Regulatory Alerts2012-05-07
Added · Updated
Establishment of the Bilateral Complaint Handling Process under The FSB Principles for Sound Compensation Practices and Implementation Standards
The Hong Kong Monetary Authority establishes a Bilateral Complaint Handling Process to address competitive disadvantages arising from inconsistent implementation of FSB compensation standards by firms in other jurisdictions. Authorized institutions must submit evidence-based complaints detailing specific pay package discrepancies to the HKMA, which will then facilitate bilateral exchanges with the relevant foreign supervisory authorities. The process aims to resolve substantiated complaints within three months through supervisory dialogue to ensure a level playing field for highly skilled employees.
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