Regulatory Alerts2002-05-14
Added · Updated
Explanatory Note on Legal Obligations of Managers of Authorized Institutions under the Banking Ordinance
The Hong Kong Monetary Authority issued this note to clarify the joint legal responsibilities of managers of authorized institutions under the Banking Ordinance. Managers face personal accountability for non-compliance with statutory requirements regarding capital adequacy, safe banking practices, and reporting, with potential prosecution under section 2(17). A defense of due diligence is available under section 126(1) for most offenses, though managers are advised to consult legal advisors to ensure full understanding of these obligations.
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