Cap. 155 《銀行業條例》Banking Ordinance

(1)

This Ordinance may be cited as the Banking Ordinance.

(2)

(Omitted as spent—E.R. 1 of 2013)

(1)

In this Ordinance, unless the context otherwise requires—

accounts (帳目) means any accounts, whether kept in writing or print or by any machine or device; advertisement (廣告) includes every form of advertising, whether made orally or produced mechanically, electronically, magnetically, optically, manually or by any other means; (Replaced 32 of 2001 s. 2) Advisor (顧問), in relation to an authorized institution, means the person appointed, pursuant to section 52(1)(B), to be the Advisor of the institution; (Added 49 of 1995 s. 2) approval (核准)— (a)in relation to a company proposing to act as a money broker, means the approval of the company under section 118C(1)(a) to act as a money broker; (b)in relation to a money broker, means the certificate of approval held by the broker; (Added 4 of 1997 s. 3) approved currency (核准貨幣) means a currency— (a)freely convertible into Hong Kong dollars; or (b)approved by the Monetary Authority; (Added 64 of 1987 s. 2. Amended 82 of 1992 s. 11) approved money broker (核准貨幣經紀) means a money broker which holds a valid certificate of approval; (Added 4 of 1997 s. 3) associate (相聯者), in relation to a person entitled to exercise, or control the exercise of, voting power in relation to, or holding shares in, a company, means any other person in respect of whom that first-mentioned person has an agreement or arrangement, whether oral or in writing, express or implied, with respect to the acquisition, holding or disposal of shares or other interests in that company or under which they act together in exercising their voting power in relation to it; (Added 95 of 1991 s. 2) auditor (核數師) means a certified public accountant (practising) as defined by section 2(1) of the Accounting and Financial Reporting Council Ordinance (Cap. 588); (Amended 23 of 2004 s. 56; L.N. 66 of 2022) authorization (認可) means, as the case requires— (a)the authorization under section 16 of a company to carry on banking business, a business of taking deposits as a deposit-taking company or a business of taking deposits as a restricted licence bank, as the case may be; (b)the banking licence, registration or restricted banking licence, as the case may be, held by an authorized institution; (Added 49 of 1995 s. 2) authorized institution (認可機構) means— (a)a bank; (Amended 3 of 1990 s. 2) (b)a restricted licence bank; or (Replaced 3 of 1990 s. 2) (c)a deposit-taking company; (Added 3 of 1990 s. 2) authorized institution incorporated in Hong Kong (在香港成立為法團的認可機構) means—(a)an authorized institution incorporated in Hong Kong by or under—(i)the Companies Ordinance (Cap. 622);(ii)a former Companies Ordinance as defined by section 2(1) of the Companies Ordinance (Cap. 622); or(iii)any other Ordinance; or(b)an authorized institution that is a re-domiciled entity,and a reference to a bank incorporated in Hong Kong, a deposit-taking company incorporated in Hong Kong or a restricted licence bank incorporated in Hong Kong is to be construed accordingly; (Replaced 14 of 2025 s. 156) authorized institution incorporated outside Hong Kong (在香港以外成立為法團的認可機構)—(a)means an authorized institution incorporated by or under the law or other authority in any place outside Hong Kong; but(b)does not include any such authorized institution that is a re-domiciled entity; (Replaced 14 of 2025 s. 156) automated teller machine (自動櫃員機) means a terminal device, whether installed by an authorized institution or by some other person, which is linked directly or indirectly to a computer system used by an authorized institution and which provides facilities to customers of the institution; (Replaced 32 of 2001 s. 2) bank (銀行) means a company which holds a valid banking licence; (Amended 43 of 1990 s. 2) Banking Advisory Committee (銀行業務諮詢委員會) means the Banking Advisory Committee established by section 4; banking business (銀行業務) means the business of either or both of the following— (a)receiving from the general public money on current, deposit, savings or other similar account repayable on demand or within less than the period specified in item 1 of the First Schedule or with a period of call or notice of less than that period, other than any float or SVF deposit as defined by section 2 of the Payment Systems and Stored Value Facilities Ordinance (Cap. 584); (Amended 4 of 1997 s. 3; 18 of 2015 s. 56) (b)paying or collecting cheques drawn by or paid in by customers, (Amended 17 of 2025 s. 176) but does not include the business of a stablecoin licensee of receiving from the general public money in any currency in exchange for, or for the purpose of, the issue of specified stablecoins by the licensee; (Amended 17 of 2025 s. 176) banking licence (銀行牌照) means a banking licence granted under section 16; (Amended 43 of 1990 s. 2) Basel Committee (巴塞爾委員會) means the Basel Committee on Banking Supervision, whose secretariat is hosted by the Bank for International Settlements in Basel, Switzerland, that seeks to promote sound standards of banking supervision worldwide; (Added 3 of 2012 s. 3) capital requirement rule (資本規定規則) means a rule made under section 97C(1)(a); (Added 3 of 2012 s. 3) certificate of approval (核准證明書) means a certificate of approval attached to a notice under section 118C(1)(a) served on a company; (Added 4 of 1997 s. 3) certificate of registration (註冊證明書) means a certificate of registration— (a)granted under section 119 of the Securities and Futures Ordinance (Cap. 571); and (b)which is in force; (Added 6 of 2002 s. 2) chief executive (行政總裁), in relation to an authorized institution, means the chief executive appointed under section 74 in respect of the institution, and includes an alternate chief executive so appointed; (Amended 95 of 1991 s. 2) company (公司) means a body corporate— (a)incorporated under the Companies Ordinance (Cap. 622); (Amended 28 of 2012 ss. 912 & 920) (ab)incorporated under a former Companies Ordinance as defined by section 2(1) of the Companies Ordinance (Cap. 622); (Added 28 of 2012 ss. 912 & 920) (b)incorporated by any other Ordinance; or (c)incorporated outside Hong Kong; (Amended 94 of 1993 s. 2) controller (控權人), in relation to a company— (a)means, in respect of all the provisions of this Ordinance, any person who is—(i)an indirect controller; or(ii)a majority shareholder controller; and (b)includes, in respect of the provisions of Part XIII, any person who is a minority shareholder controller, of that company, and references in this