Regulatory Alerts2024-06-14
Added · Updated
Licence Fees
The Hong Kong Monetary Authority issued a circular to notify authorized institutions of the Legislative Council's passage of a resolution to increase fees under the Banking Ordinance. The amended Second Schedule, which specifies new fee amounts for banking licenses, registrations, and branch establishments, was published in the Gazette on 14 June 2024. These increased fees became effective on the same date as the gazette publication.
Our ref : B1/2S 14 June 2024 The Chief Executive All Authorized Institutions The Chief Representative All Local Representative Offices The Chief Executive All Approved Money Brokers Dear Sir / Madam, Licence Fees I am writing to draw your attention that the resolution introduced by the Government to amend the Second Schedule to the Banking Ordinance (Cap. 155) (the “Ordinance”) to increase the fees payable under sections 19(1) to (2), 20(5), 45(1) to (3), 48 (1) to (4), 51(1) to (2) and 118F(1) to (2) of the Ordinance was passed by the Legislative Council under section 135(2) of the Ordinance on 12 June 2024. The above-mentioned resolution has been published in the Gazette today (14 June 2024) and the amended Second Schedule (Annex) will become effective on the same date.
-
2 - If you have any questions on this circular, please contact Ms Shirley Ho on 2878-1847 or Mr Ian Au on 2878-1290. Yours faithfully, Alan Au Executive Director (Banking Conduct) Encl. c.c. Secretary for Financial Services and the Treasury (Attn:Mr Justin To)
-
3 - Amended Second Schedule to the Banking Ordinance Fee items Fee ($)
- Banking licence fee 610,000 1A. Renewal of banking licence fee 610,000
- Registration fee 145,000
- Renewal of registration fee 145,000
- Restricted banking licence fee 490,000
- Renewal of restricted banking licence fee 490,000
- Inspection fee 12
- Fee for a copy or extract, per page 6
- Fee for the establishment of a local branch of a bank, other than a restricted licence bank 29,000
- Annual fee for maintaining a local branch of a bank, other than a restricted licence bank 29,000
- Fee for the establishment of a local branch of a restricted licence bank or deposit-taking company 20,000
- Annual fee for maintaining a local branch of a restricted licence bank or deposit-taking company 20,000
- Fee for the establishment of a local representative office 29,000
- Annual fee for maintaining a local representative office 29,000
- Fee for the establishment of an overseas branch of a bank, other than a restricted licence bank 58,000
- Annual fee for maintaining an overseas branch of a bank, other than a restricted licence bank 58,000
- Fee for the establishment of an overseas branch of a restricted licence bank or deposit-taking company 40,000
- Annual fee for maintaining an overseas branch of a restricted licence bank or deposit-taking company 40,000
- Fee for the establishment of an overseas representative office of a bank, other than a restricted licence bank 14,500
- Annual fee for maintaining an overseas representative office of a bank, other than a restricted licence bank 14,500
- Fee for the establishment of an overseas representative office of a restricted licence bank or deposit-taking company 20,000
- Annual fee for maintaining an overseas representative office of a restricted licence bank or deposit-taking company 20,000
- Approved money broker fee 58,000
- Renewal of approved money broker fee 58,000 Annex
More like this from HKMA
HKMA published 11 documents in the last 30 days. We email you each new one the day it's published.