Regulatory Alerts2001-12-28
Added · Updated
Establishment of Overseas Banking Subsidiaries: Section 51A
The Monetary Authority of Hong Kong issues this statutory guideline to regulate the approval process for locally incorporated authorized institutions seeking to establish or acquire overseas banking subsidiaries under Section 51A of the Banking Ordinance. The document mandates that applicants submit comprehensive details regarding financial capacity, managerial competence, and country risk to ensure depositor interests are not threatened. It further outlines the Authority's supervisory powers to attach conditions, revoke approvals, or object to proposals, while granting applicants the right to make representations and appeal decisions to the Chief Executive in Council.
Topics
Share