Ordinance to control (控制) shall be construed accordingly; (Replaced 95 of 1991 s. 2) currency (貨幣) includes— (a)the European Currency Unit; and (b)any medium of exchange the subject of a declaration under subsection (5)(a) which is in force; (Added 94 of 1993 s. 2) dealing service (交易服務) means a service, whether or not offered in person or by electronic means or otherwise, whereby the persons to whom the service is provided are given the ability to quote bid or offer prices or rates— (a)for the purpose of effecting an agreement of any type referred to in paragraph (a) of the definition of money broker (and whether or not any such agreement is effected); and (b)which may be—(i)accepted by any of those other persons to whom they are quoted; or(ii)matched pursuant to the service; (Added 4 of 1997 s. 3) deposit (存款)— (a)means a loan of money—(i)at interest, at no interest or at negative interest; or(ii)repayable at a premium or repayable with any consideration in money or money’s worth; but (b)does not include—(i)a loan of money on terms involving the issue, by a company, of debentures or other securities in respect of which a prospectus has been registered under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32);(ii)a loan of money on terms referable to the provision of property or services;(iii)a loan of money by one company to another (neither company being an authorized institution) at a time when one is a subsidiary of the other or both are subsidiaries of another company; (Amended 17 of 2025 s. 176)(iv)any float or SVF deposit, as defined by section 2 of the Payment Systems and Stored Value Facilities Ordinance (Cap. 584); or (Replaced 18 of 2015 s. 56. Amended 17 of 2025 s. 176)(v)a specified stablecoin, (Added 17 of 2025 s. 176) and references in this Ordinance to the taking or the making of a deposit shall be construed accordingly; depositor (存款人) means a person entitled to repayment of a deposit, whether made by him or not; Deposit-taking Companies Advisory Committee (接受存款公司諮詢委員會) means the Deposit-taking Companies Advisory Committee established by section 5; deposit-taking company (接受存款公司) means a company which is currently registered; (Replaced 3 of 1990 s. 2. Amended 49 of 1995 s. 2) director (董事) includes any person who occupies the position of director, whatever the title of his office; document (文件) includes any publication (including a newspaper, magazine, journal or other periodical publication, a poster or notice, a circular, brochure, pamphlet or handbill, or a prospectus)— (a)directed at, or likely to be accessed or read (whether concurrently or otherwise) by, members of the public; and (b)whether produced mechanically, electronically, magnetically, optically, manually or by any other means; (Replaced 32 of 2001 s. 2) Exchange Fund (外匯基金) means the Exchange Fund established under the Exchange Fund Ordinance (Cap. 66); (Added 82 of 1992 s. 11) executive officer (主管人員), in relation to a registered institution, means an executive officer appointed under section 71D in respect of the institution; (Added 6 of 2002 s. 2) exercise (行使), in relation to a function, includes perform and discharge; (Added 95 of 1991 s. 2) former auditor (前核數師) means a person who was formerly the auditor of an authorized institution or a former authorized institution; (Added 43 of 1990 s. 2) former authorized institution (前認可機構) means an institution which was formerly a bank, a restricted licence bank or a deposit-taking company; (Added 43 of 1990 s. 2) functions (職能) includes powers and duties; holding company (控權公司), in relation to a body corporate, has the meaning given by section 13 of the Companies Ordinance (Cap. 622); (Added 6 of 2018 s. 3) incorporated outside Hong Kong (在香港以外成立為法團) includes established, by whatever means, outside Hong Kong; (Added 94 of 1993 s. 2) indirect controller (間接控權人), in relation to a company, means any person in accordance with whose directions or instructions the directors of the company or of another company of which it is a subsidiary are accustomed to act, but does not include a Manager or Advisor, or any person in accordance with whose directions or instructions those directors are accustomed to act by reason only that they act on advice given by him in his professional capacity; (Added 95 of 1991 s. 2. Amended 49 of 1995 s. 2) invitation (邀請) includes an offer and an invitation, whether made orally or produced mechanically, electronically, magnetically, optically, manually or by any other means; (Added 32 of 2001 s. 2) issue (發出), in relation to any advertisement, invitation or document, includes publishing, circulating, distributing or otherwise disseminating the advertisement, invitation or document, whether— (a)by any visit in person; (b)in a newspaper, magazine, journal or other periodical publication; (c)by the display of posters or notices; (d)by means of circulars, brochures, pamphlets or handbills; (e)by an exhibition of photographs or cinematography films; (f)by way of sound broadcasting or television; (g)by computer or other electronic device; or (h)by any other means, whether mechanically, electronically, magnetically, optically, manually or by any other medium, or by way of production or transmission of light, image or sound or any other medium, and also includes causing or authorizing the advertisement, invitation or document to be issued; (Replaced 32 of 2001 s. 2) liquidity requirement rule (流動性規定規則) means a rule made under section 97H(1)(a); (Added 3 of 2012 s. 3) local branch (本地分行), in relation to— (a)an authorized institution which is a bank, means—(i)in the case of a bank incorporated in Hong Kong, a place of business thereof in Hong Kong, other than its principal place of business in Hong Kong or any automated teller machine, at which it carries on—(A)banking business; or(B)any other business whereby it may incur financial exposure as defined by subsection (1A), and to which members of the public ordinarily have physical access for the purposes of that business;(ii)in the case of a bank incorporated outside Hong Kong, a place of business thereof in Hong Kong, other than its principal place of business in Hong Kong or any automated teller machine, at which it carries on—(A)banking business; or(B)any other business whereby it may incur financial exposure as defined by subsection (1A), and to which members of the public ordinarily have physical access for the purposes of that business; and (b)an authorized institution which is a deposit-taking company or a restricted licence bank, means a place of