There is no specific bank secrecy law in Hong Kong. It should, however, be noted that banks are subject to common law confidentiality obligations under the general legal system adopted by Hong Kong..
What are the HKMA priorities for 2023?
In 2023, the HKMA will prioritise regulatory updates, strengthen the collaborative eco-system response to money laundering and terrorist financing (ML/TF) risks, and further efforts in anti-money laundering (AML) supervisory technology (Suptech) and regulatory technology (Regtech)..
What is the banking legislation in Hong Kong?
The Banking Ordinance (Cap. 155) (BO) (and its subsidiary legislation) is the principal legislation establishing the legal framework for banks in Hong Kong. Its subsidiary legislation includes (among others) governs banking capital, disclosure, liquidity and exposure limits.Dec 1, 2022.
What is the capital requirement for banks in Hong Kong?
The Banking Ordinance requires that Hong Kong banks maintain at all times a minimum unadjusted capital adequacy ratio of 8%, calculated as the ratio, expressed as a percentage, of its capital base to its risk weighted exposure..
What is the difference between HKMA and SFC?
The Hong Kong Monetary Authority (HKMA) is the regulator of banks. It also aims to keep the Hong Kong dollar stable through management of the Exchange Fund and monetary policy operations. We, the Securities and Futures Commission (SFC), are the regulator of the securities and futures markets..
Who is regulated by HKMA?
Any corporation hoping to operate a banking business or a business of taking deposits must obtain a licence issued by the HKMA. Hong Kong maintains a three-tier system of deposit-taking institutions, comprising licensed banks, restricted licence banks, and deposit-taking companies..
Who regulates banking in Hong Kong?
Hong Kong Monetary Authority (HKMA) – The HKMA is the principal prudential regulator and supervisor of banks and deposit-taking institutions (including virtual banks) in Hong Kong, pursuant to the Banking Ordinance (BO)..
Banking Hours: Mondays to Fridays: 9:00 a.m. to 5:00 p.m.
Development of Hong Kong banking industry Many workers moved to HK, which further led to an increase in the city-state's industrial base and population size. The banking services demand grew and local banks gained traction due to increased business opportunities.
HSBC Global Asset Management (Hong Kong) Limited is regulated by the Securities and Futures Commission of Hong Kong under the Hong Kong laws, which differ from Australian laws.
The HKMA adopts the "CAMEL" rating system to assess the financial condition and overall soundness of banks in Hong Kong. “CAMEL” is an internationally recognised framework for assessing the Capital adequacy, Asset quality, Management, Earnings and Liquidity of banks.
The HKMA reports to the Financial Secretary and is the government authority responsible for maintaining monetary and banking stability.
The Banking Ordinance provides the legal framework for banking supervision in Hong Kong. The HKMA reviews and enhances the regulatory regime
The Banking Ordinance provides the legal framework for banking supervision in Hong Kong. The HKMA reviews and enhances the regulatory.
The Banking Ordinance (Cap.155) (BO) (and its subsidiary legislation) is the principal legislation establishing the legal framework for banks in Hong Kong. Its subsidiary legislation includes (among others) governs banking capital, disclosure, liquidity and exposure limits.
The Banking Ordinance (Cap.155) (BO) (and its subsidiary legislation) is the principal legislation establishing the legal framework for banks in Hong Kong. Its subsidiary legislation includes (among others) governs banking capital, disclosure, liquidity and exposure limits.
Do foreign banks need to be authorised in Hong Kong?
A bank which is carrying on banking or deposit-taking business in Hong Kong is required to be authorised in Hong Kong under the BO
There are no passporting, mutual-recognition or other similar schemes
Branches of foreign banks can apply to be authorised in the way set out in Question 4
6
What are the financial services laws in Hong Kong?
Its subsidiary legislation includes ,(among others) governs banking capital, disclosure, liquidity and exposure limits
Other financial services legislation in Hong Kong that also applies to banks includes ,(among others) the: ,Deposit Protection Scheme Ordinance (Cap
The Banking Ordinance provides the legal framework for banking supervision in Hong Kong
Section 7 (1) of the Ordinance provides that the principal function of the Monetary Authority (MA) is to "promote the general stability and effective working of the banking system"
What is Hong Kong SAR & PRC banking law?
Banking Law: ,Hong Kong SAR and the People's Republic of China is a comprehensive text on the laws and regulations governing the banking industry in Hong Kong and the PRC, and includes ,international regulations of banking activities in Hong Kong, for both the practitioner in private practice and bankers alike
Banking law hong kong
Set of laws passed by Legislative Council
The Banking Ordinance is a set of laws passed by the Legislative Council of Hong Kong to tighten restrictions for opening up or licensing a bank. Prior to the 1964 re-regulations, the government had no way to control bank's monetary effect on the economy. It also had no way of protecting the people utilizing the institutions. Banking was considered a Laissez-faire network, and was also described as Free Banking or Wildcat Banking filled with much uncertainty.
The issue of banknotes of the Hong Kong dollar
The issue of banknotes of the Hong Kong dollar is governed in the Special Administrative Region of Hong Kong by the Hong Kong Monetary Authority (HKMA), the governmental currency board of Hong Kong. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in the region. Notes are also issued by the HKMA itself.
Britons never made up more than a small portion of the population in Hong Kong, despite Hong Kong having been under British rule for more than 150 years. However, they did leave their mark on Hong Kong's institutions, culture and architecture. The British population in Hong Kong today consists mainly of career expatriates working in banking, education, real estate, law and consultancy, as well as many British-born ethnic Chinese, former Chinese émigrés to the UK and Hong Kongers who successfully applied for full British citizenship before the transfer of sovereignty in 1997.
