News & Analysis as of

Banking Sector Hong Kong

White & Case LLP

AI Watch: Global regulatory tracker - Hong Kong

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Hong Kong lacks comprehensive AI legislative framework but is developing sector-specific guidelines and regulations, and investing in AI. Laws/Regulations directly regulating AI (the "AI Regulations") At present, Hong...more

Mayer Brown

HKMA Issues Cooling-off Period Requirements for Unsecured Consumer Credit Products

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The Hong Kong Monetary Authority (HKMA) has further enhanced consumer protection by issuing a circular prescribing a 7-day cooling-off period for customers to reconsider credit products....more

Mayer Brown

Launch of the Banking Industry Integrity Charter in Hong Kong

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Hong Kong’s new Banking Industry Integrity Charter (Integrity Charter) was launched on 9 October 2024 by the Independent Commission Against Corruption (ICAC) in collaboration with the Hong Kong Monetary Authority (HKMA) and...more

Latham & Watkins LLP

Hong Kong Consults on Proposed Regulations to Prudential Treatment of Cryptoasset Exposures

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Implementation of Basel Committee cryptoassets standard to provide additional clarity for banks looking to engage in cryptoassets business. On 7 February 2024, the Hong Kong Monetary Authority (HKMA) released a...more

Eversheds Sutherland (US) LLP

Updata: Your quarterly privacy & cybersecurity update - July - September 2023

Welcome to the latest edition of Updata – the international update from Eversheds Sutherland’s dedicated Privacy and Cybersecurity team. Updata provides you with a compilation of privacy and cybersecurity regulatory and...more

BakerHostetler

Swiss Banks Launch Crypto Offerings; GAO Addresses SEC Crypto Bulletin; UK and Hong Kong Publish Crypto Guidance; DOJ and SEC...

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Swiss Banks Launch Tokenization Pilot, Crypto Custody and Trading Services - A recent press release announced a pilot by “SIX, the Swiss National Bank (SNB) and six commercial banks” that seeks “to test, in a live...more

A&O Shearman

Allen & Overy and Standard Chartered launch guide to payment regulations in Asia

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Allen & Overy and international banking group Standard Chartered have today launched the first Guide to Payment Regulations for corporates and fintech customers navigating the evolving payments landscape in eight key markets...more

Conyers

Liquidators Beware: an Alternative to Quincecare

Conyers on

The Quincecare duty has become a popular tool for companies (or their liquidators) to claim against banks for funds misappropriated on wrongful payment instructions. It requires a bank to refrain from executing a payment...more

A&O Shearman

Regulatory Roadmap for a Brave and Ambitious Year of the Tiger

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We anticipate a number of important regulatory developments in Hong Kong in the course of the year. ...more

A&O Shearman

Hong Kong ‘No Consent’ letters not guaranteed to freeze bank accounts

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The Hong Kong Police Commissioner's use of the 'No Consent Regime' to encourage three banks to freeze customer bank accounts, in circumstances where the banks had no independent suspicion of unlawful activity by bank account...more

Hogan Lovells

Hong Kong Monetary authority to regulate stablecoins

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The Hong Kong Monetary Authority has issued a Discussion Paper on Crypto-assets and Stablecoins in January 2022.  The Discussion Paper includes guiding principles of a contemplated regulatory regime for payment-related...more

Hogan Lovells

Amendments to the HKAB code of banking practice

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The Hong Kong Association of Banks and the DTC Association have published their revised Code of Banking Practice.  The amendments took effect on 10 December 2021 and require Hong Kong banks to take steps to revise terms and...more

K&L Gates LLP

The Commencement of the Wealth Management Connect and the Long-Awaited Southbound China-Hong Kong Bond Connect Schemes

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In early September 2021, the deputy governor of the People’s Bank of China, the central bank of the People’s Republic of China (PRC), announced the impending launch of two new cross-border investment schemes: Wealth...more

A&O Shearman

Hong Kong’s proposed Mandatory Reference Checking Scheme: the end of “rolling bad apples”?

A&O Shearman on

The Hong Kong Monetary Authority (HKMA) released its consultation conclusions on the proposed Mandatory Reference Checking Scheme (MRC Scheme) on 3 May 2021. ...more

Latham & Watkins LLP

Key Regulatory Developments in Hong Kong and Singapore: July 2020

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Regulators are consulting on how to enhance trust business regulation, introduce new omnibus legislation, and encourage best practices in sustainable banking. This blog post summarises key regulatory developments in Hong...more

Latham & Watkins LLP

Key Regulatory Developments in Hong Kong and Singapore: May 2020

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Regulators seek to address “rolling bad apples”, bank culture reform, and cryptocurrency derivatives. This blog post summarises key regulatory developments that took place in Hong Kong and Singapore in May 2020, as...more

Latham & Watkins LLP

Hong Kong FinTech Week: Day 1 in Review

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SFC outlines new regulatory framework for virtual asset trading platforms, HKMA highlights recent FinTech initiatives, and PBOC discusses China’s forthcoming central bank digital currency. The fourth annual Hong Kong FinTech...more

Morrison & Foerster LLP

Development of International Corruption Action Case Ten Major News in July 2018

We will provide a summary and link of primary sources for the most important ones of cases concerning international corruption in July in order to grasp the full picture by busy internal lawyers and compliance experts. Who...more

Latham & Watkins LLP

Private Bank Briefing: Issues Impacting the Private Bank Sector

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The FCA published a Discussion Paper on a duty of care and potential alternative approaches (DP18/5) on 17 July 2018. The FCA is exploring whether there should be a duty of care in the financial services sector. It is...more

Morrison & Foerster LLP

Top Ten International Anti-Corruption Developments for July 2018

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more

Hogan Lovells

HKMA reboots virtual banking

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On 6 February, 2018, the Hong Kong Monetary Authority (the “HKMA”) published draft revisions to its “Guideline on Authorization of Virtual Banks” (the “Draft Guideline”). ...more

Hogan Lovells

The Dawn of a New Era: The HKMA launches its Open API consultation

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On 11 January, 2018, the Hong Kong Monetary Authority (the "HKMA") published its "Consultation Paper on Open API Framework for the Hong Kong Banking Sector" (the "Consultation Paper"). The Consultation Paper summarizes the...more

Hogan Lovells

Bank notified of a freezing injunction does not owe a duty of care to applicant

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The Hong Kong Court has confirmed that a bank notified of a freezing injunction does not owe a duty of care to the party in whose favour the injunction is granted. ...more

Dorsey & Whitney LLP

Hong Kong Email Wire Fraud Epidemic - How to retrieve funds and prevent wire fraud

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Over the Lunar New Year period, we observed a spate of email wire frauds (or ‘business email scams’) which involve funds being wired internationally to bank accounts in Hong Kong. The amounts transferred vary from a few...more

Dorsey & Whitney LLP

Bitcoin – The Ever “Curiouser and Curiouser” Bitcoin Wonderland – Part Eleven

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“Virtual currencies” in general, and bitcoin in particular, continue to attract media attention as well as intense public and regulatory scrutiny. In the United States, the recent establishment of the Digital Currency...more

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