business in Hong Kong of the deposit-taking company or the restricted licence bank, other than its principal place of business in Hong Kong or any automated teller machine, at which it carries on—(i)the business of taking deposits; or(ii)any other business whereby it may incur financial exposure as defined by subsection (1A), and to which members of the public ordinarily have physical access for the purposes of that business; (Replaced 32 of 2001 s. 2. Amended 6 of 2018 s. 3) local office (本地辦事處), in relation to an authorized institution— (a)subject to paragraph (b), means a place of business of the institution in Hong Kong from which any business of the institution is promoted or assisted and to which members of the public ordinarily have physical access for the purposes of that business; (b)does not include—(i)the institution’s principal place of business in Hong Kong;(ii)a local branch established or maintained by the institution;(iii)an automated teller machine;(iv)a place of business of the institution used solely for the purposes of the administration of the affairs or business of the institution or the processing of transactions; or(v)a place of business of the institution, or a place of business of the institution belonging to a class of places of business, declared in a notice under subsection (14)(ca) not to be a place of business, or a class of places of business, as the case may be, for the purposes of this definition; (Added 32 of 2001 s. 2) local representative office (本地代表辦事處) means an office in Hong Kong of a bank within the meaning of section 46(9); (Replaced 94 of 1993 s. 2) majority shareholder controller (大股東控權人), in relation to a company, means any person who, either alone or with any associate or associates, is entitled to exercise, or control the exercise of, more than 50% of the voting power at any general meeting of the company or of another company of which it is a subsidiary; (Added 95 of 1991 s. 2) Manager (經理人), in relation to an authorized institution, means the person appointed, pursuant to section 52(1)(C), to be the Manager of the institution; (Added 49 of 1995 s. 2) manager (經理)— (a)subject to paragraph (c), in relation to an authorized institution incorporated in Hong Kong, means any individual, other than a director or chief executive of the institution, appointed by the institution, or by a person acting for or on behalf of or by an arrangement with the institution, to be principally responsible, either alone or with others, for the conduct of any one or more of the affairs or business of the institution specified in the Fourteenth Schedule; (b)subject to paragraph (c), in relation to an authorized institution incorporated outside Hong Kong, means any individual, other than a chief executive of the institution, appointed by the institution, or by a person acting for or on behalf of or by an arrangement with the institution, to be principally responsible, either alone or with others, for the conduct of any one or more of the affairs or business in Hong Kong of the institution specified in the Fourteenth Schedule; (c)does not include a person, or a person belonging to a class of persons, declared in a notice under subsection (14)(cb) not to be a manager, or a class of managers, as the case may be, for the purposes of this definition; (Replaced 32 of 2001 s. 2) minority shareholder controller (小股東控權人), in relation to a company, means any person who, either alone or with any associate or associates, is entitled to exercise, or control the exercise of, 10% or more, but not more than 50%, of the voting power at any general meeting of the company or of another company of which it is a subsidiary; (Added 95 of 1991 s. 2) Monetary Authority (金融管理專員) means the Monetary Authority appointed under section 5A of the Exchange Fund Ordinance (Cap. 66); (Added 82 of 1992 s. 11) money at call (短期通知款項) means money payable within not more than 24 hours of a demand therefor, but does not include money payable on demand; money broker (貨幣經紀)— (a)subject to paragraph (b), means a person who, for reward (whether by way of commission, fees or otherwise), carries on the business in or from Hong Kong, or provides to persons in Hong Kong the service, of negotiating, arranging or facilitating, whether by electronic means or otherwise, agreements between other persons—(i)in respect of—(A)the making of a deposit of any currency;(B)the purchase or sale of any currency, and whether or not the currency the subject of the purchase or sale is to be received or delivered immediately or at any future time or upon the happening of any future occurrence; or(C)the purchase or sale of an instrument, or an instrument belonging to a class of instruments, declared in a notice under subsection (14)(a) to be an instrument, or a class of instruments, as the case may be, for the purposes of this definition;(ii)one of which is an authorized institution; and(iii)as agent for, or as the provider of a dealing service to, not less than one of those persons; (b)does not include an authorized institution or—(i)subject to paragraph (c), a person acting as a money broker where the person is so acting wholly ancillary or incidentally to a business carried on by the person which, if the business is, or were to be, carried on in or from Hong Kong , is not, or would not be, as the case may be, the business of acting as a money broker; or(ii)a person, or a person belonging to a class of persons, declared in a notice under subsection (14)(b) not to be a person, or a class of persons, as the case may be, for the purposes of this definition; (c)includes a person, or a person belonging to a class of persons, declared in a notice under subsection (14)(c) to be a person, or a class of persons, as the case may be, to whom paragraph (b)(i) shall not apply; (Added 4 of 1997 s. 3) multilateral development bank (多邊發展銀行) means any bank or lending or development body specified by the Monetary Authority under subsection (19); (Added 19 of 2005 s. 7) opportunity of being heard (陳詞機會) means a reasonable opportunity of being heard; (Added 6 of 2002 s. 2) overseas branch (海外分行) means a branch outside Hong Kong of an authorized institution incorporated in Hong Kong, at which it carries on banking business or a business of taking deposits, as the case may be, whether or not the business of the branch is limited by the laws or regulations of the place in which the branch is situated and whether or not the branch is referred to as an agency in such place; overseas representative office (海外代表辦事處) means an