Exchange Square is a building complex located in Central
Office complex in Central, Hong Kong
Exchange Square is a building complex located in Central, Hong Kong. It houses offices and the Hong Kong Stock Exchange. It is served by the Central and Hong Kong stations of the MTR metro system.
Hong Kong has over 9
Hong Kong has over 9,000 high-rise buildings, of which over 4,000 are skyscrapers standing taller than 100 m (328 ft) with 517 buildings above 150 m (492 ft). The tallest building in Hong Kong is the 108-storey International Commerce Centre, which stands 484 m (1,588 ft) and is the 13th tallest building in the world. The total built-up height of these skyscrapers is approximately 333.8 km (207 mi), making Hong Kong the world's tallest urban agglomeration. Furthermore, reflective of the city's high population densities, Hong Kong has more inhabitants living at the 15th floor or higher, and more buildings of at least 100 m (328 ft) and 150 m (492 ft) height, than any other city in the world.
Ethnic group
South Asians are part of the Hong Kong society. As of the 2021 by-census, there were at least 101,969 persons of South Asian descent in Hong Kong. Many trace their roots in Hong Kong as far back as when the Indian subcontinent was still under British colonial rule and as a legacy of the British Empire, their nationality issues remain largely unsettled. However, recently an increasing number of them have acquired Chinese nationality.
Sir Yue-Kong Pao CBE JP, is the founder of Hong Kong's Worldwide Shipping Group which in the 20 years from purchasing its first used ship in 1955 became by far the largest shipping company in the world with over 20 million tonnes deadweight (DWT). Anticipating the seriousness of the shipping downturn starting in the late 1970s, he drastically reduced his fleet and was able to pay off associated debt and raise cash to diversify his interests notably through the purchase of a controlling stake in The Hongkong and Kowloon Wharf and Godown Company Limited and later Wheelock Marden giving exposure to Hong Kong real estate, shipping terminals, retail, ferries, and trams. He was noted for his unmatched access to leaders in both the commercial and political arenas and was equally at ease with Western political leaders and the Chinese leadership in the run-up to Hong Kong's ceasing to be a British colony in 1997. He was also a generous philanthropist notably in educational projects. He died in 1991 but his corporate legacy continues to be controlled and run by his family.
The Banking Ordinance is a set of laws passed
Set of laws passed by Legislative Council
The Banking Ordinance is a set of laws passed by the Legislative Council of Hong Kong to tighten restrictions for opening up or licensing a bank. Prior to the 1964 re-regulations, the government had no way to control bank's monetary effect on the economy. It also had no way of protecting the people utilizing the institutions. Banking was considered a Laissez-faire network, and was also described as Free Banking or Wildcat Banking filled with much uncertainty.
The issue of banknotes of the Hong Kong dollar
The issue of banknotes of the Hong Kong dollar is governed in the Special Administrative Region of Hong Kong by the Hong Kong Monetary Authority (HKMA), the governmental currency board of Hong Kong. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in the region. Notes are also issued by the HKMA itself.
Britons never made up more than a small portion of the population in Hong Kong, despite Hong Kong having been under British rule for more than 150 years. However, they did leave their mark on Hong Kong's institutions, culture and architecture. The British population in Hong Kong today consists mainly of career expatriates working in banking, education, real estate, law and consultancy, as well as many British-born ethnic Chinese, former Chinese émigrés to the UK and Hong Kongers who successfully applied for full British citizenship before the transfer of sovereignty in 1997.
Exchange Square is a building complex located in Central
Office complex in Central, Hong Kong
Exchange Square is a building complex located in Central, Hong Kong. It houses offices and the Hong Kong Stock Exchange. It is served by the Central and Hong Kong stations of the MTR metro system.
Hong Kong has over 9
Hong Kong has over 9,000 high-rise buildings, of which over 4,000 are skyscrapers standing taller than 100 m (328 ft) with 517 buildings above 150 m (492 ft). The tallest building in Hong Kong is the 108-storey International Commerce Centre, which stands 484 m (1,588 ft) and is the 13th tallest building in the world. The total built-up height of these skyscrapers is approximately 333.8 km (207 mi), making Hong Kong the world's tallest urban agglomeration. Furthermore, reflective of the city's high population densities, Hong Kong has more inhabitants living at the 15th floor or higher, and more buildings of at least 100 m (328 ft) and 150 m (492 ft) height, than any other city in the world.
Ethnic group
South Asians are part of the Hong Kong society. As of the 2021 by-census, there were at least 101,969 persons of South Asian descent in Hong Kong. Many trace their roots in Hong Kong as far back as when the Indian subcontinent was still under British colonial rule and as a legacy of the British Empire, their nationality issues remain largely unsettled. However, recently an increasing number of them have acquired Chinese nationality.
Sir Yue-Kong Pao CBE JP, is the founder of Hong Kong's Worldwide Shipping Group which in the 20 years from purchasing its first used ship in 1955 became by far the largest shipping company in the world with over 20 million tonnes deadweight (DWT). Anticipating the seriousness of the shipping downturn starting in the late 1970s, he drastically reduced his fleet and was able to pay off associated debt and raise cash to diversify his interests notably through the purchase of a controlling stake in The Hongkong and Kowloon Wharf and Godown Company Limited and later Wheelock Marden giving exposure to Hong Kong real estate, shipping terminals, retail, ferries, and trams. He was noted for his unmatched access to leaders in both the commercial and political arenas and was equally at ease with Western political leaders and the Chinese leadership in the run-up to Hong Kong's ceasing to be a British colony in 1997. He was also a generous philanthropist notably in educational projects. He died in 1991 but his corporate legacy continues to be controlled and run by his family.
