Regulatory Alerts2006-11-10
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 it to require Scheme members to maintain sufficient assets in Hong Kong. These rules apply when a member is likely to fail, conducts business detrimental to depositors, or when the Deposit Protection Board has triggered a payout, aiming to minimize the Board's shortfall losses. The Rules define qualifying assets, set calculation methods capped at 200% of relevant deposits, and establish procedures for issuance, withdrawal, and judicial review of such requirements.
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