office outside Hong Kong, other than an overseas branch, of an authorized institution incorporated in Hong Kong; public (公眾人士) means the public of Hong Kong, and includes any class of that public; (Added 32 of 2001 s. 2) re-domiciled company (經遷冊公司) has the meaning given by section 2(1) of the Companies Ordinance (Cap. 622); (Added 14 of 2025 s. 156) re-domiciled entity (經遷冊實體) means a re-domiciled company that is deregistered as required by section 820E(3)(a) of the Companies Ordinance (Cap. 622); (Added 14 of 2025 s. 156) register (紀錄冊) means the register maintained under section 20; (Replaced 49 of 1995 s. 2) registered (註冊) means registered under section 16; (Replaced 49 of 1995 s. 2) registered institution (註冊機構) means an authorized institution— (a)to which section 25(a) or 32 of Schedule 10 to the Securities and Futures Ordinance (Cap. 571) applies; or (b)granted a certificate of registration; (Added 6 of 2002 s. 2) regulated activity (受規管活動), in relation to a registered institution, means a regulated activity— (a)within the meaning of Schedule 1 to the Securities and Futures Ordinance (Cap. 571); and (b)in respect of which the institution is registered—(i)to carry on the activity; and(ii)by virtue of—(A)in the case of an institution falling within paragraph (a) of the definition of registered institution, section 25(a) or 32 of Schedule 10 to the Securities and Futures Ordinance (Cap. 571);(B)in any other case, the certificate of registration granted to it; (Added 6 of 2002 s. 2) regulated stablecoin activity (受規管穩定幣活動) has the meaning given by section 5 of the Stablecoins Ordinance (17 of 2025); (Added 17 of 2025 s. 176) require (要求) means reasonably require; (Added 32 of 2001 s. 2) reserves (儲備), in relation to an authorized institution, means reserves which appear in the accounts of the institution, but does not include any reserves which are represented by the writing down of the value of assets or by provision for the depreciation of fixed assets; (Added 95 of 1991 s. 2) resolution authority (處置機制當局) has the meaning given by section 2(1) of the Financial Institutions (Resolution) Ordinance (Cap. 628); (Added 23 of 2016 s. 209. Amended E.R. 2 of 2017) Resolution Compensation Tribunal (處置補償審裁處) means— (a)the Tribunal established by section 127(1) of the Financial Institutions (Resolution) Ordinance (Cap. 628); or (Amended E.R. 2 of 2017) (b)an additional tribunal established under section 128(1) of that Ordinance; (Added 23 of 2016 s. 209) Resolvability Review Tribunal (處置可行性覆檢審裁處) means— (a)the Tribunal established by section 110(1) of the Financial Institutions (Resolution) Ordinance (Cap. 628); or (Amended E.R. 2 of 2017) (b)an additional tribunal established under section 111(1) of that Ordinance; (Added 23 of 2016 s. 209) restricted banking licence (有限制銀行牌照) means a restricted banking licence granted under section 16; (Added 3 of 1990 s. 2. Amended 49 of 1995 s. 2) restricted licence bank (有限制牌照銀行) means a company which holds a valid restricted banking licence; (Added 3 of 1990 s. 2) Review Tribunal (覆核審裁處) means the Banking Review Tribunal established by section 101A; (Replaced 3 of 2012 s. 3) Securities and Futures Commission (證監會) means the Securities and Futures Commission referred to in the Securities and Futures Ordinance (Cap. 571); (Added 6 of 2002 s. 2) share (股份) means share in the share capital of a company, and includes stock except where a distinction between stock or shares is expressed or implied; and the expression shareholder (股東) includes a stockholder; share premium account (股份溢價帳) means the account to which the aggregate amount or value of the premiums on shares issued (whether for cash or otherwise) is transferred; (Added 19 of 2005 s. 7. Amended 28 of 2012 ss. 912 & 920) short-term deposit (短期存款) means a deposit with an original term to maturity of less than the period specified in item 1 of the First Schedule or with a period of call or notice of less than such specified period; (Amended 3 of 1990 s. 2) specified stablecoin (指明穩定幣) has the meaning given by section 4 of the Stablecoins Ordinance (17 of 2025); (Added 17 of 2025 s. 176) specified sum (指明款項), in relation to— (a)a deposit-taking company, means the sum referred to in section 14(1)(a); and (b)a restricted licence bank, means the sum referred to in section 14(1)(b); (Amended 3 of 1990 s. 2) stablecoin licence (穩定幣牌照) means a licence as defined by section 2(1) of the Stablecoins Ordinance (17 of 2025); (Added 17 of 2025 s. 176) stablecoin licensee (穩定幣持牌人) means a licensee as defined by section 2(1) of the Stablecoins Ordinance (17 of 2025); (Added 17 of 2025 s. 176) subsidiary (附屬公司), in relation to a body corporate, has the meaning given by section 15 of the Companies Ordinance (Cap. 622); (Added 6 of 2018 s. 3) SVF licence (工具牌照), in relation to a bank, means a licence regarded as being granted to the bank under section 8G of the Payment Systems and Stored Value Facilities Ordinance (Cap. 584); (Added 18 of 2015 s. 56) The DTC Association (DTC 公會) means The Hong Kong Association of Restricted Licence Banks and Deposit-taking Companies incorporated under the Companies Ordinance (Cap. 32) as in force at the time of the incorporation; (Added 19 of 2005 s. 7. Amended 28 of 2012 ss. 912 & 920) The Hong Kong Association of Banks (香港銀行公會) means the body corporate of that name incorporated by section 3 of The Hong Kong Association of Banks Ordinance (Cap. 364); (Added 19 of 2005 s. 7) Tier 1 country (第1級國家) means Hong Kong and any country or place other than Hong Kong which— (a)is a member of the Organization for Economic Co-operation and Development; or (b)has concluded a special lending arrangement with the International Monetary Fund associated with the International Monetary Fund’s General Arrangements to Borrow, but excludes any such country or place which— (c)has rescheduled its external sovereign debt, whether to central government or non-central government creditors, within the previous 5 years; or (d)is specified by the Monetary Authority by notice published in the Gazette as being a country or place that is not to be regarded as a Tier 1 country for the purposes of this definition; (Added 19 of 2005 s. 7) unsuccessful (不成功), in relation to an appeal, includes any case where the appeal is abandoned or withdrawn; (Added 49 of 1995 s. 2) working day (工作日) means a day other than a public holiday or a gale warning day within the meaning of section 2 of the Judicial Proceedings (Adjournment During Gale Warning Days) Ordinance (Cap. 62). (Added 95 of 1991 s. 2)

