Hong Kong’s banking regulator has demanded far-reaching powers to prop up or shut failing banks, including the ability to suspend creditor rights, as it plays catch-up with western regulators trying prevent a future Lehman Brothers.
The Hong Kong Monetary Authority made the calls in the first public consultation from an Asian regulator on a so-called resolution and recovery regime, which is meant to make financial institutions easier to break up and sell in a crisis.
Lawyers said its proposals and their progress would be closely watched by other regulators around the region that have yet to act.
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