Regulatory Alerts2002-01-10
Added · Updated
Banking (Amendment) Ordinance 2001
The Hong Kong Legislative Council enacted this Ordinance to amend the Banking Ordinance by updating definitions for key terms such as advertisement, local branch, and manager, while introducing a new definition for local office. It mandates that authorized institutions obtain prior consent from the Monetary Authority for the appointment of chief executives and directors, and requires written notification before commencing business at local offices. Additionally, the legislation expands the Monetary Authority's powers to examine and investigate authorized institutions and their local offices, and imposes stricter penalties for attempting to evade share restriction regulations.
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