(1A)

In the definition of local branch in subsection (1)—

financial exposure (財務風險) means any of the following—(a)the extension of credit, for example, advances, loans and other credit facilities (including letters of credit);(b)the holding of shares and debentures;(c)the undertaking of off-balance sheet exposures specified in column 2 of Table 14 in section 118 of the Banking (Capital) Rules (Cap. 155 sub. leg. L). (Added 6 of 2018 s. 3)

(2)

For the purposes of this Ordinance—

(3) Without limiting the generality of any other meaning which insolvent (無力償債) may have, an authorized institution shall, for the purposes of this Ordinance, be deemed to be insolvent if it has ceased to pay its debts in the ordinary course of business or it cannot pay its debts as they become due.

(4)

Where, under this Ordinance, an authorized institution is required to provide facilities to any person for the purpose of any investigation or examination of the institution, such facilities shall include photocopying facilities.

(5)

Where there is any doubt or dispute as to whether a medium of exchange is a currency for the purposes of this Ordinance, the Monetary Authority may, by notice in the Gazette—

(6)

Any reference in this Ordinance to any person who signs any document includes a reference to any person who authorizes the signing of the document. (Added 49 of 1995 s. 2)

(7)

Any reference in any provision of this Ordinance to a specified form means the form specified under section 133 for the purposes of that provision. (Added 49 of 1995 s. 2)

(8)

For the avoidance of doubt, it is hereby declared that any reference in this Ordinance, other than section 14, to taking a deposit (or words to the like effect) includes holding a deposit. (Added 49 of 1995 s. 2. Amended 19 of 2005 s. 8)

(9)

Any reference in this Ordinance to the relevant banking supervisory authority, in relation to a company incorporated outside Hong Kong that is not a re-domiciled entity, means the banking supervisory authority outside Hong Kong which, in the opinion of the Monetary Authority, has a supervisory responsibility for that company (and whether or not that authority is located in the place where that company is incorporated). (Added 49 of 1995 s. 2. Amended 42 of 1999 s. 2; 14 of 2025 s. 156)

(10) In sections 18(4), 22(4), 24(5) and 25(3), the term continuing to hold a deposit (繼續持有存款) includes renewing a deposit. (Added 49 of 1995 s. 2)

(11)

(Repealed 18 of 2015 s. 56)

(12)

References in this Ordinance to the affairs, business and property of an authorized institution (including a former authorized institution) include—

(13)

(Repealed 18 of 2015 s. 56)

(14)

The Monetary Authority may, by notice in the Gazette, and subject to such conditions, if any, as are specified in the notice—

(15)

It is hereby declared that—

(16)

Any reference in this Ordinance to a continuing offence means an offence consisting of a person’s continued default, refusal or other contravention of a requirement (howsoever described) of this Ordinance, and notwithstanding that the period specified by or under this Ordinance for complying with that requirement has expired. (Added 4 of 1997 s. 3)

(17)

For the avoidance of doubt, it is hereby declared that any reference in this Ordinance to the commission of an offence by every director, every chief executive and every manager of an authorized institution or other company (including any grammatical variations or cognate expressions of such reference) means that one or more than one of any such director, chief executive and manager may be prosecuted for the offence. (Added 32 of 2001 s. 2)

(18)

Any provision of this Ordinance that purports to impose criminal liability on every manager of an authorized institution or other company in the event of a contravention of this Ordinance shall be construed as imposing criminal liability on a manager of an authorized institution or other company only to the extent that the contravention was caused or contributed to by an act or omission on the part of the manager himself or a person under his control. (Added 19 of 2005 s. 8)

(19)

