Regulatory Alerts2002-05-24
Added · Updated
Systems of Control for the Appointment of Managers
The Hong Kong Monetary Authority issued this statutory guideline under the Banking Ordinance to require all Authorized Institutions to maintain adequate systems of control ensuring the fitness and propriety of individuals appointed as managers. The document defines 'manager' based on responsibility for specific material business activities and outlines critical assessment criteria including probity, competence, and financial soundness. It mandates that institutions implement rigorous selection, notification, and ongoing review procedures to verify that managerial appointees meet these regulatory standards.
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