Regulatory Alerts1990-01-22
Added · Updated
Guideline 1.2: Authorization - Three-tier Banking System
The Commissioner of Banking issued this guideline to implement the Banking (Amendment)(No. 1) Ordinance 1990, which replaces licensed and registered deposit-taking companies with restricted licence banks and deposit-taking companies. The document mandates specific paid-up share capital requirements for existing institutions and clarifies naming conventions, prohibiting local restricted licence banks from using banking names while allowing overseas branches to do so with specific qualifiers. It further restricts business descriptions to terms like 'merchant bank' and explicitly forbids the use of 'retail bank' or 'commercial bank' in promotional materials.
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