The Monetary Authority may by notice published in the Gazette specify to be a multilateral development bank for the purposes of this Ordinance any bank or lending or development body established by agreement between, or guaranteed by, 2 or more countries, territories or international organizations other than for purely commercial purposes. (Added 19 of 2005 s. 7)

(20)

A reference in this Ordinance to the issue, or the facilitation of the issue, of a stored value facility is a reference to the issue, or facilitation of the issue, of a stored value facility within the meaning of the Payment Systems and Stored Value Facilities Ordinance (Cap. 584). (Added 18 of 2015 s. 56)

(1)

Part III of this Ordinance shall not apply to the taking of any deposit by—

(2)

Part III of this Ordinance shall not apply to the taking of any deposit from—

(3)

Notwithstanding anything in The Hongkong and Shanghai Banking Corporation Limited Ordinance (Cap. 70), this Ordinance shall apply to The Hongkong and Shanghai Banking Corporation Limited. (Amended L.N. 333 of 1989; 95 of 1991 s. 3)

(4)

Where there is any conflict or inconsistency between this Ordinance and The Hongkong and Shanghai Banking Corporation Limited Ordinance (Cap. 70) the provisions of this Ordinance shall prevail. (Amended L.N. 333 of 1989; 95 of 1991 s. 3)

(5)

An authorized institution which is incorporated or registered by or under— (Amended 28 of 2012 ss. 912 & 920)

is subject to the Companies Ordinance (Cap. 622) and the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32), as well as to this Ordinance, except that, where there is any conflict between this Ordinance on the one hand and the Companies Ordinance (Cap. 622) or the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) on the other, this Ordinance prevails. (Amended 28 of 2012 ss. 912 & 920)

(1)

There is hereby established a Banking Advisory Committee for the purpose of advising the Chief Executive upon any matter connected with this Ordinance, in particular in relation to banks and the carrying on of banking business, and of advising the Chief Executive in Council in any case where the advice of the Committee is sought under section 53(2). (Amended 94 of 1993 s. 4)

(2)

The Banking Advisory Committee shall consist of the Financial Secretary, who shall be the chairman, the Monetary Authority, and such other persons, not being less than 4 nor more than 12, as the Chief Executive may from time to time appoint.

(3)

The members of the Banking Advisory Committee appointed by the Chief Executive shall hold office for such period and upon such terms as the Chief Executive may specify in their appointments.

(4)

In the absence of the chairman at any meeting of the Banking Advisory Committee, the Financial Secretary may appoint the chairman.

(1)

There is hereby established a Deposit-taking Companies Advisory Committee for the purpose of advising the Chief Executive upon any matter connected with this Ordinance, in particular in relation to deposit-taking companies and restricted licence banks and the carrying on of a business of taking deposits by them, and of advising the Chief Executive in Council and in any case where the advice of the Committee is sought under section 53(2). (Amended 3 of 1990 s. 2; 94 of 1993 s. 5)

(2)

The Deposit-taking Companies Advisory Committee shall consist of the Financial Secretary, who shall be the chairman, the Monetary Authority, and such other persons, not being less than 4 nor more than 12, as the Chief Executive may from time to time appoint.

(3)

The members of the Deposit-taking Companies Advisory Committee appointed by the Chief Executive shall hold office for such period and upon such terms as the Chief Executive may specify in their appointments.

(4)

In the absence of the chairman at any meeting of the Deposit-taking Companies Advisory Committee, the Financial Secretary may appoint the chairman.

(1)

The principal function of the Monetary Authority under this Ordinance shall be to promote the general stability and effective working of the banking system. (Amended 82 of 1992 s. 15)

(2)

Without limiting the generality of subsection (1), the Monetary Authority shall— (Amended 82 of 1992 s. 25)

(3)

The Monetary Authority may from time to time cause to be prepared and published by notice in the Gazette guidelines indicating the manner in which he proposes to exercise functions conferred or imposed by or under this Ordinance upon him. (Amended 82 of 1992 s. 25; 19 of 2005 s. 7)

(1)

The Monetary authority shall, as soon as practicable after each 31 December, prepare and furnish to the Financial Secretary a report on the working of this Ordinance and on the activities of his office during the preceding year and, in that report, may set out any measures that he considers necessary for improving the working of this Ordinance and of the activities of his office. (Amended 94 of 1993 s. 6)

(2)

In the report under subsection (1), the Monetary Authority shall draw attention to any breach or avoidance of this Ordinance that has come to his notice during the preceding year or any irregularity discovered by him in the accounts and records of the financial transactions of any authorized institution for that period which is, in his opinion, of sufficient importance to justify him so doing.

(3)

The Monetary Authority shall, at such times as he considers necessary, report to the Financial Secretary on improvements that he considers to be desirable in the operation and management of his office.

(4)

The Chief Executive may, at any time, request the Monetary Authority to report to him on any matter relating to the working of this Ordinance or the activities of the office of the Monetary Authority, and the Monetary Authority shall, forthwith, prepare and furnish a report to the Chief Executive accordingly. (Amended 68 of 1999 s. 3)

(5)

Where the Financial Secretary is furnished with a report under subsection (1), he may, as he thinks fit, publish the report, in whole or in part, in such manner as he thinks fit or decline to publish any part of the report. (Replaced 94 of 1993 s. 6)

(6)

(Repealed 94 of 1993 s. 6)

(1)

The Chief Executive may give to the Financial Secretary and the Monetary Authority such directions as he thinks fit with respect to the exercise of their respective functions under this Ordinance, either generally or in any particular case.

