On 9 January 2009, the HKMA issued a circular requesting all registered institutions (RIs) to:
- implement a number of recommendations set out in the HKMA's report on the sale of structured products related to Lehman Brothers in accordance with a specified timeframe; and
- formulate an implementation plan for discussion with the HKMA by end of March 2009.
On 25 March 2009, the HKMA issued a further circular attaching more detailed guidance on the implementation of its recommendations. All RIs are required to implement the HKMA recommendations in accordance with the new implementation details. The HKMA noted that they will conduct onsite examination to review RIs' implementation of its recommendations.
A copy of the detailed guidance and implementation plan are available on the HKMA website.