Regulatory Alerts2015-12-24
Added · Updated
General Consent under Section 97(1) of the Banking Ordinance Regarding Use of Bank Names
The Monetary Authority of Hong Kong issued this general consent under Section 97(1) of the Banking Ordinance to regulate how subsidiaries and holding companies may use a bank's name in their business descriptions. The document mandates that restricted license bank subsidiaries must prominently display their license status, while other entities must use names that clearly indicate their corporate connection to the parent bank. Additionally, the consent requires that non-Hong Kong banks be subject to adequate supervisory authority, with specific consent needed if this condition is not met.
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