Regulatory Alerts2007-01-15
Added · Updated
Deposit Protection Scheme (Asset Maintenance) Rules
The Hong Kong Monetary Authority issued the Deposit Protection Scheme (Asset Maintenance) Rules under the Deposit Protection Scheme Ordinance to empower regulators to require Scheme members to maintain sufficient assets in Hong Kong. These requirements may be imposed when a member is likely to fail, conducts business detrimental to depositors, or when the Deposit Protection Board triggers a compensation payment. The Rules define qualifying assets, set a maximum requirement cap at 200% of relevant deposits, and establish procedures for issuance, withdrawal, and judicial review.
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