(2)

The Financial Secretary and the Monetary Authority shall, in the exercise of their respective functions under this Ordinance, comply with any directions given by the Chief Executive under this section.

(1)

No banking business shall be carried on in Hong Kong except by a bank (other than a bank the banking licence of which is for the time being suspended under section 24 or 25). (Amended 49 of 1995 s. 4)

(2)

Any person who and every director and every manager of a company which contravenes this section commits an offence and is liable—

(1)

No business of taking deposits shall be carried on in Hong Kong except by an authorized institution (other than an authorized institution the authorization of which is for the time being suspended under section 24 or 25). (Amended 49 of 1995 s. 5)

(2)

A deposit-taking company shall not take any short-term deposit in Hong Kong.

(3)

A deposit-taking company shall not, without the written permission of the Monetary Authority, repay any deposit within a period of less than the period specified in item 1 of the First Schedule from the date on which the deposit was taken by the company. (Amended 82 of 1992 s. 25)

(4)

No deposit-taking company or restricted licence bank shall receive money on savings account.

(5)

Subject to section 14, a restricted licence bank may take short-term deposits. (Amended 49 of 1995 s. 5)

(6)

Any person who contravenes subsection (1), every director, every chief executive and every manager of a deposit-taking company which contravenes subsection (2), (3) or (4), and every director, every chief executive and every manager of a restricted licence bank which contravenes subsection (4), commits an offence and is liable— (Amended 32 of 2001 s. 24)

(7)

Any person who enters into a contract or arrangement, or uses any device or scheme, which has the effect of, or is designed to have the effect of, avoiding subsection (1), (2), (3) or (4) commits an offence and is liable—

(8)

For the purposes of any proceedings for an offence under subsection (6), if it is proved that a person took deposits on at least 5 separate occasions within any period of 30 days, that person shall, in the absence of evidence to the contrary, be deemed to have been carrying on a business of taking deposits. (Amended 49 of 1995 s. 5)

(1)

The Financial Secretary may, by notice in the Gazette, exempt any person or class of persons from section 12(1) and, if the Financial Secretary thinks fit, in that notice also exempt that person or class of persons from section 92(1) in respect of the business of taking deposits to which the exemption from section 12(1) relates. (Replaced 64 of 1987 s. 4)

(2)

An exemption under subsection (1) shall be subject to such conditions as are specified in the notice.

(3)

The Financial Secretary may at any time by notice in the Gazette—

(1)

Subject to subsection (2)—

(2)

A deposit-taking company or restricted licence bank may take a deposit from a depositor of a sum less than the specified sum applying at the date of that deposit if the amount standing to the credit of the depositor with the deposit-taking company or restricted licence bank, as the case may be, at the time any such deposit is taken is not less than the specified sum applying at the date of that deposit.

(3)

Except where a depositor withdraws the whole amount standing to his credit with a deposit-taking company or a restricted licence bank, the deposit-taking company or restricted licence bank, as the case may be, shall not at the time of the withdrawal of any sum permit the amount of the balance standing to the credit of the depositor to be less than the specified sum.

(4)

Notwithstanding subsection (3), where a depositor has an amount standing to his credit with a deposit-taking company or a restricted licence bank at a time when the specified sum is amended by being increased, the deposit-taking company or restricted licence bank, as the case may be, may permit the amount of the balance to be reduced by withdrawals to any amount that is not less than the specified sum as it was before being so amended.

(5)

Every director, every chief executive and every manager of a deposit-taking company or a restricted licence bank which contravenes subsection (1) or (3) commits an offence and is liable— (Amended 32 of 2001 s. 24)

(6)

Any person who holds himself out, whether as a broker or agent of a deposit-taking company or a restricted licence bank or otherwise, as being prepared to take from any person, any sum less than the specified sum for the purpose of making a deposit of that sum, or of that sum and other sums, with the deposit-taking company or restricted licence bank, as the case may be, commits an offence and is liable—

(7)

Any person who enters into a contract or arrangement, or uses any device or scheme, which has the effect of, or is designed to have the effect of, avoiding subsection (1) or (3) commits an offence and is liable—

(1)

A company which proposes to carry on—

shall apply to the Monetary Authority for authorization to carry on that business.

(2)

There shall be lodged with the Monetary Authority in respect of an application for authorization from a company—

(3)

(Repealed 18 of 2015 s. 58)

(1)

Subject to subsections (2) and (6), the Monetary Authority may, on receipt of an application in accordance with section 15 from a company—

(2)

Without limiting the generality of subsection (1)(b), the Monetary Authority shall refuse to authorize a company under that subsection if any one or more of the criteria specified in the Seventh Schedule applicable to or in relation to the company are not fulfilled with respect to the company.

