Regulatory Alerts2022-10-27
Added · Updated
Implementation Arrangements in Connection with the Lowering of Statutory Limits of Effective Rates of Interests as Stipulated in the Money Lenders Ordinance (Cap. 163)
The Hong Kong Monetary Authority issued this guidance to all Authorized Institutions regarding the implementation arrangements for the lowered statutory limits on effective interest rates under the Money Lenders Ordinance. The document outlines the impact of these revised limits on the banking industry as referenced in section 12.3 of the Code of Banking Practice. It further provides specific guidance for customer communications to ensure compliance with the new regulatory requirements.
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