Key Information

inSight
Speeches
Speeches by Speaker
Norman T.L. Chan
Peter Pang
Eddie Yue
Arthur Yuen
Raymond Li
Edmond Lau
Esmond Lee
Meena Datwani
Vincent W.S. Lee
James Lau
Joseph Yam
Y K Choi
William Ryback
David Carse
Tony Latter
Andrew Sheng
Hans Genberg
Simon Topping
Michael Taylor
The Honourable Donald Tsang
Chen Yuan
Dai Xianglong
Don Brash
Jaime Caruana
Andrew Crockett
Mario Draghi
David Eldon
Stanley Fischer
Timothy F. Geithner
Stephen Grenville
Kenneth G. Lay
William McDonough
Ernest Patrikis
Glenn Stevens
Jean-Claude Trichet
Tarisa Watanagase
Zeti Akhtar Aziz
Press Releases
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
Press Releases by Category
Bogus Voice Message Phone Calls
Banking in Hong Kong
Fraudulent Websites, E-mails and Telephone System, and other fraud cases
Granting of Banking Licences
Exchange Fund
Table of Multiples of Notes and Payments for Allotted Amount under non-competitive tender
Table of Multiples of Notes and Payments of Application Amount under non-competitive tender
Tender of Exchange Fund Bills and Notes
Tender Results of Exchange Fund Bills and Notes
Tentative Issuance Schedule for Exchange Fund Bills and Notes
Appointments and Departures
HKMA Pay Review
HKMA Publications
Speeches
The Hong Kong Mortgage Corporation
Hong Kong Note Printing Limited
Hong Kong Institute for Monetary Research
Exchange Fund Investment Limited
Others
Hong Kong Financial Infrastructure
International Relations
Investment Products Related to Lehman Brothers
Monetary Policy
Notes and Coins
Renminbi business
Credit Card Lending Survey
Monetary Statistics
Residential Mortgage Survey
Year 2000
Others
Guidelines and Circulars
Guidelines
Circulars
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
531.2511

Press Releases

Release of consultation conclusion on protected arrangements regulation

The Government and the financial regulators, namely the Hong Kong Monetary Authority (“HKMA”), the Insurance Authority (“IA”) and the Securities and Futures Commission (“SFC”), today (April 6) released a consultation conclusion on the public consultation relating to the protected arrangements regulation (“the Regulation”) to be made as subsidiary legislation under section 75 of the Financial Institutions (Resolution) Ordinance (Cap. 628) (“the Ordinance”).  The consultation conclusion sets out the authorities’ response to the comments received and the proposals for taking forward the Regulation.

“We are pleased to note that the respondents generally agreed with the approach to the Regulation proposed in the Consultation Paper whilst providing constructive and technical comments. We have carefully reviewed respondents’ suggestions and adopted them as appropriate in refining the Regulation to enhance its efficacy,” a Government spokesman said.

At the end of the consultation period (22 November 2016 to 21 January 2017), a total of 11 submissions had been received from industry associations, professional bodies and financial market infrastructures.

The Regulation imposes appropriate constraints on the resolution authorities (“RAs”) under the Ordinance, namely the Monetary Authority, the IA and the SFC, in the event that it is necessary to exercise their resolution powers to manage the orderly failure of a non-viable systemically important FI in Hong Kong. These constraints are designed to safeguard the economic effect of a set of financial arrangements, defined as “protected arrangements” under section 74 of the Ordinance, that are crucial to the daily functioning of financial markets. Before the Ordinance commences operation, it is considered prudent to have the Regulation in place in order to provide legal certainty on the treatment of the “protected arrangements” if an RA were to exercise its resolution powers.

Our current plan is to table the Regulation before the Legislative Council in Q2 2017, with a view to bringing the Regulation and the Ordinance into operation shortly after the completion of the negative vetting procedure within 2017.

The consultation conclusion has been uploaded to the websites of the Financial Services Branch of the Financial Services and the Treasury Bureau (http://www.fstb.gov.hk/fsb/ppr/consult/doc/consult_conclu_par_e.pdf), the HKMA (www.hkma.gov.hk), the IA (www.oci.gov.hk) and the SFC (www.sfc.hk). 

 

Last revision date: 6 April 2017
ABOUT THE HKMA
The HKMA
Tender Invitations
Careers@HKMA
Legislative Council Issues
Links
The HKMA Information Centre
KEY FUNCTIONS
Monetary Stability
Banking Stability
International Financial Centre
Exchange Fund
PUBLICATIONS & RESEARCH
Annual Report
Half-Yearly Monetary & Financial Stability Report
Quarterly Bulletin
HKMA Background Briefs
Reference Materials
Research
MARKET DATA & STATISTICS
CMU Bond Price Bulletin
Economic & Financial Data for Hong Kong
Monthly Statistical Bulletin
Monetary Statistics
KEY INFORMATION
Press Releases
Speeches
Guidelines & Circulars
Forthcoming Events
inSight
OTHER INFORMATION
Account Opening
Consumer Corner
Consumer Education Programme
Complaints about Banks
Complaints about SVF Licensees
Internet Banking
Fraudulent Bank Websites, Phishing E-mails and Similar Scams
Be Careful of Bogus Phone Calls and SMS Messages
Authenticate the Callers and Bank Hotline Numbers
Register of AIs & LROs
Register of Securities Staff of AIs
Register of SVF Licensees
Investment Products Related to Lehman Brothers
Photo Gallery