Regulatory Alerts2022-10-27
Added · Updated
Implementation Arrangements for Lowering Statutory Interest Rate Limits under the Money Lenders Ordinance
The Hong Kong Monetary Authority issued this circular to outline implementation arrangements for the lowering of statutory limits on effective interest rates under the Money Lenders Ordinance. The document specifically details the impact of these revised interest rate limits on the banking industry via section 12.3 of the Code of Banking Practice. It also references Annex B, which provides guidance to authorized institutions regarding necessary customer communications to ensure compliance with the new regulatory standards.
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