Regulatory Alerts2002-01-10
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Circular on Banking (Amendment) Ordinance 2001
The Hong Kong Monetary Authority issued this circular to inform authorized institutions of the enactment of the Banking (Amendment) Ordinance 2001 and the necessary compliance steps. The Ordinance introduces stricter controls on banking business locations, regulates internet deposit advertising, and redefines 'managers' to require fitness and propriety assessments for senior executives. Authorized institutions must submit a list of managerial positions to the HKMA by 6 March 2002, with the full Ordinance commencement date pending the completion of this review exercise.
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