28 May CIMA – Change in Effective Date for Public Disclosures in relation to the Basel II: Rules and Guidelines on Market Discipline Disclosure Requirements (Pillar 3)
May 28, 2021 – The CIMA is issuing amendments to the Rules and Guidelines on Market Discipline Disclosure Requirements (Pillar 3) issued on November 12, 2020 for implementation by September 1, 2021.
CIMA advises that the Rules and Guidelines will now be implemented in 2 phases. Phase 1 will take place over the period from September 1, 2021 to August 31, 2022. In this phase, banks will be expected to submit the relevant disclosure reports to CIMA only. Phase 2 commences on September 1, 2022, when banks must publish the required disclosure reports on their websites as stipulated in the measure.
Effective September 1, 2022, users can therefore expect to access the disclosures on banks’ websites. This decision was taken primarily to allow CIMA to assess and validate the quality of disclosures prior to publication.
For more information, visit www.cima.ky.