Public consultation on proposed enhancements to Banking Ordinance

The Hong Kong Monetary Authority (HKMA) launched a public consultation on 5 December to propose enhancements to the Banking Ordinance (Cap. 155) to address evolving banking practices and regulatory needs. Following a review, the HKMA aims to align Hong Kong’s regulatory framework with global standards, improve supervisory capabilities, and address specific challenges. Key proposals include establishing a regulatory framework for designated holding companies, enhancing the Monetary Authority’s access to skilled resources, and making technical amendments. The consultation, which also proposes changes to related ordinances, runs until 28 January 2025. Details are available on the HKMA website.

Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/12/20241205-7/