Regulatory Alerts2001-12-28
Added · Updated
Supervisory Policy Manual CG-4 and SA-2: Overseas Banking Subsidiaries and Outsourcing
The Hong Kong Monetary Authority issued two new Supervisory Policy Manual modules, CG-4 on the establishment of overseas banking subsidiaries and SA-2 on outsourcing, following industry consultation. CG-4 serves as a statutory guideline for locally incorporated authorized institutions while SA-2 provides guidance notes on data privacy and outsourcing applicable to all authorized institutions. These modules take immediate effect and are subject to compliance monitoring through regular off-site reviews and on-site examinations.
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