估值數據的能力，將導致處置方案的執行延誤，增加系統性風險。
  • 合規成本： 機構需投入資源以符合 VIR-2 中規定的「準備工作」要求，可能涉及 IT 系統數據提取功能的優化。

6) 合規動作清單（Checklist）

  • [ ] 下載並傳閱 VIR-1 及 VIR-2 至風險管理及處置規劃團隊。
  • [ ] 進行 Gap Analysis，對比現有準備與 VIR-2 要求的落差。
  • [ ] 更新處置機制手冊（Resolution Manual），整合新估值要求。
  • [ ] 確認數據報告流程能滿足「處置估值」所需的頻率與精確度。

7) 附件/附錄摘要
*(註： 本文件為正文通函，附錄內容已融入上述概述)*

  • VIR-1/VIR-2（守則章節）： 構成本次發布的核心實質內容，詳述技術標準與能力要求。
  • RA-1（修訂版）： 屬於對既有文件的例行修訂，旨在確保處置機制架構的格式規範化與資訊準確性。