Regulatory Alerts2001-11-30
Added · Updated
Removal of the Three-building Condition for Overseas-incorporated Banks
The Monetary Authority issued a notice under section 16(5) of the Banking Ordinance to cancel the condition requiring overseas-incorporated banks licensed since 1978 to operate in no more than three buildings. This regulatory change removes the physical location restriction for these relevant institutions. Consequently, the associated guideline regarding activities permitted at regional and back offices has been repealed as it is no longer relevant.
c.c. Circulars 30 Nov 2001 Removal of the Three-building Condition (letter to Overseasincorporated banks) Our Ref.: B2/9C 30 November 2001 The Chief Executive Overseas-incorporated banks subject to the three-building condition Dear Sir / Madam, Removal of the Three-building Condition I hereby serve on behalf of the Monetary Authority a notice under section 16(5) of the Banking Ordinance to cancel the condition requiring overseas-incorporated banks licensed in and after 1978 ("relevant institutions") to conduct their business in not more than three buildings. After the removal of the three-building condition, the guideline on activities that can be conducted at regional offices and back offices by relevant institutions is no longer relevant and has therefore been repealed. Yours faithfully, (D T R Carse) for Monetary Authority The Chairman, Hong Kong Association of Banks Last revision date : 01 August 2011
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