Regulatory Alerts2021-08-26
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Financial Institutions (Resolution) (Contractual Recognition of Suspension of Termination Rights—Banking Sector) Rules
The Resolution Office issued a notice confirming that the negative vetting period for the Financial Institutions (Resolution) (Contractual Recognition of Suspension of Termination Rights—Banking Sector) Rules has expired. Consequently, the Rules are mandated to come into operation on 27 August 2021. This notification serves to inform all Authorized Institutions of the immediate legal effect of these regulatory measures.
Resolution Office 處 置機制 辦 公 室 Our Ref: B9/124/2/1C 26 August 2021 The Chief Executive All Authorized Institutions Dear Sir / Madam, Financial Institutions (Resolution) (Contractual Recognition of Suspension of Termination Rights—Banking Sector) Rules Further to our letter of 25 June 2021, I am writing to inform you that the negative vetting by the Legislative Council of the Financial Institutions (Resolution) (Contractual Recognition of Suspension of Termination Rights—Banking Sector) Rules has now expired. The Rules will come into operation on 27 August 2021. Yours faithfully, Stefan M Gannon Commissioner Resolution Office cc: The Chairperson, The Hong Kong Association of Banks The Chairperson, The DTC Association FSTB (Attn: Ms Candy Lau)
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