Guidelines & Circulars

Our Ref :

B2/2C
B9/23C

9 April 2002

The Chief Representative
All Local Representative Offices

Dear Sir/Madam,

Review of Market Entry Criteria

The HKMA has recently completed a review of the existing market entry criteria for the banking sector. One of the proposals arising from the review is to dispense with the general requirement for banks incorporated outside Hong Kong to maintain a local representative office (LRO) in Hong Kong for at least one to two years before they can seek to be upgraded to an authorized institution.

I am pleased to inform you that this requirement is removed with immediate effect.

Yours faithfully,

(Raymond Li)
Executive Director (Banking Development)

c.c.

Hong Kong Association of Banks (Attn: Ms Eva Wong)
The DTC Association (Attn: Mr PC Lund)
Financial Services Bureau (Attn: Ms Kinnie Wong)