ST_RISQ_WhitePaper_HKMA_Consult_Conclusions_Cover_TSK-1540

On 8 May 2020, the Hong Kong Monetary Authority (HKMA) released a consultation paper to address the “Rolling Bad Apples” phenomenon and to outline their proposed framework for addressing this phenomenon - the Mandatory Reference Checking (MRC) scheme.

After the release of its consultation paper on 8 May 2020, HKMA provided a three-month consultation period, ending on 7 August 2020.
On 3 May 2021, the HKMA released their consultation conclusions paper (the ‘conclusions paper’) documenting the feedback received. In this whitepaper, we will highlight the key points and takeaways from the conclusions paper.

In this whitepaper, we will cover the proposed scope and duration of the MRC scheme, and the obligations of institutions under the scheme. We will then look at the specified plans for implementation and the next steps for this scheme.