Regulatory Alerts2018-03-09
Added · Updated
Guide to Authorization - Chapter 10: Money Brokers
The Monetary Authority of Hong Kong issues this guide to define the authorization regime for money brokers under the Banking Ordinance, clarifying that the regulatory framework is less elaborate than that for authorized institutions due to lower systemic risks. The document details the mandatory approval criteria, including the fitness and propriety of directors and controllers, adequate financial resources of at least HK$5 million, and robust accounting and control systems. It further outlines the MA's powers to attach conditions to approvals and revoke them based on grounds such as failure to meet ongoing criteria or the provision of materially false information.
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