Regulatory Alerts2018-03-22
Added · Updated
Reminder of Operating Arrangements for the Convertibility Undertaking
The Hong Kong Monetary Authority issued this circular to remind all licensed banks in Hong Kong, including their overseas offices, of the operating arrangements for the Convertibility Undertaking. The detailed procedures are defined in a previous circular dated 28 July 2005, and banks are instructed to communicate these arrangements to relevant overseas offices intending to utilize the undertaking. Enquiries regarding the matter may be directed to the HKMA at the provided contact number.
Our Ref: M1/28C (99) III 22 March 2018 The Chief Executive All Licensed Banks Dear Sir/Madam, Reminder of Operating Arrangements for the Convertibility Undertaking I am writing to remind you about the Operating Arrangements for the Convertibility Undertaking. The Convertibility Undertaking is available to all licensed banks in Hong Kong, including their overseas offices outside Hong Kong. The detailed operating arrangements are set out in our circular dated 28 July 2005 (Annex A). Please communicate the operating arrangements with your overseas offices which may intend to take advantage of the Convertibility Undertaking. If you have any enquiries on the above, please contact the HKMA at 2878 8104. Yours faithfully, Henry Cheng
Executive Director (Monetary Management)
Encl.
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