(3)

The authorization of a company under subsection (1)(a) shall be effected by—

(3A)-(3B)

(Repealed 18 of 2015 s. 59)

(4)

Where the Monetary Authority refuses to authorize a company under subsection (1)(b), he shall notify the company in writing of— (Amended 18 of 2015 s. 59)

(5)

Without limiting the generality of subsection (1)(a) but subject to section 134A, the Monetary Authority may at any time, by notice in writing served on an authorized institution, attach to its authorization such conditions (including attach by way of amending conditions already attached to its authorization), or cancel any conditions attached to its authorization, as he may think proper. (Amended 18 of 2015 s. 59)

(6)

Before exercising his power under subsection (1)(b) to refuse to authorize a company, the Monetary Authority shall give the company an opportunity, within such period as the Monetary Authority may specify in writing, being a period reasonable in all the circumstances, of being heard. (Amended 18 of 2015 s. 59)

(7)

(Repealed 4 of 1997 s. 27)

(8)

Every director, every chief executive and every manager of an authorized institution which contravenes any condition attached under subsection (1)(a) or (5) to its authorization commits an offence and is liable— (Amended 32 of 2001 s. 24; 18 of 2015 s. 59)

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27)

(9)

It is hereby declared that, without limiting the generality of subsection (1)(a) or (5), conditions attached under that subsection to an authorization may— (Amended 18 of 2015 s. 59)

(10)

The Monetary Authority may from time to time cause to be prepared and published by notice in the Gazette, for the guidance of companies seeking to be authorized, guidelines not inconsistent with this Ordinance, indicating the manner in which he proposes to exercise functions conferred or imposed by this section and the Seventh Schedule upon him.

(1)

Where a deposit-taking company is authorized to carry on banking business or a business of taking deposits as a restricted licence bank, it shall thereupon cease to be a deposit-taking company.

(2)

Where a restricted licence bank is authorized to carry on banking business or a business of taking deposits as a deposit-taking company, it shall thereupon cease to be a restricted licence bank.

(3)

Where a bank is authorized to carry on a business of taking deposits as a deposit-taking company or as a restricted licence bank, it shall thereupon cease to be a bank.

(4)

The Monetary Authority may, by notice in writing served on an authorized institution, consent to the institution continuing to hold a deposit—

and, accordingly, if the institution continues to hold that deposit on or after that date pursuant to that consent and in accordance with those conditions, if any, then it shall be deemed not to have thereby contravened any of those provisions.

(5)

Without limiting the generality of subsection (4)(c), the Monetary Authority may, by notice in writing served on an authorized institution, attach to a consent given to the institution pursuant to subsection (4) such conditions (including attach by way of amending conditions already attached to such consent), or cancel any conditions attached to such consent, as he may think proper.

(6)

Without limiting the generality of subsection (4)(c) or (5), conditions referred to in that subsection may specify—

(7)

The Monetary Authority may, by notice in writing served on an authorized institution, require the institution to submit, within such period and in such manner as are specified in the notice, such information as he may reasonably require to ascertain whether the institution is complying with any conditions referred to in subsection (4)(c) or (5) attached to a consent given to the institution pursuant to subsection (4).

(8)

(Repealed 4 of 1997 s. 27)

(9)

Every director, every chief executive and every manager of an authorized institution which contravenes any condition referred to in subsection (4)(c) or (5) attached to a consent given to the institution pursuant to subsection (4) commits an offence and is liable— (Amended 32 of 2001 s. 24)

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27)

(10)

Every director, every chief executive and every manager of an authorized institution which fails without reasonable excuse to comply with any requirement under subsection (7) commits an offence and is liable— (Amended 32 of 2001 s. 24)

(11)

Any person who signs any document for the purposes of any requirement under subsection (7) which he knows or reasonably ought to know to be false in a material particular commits an offence and is liable—

(1)

An authorized institution shall, within 14 days after the date on which it was authorized, pay to the Director of Accounting Services—

specified in the Second Schedule.

(2)

Every authorized institution shall pay to the Director of Accounting Services annually—

(1)

The Monetary Authority must maintain a register, in such form as the Monetary Authority thinks fit, which must contain— (Amended 14 of 2025 s. 157)

(2)

The register shall be kept at the office of the Monetary Authority or at such other place as may be notified by the Monetary Authority in the Gazette.

(3)

The Monetary Authority may require an authorized institution (including an authorized institution seeking to be a registered institution) or local representative office to submit such information for the purposes of subsection (1) as he may reasonably require in order to maintain the register in so far as it relates to that authorized institution or local representative office, as the case may be, and such information shall be submitted within such period and in such manner as the Monetary Authority may require. (Replaced 6 of 2002 s. 4)

(4)

Where any information submitted to the Monetary Authority under subsection (3) changes subsequent to the submission, the authorized institution or local representative office which submitted the information shall give notice in writing to the Monetary Authority of such change—

(4A)

For the purposes of enabling any member of the public to ascertain whether a person he is dealing with is a relevant individual in relation to a registered institution and, if so, the capacity in which the relevant individual is engaged in relation to a regulated function in a regulated activity and the date on which the relevant individual was first so engaged, the information contained in the register under subsection (1)(ea) shall be made available to public inspection under subsection (5). (Added 6 of 2002 s. 4)

(4B)

Without prejudice to the generality of any other provisions of this section, the Monetary Authority shall cause the register, to the extent to which it relates to subsection (1)(ea), to be made available to public inspection in the form of an on-line record. (Added 6 of 2002 s. 4)

(5)

Subject to subsection (5A), any member of the public may, with effect from such date and during such hours as shall be notified by the Monetary Authority in the Gazette, on payment of the fee specified in the Second Schedule— (Amended 6 of 2002 s. 4)

(5A)

The fee mentioned in subsection (5) shall not be payable in the case of an inspection, or the obtaining of a copy or an extract, mentioned in that subsection where the register or document concerned is available to public inspection in the form of an on-line record. (Added 6 of 2002 s. 4)

(6)

A document purporting to be—

shall be admitted in evidence in criminal or civil proceedings before any court on its production without further proof, and—

(7)

Every director, every chief executive and every manager of an authorized institution, and any person in charge, or who appears to be in charge, of a local representative office, which fails, without reasonable excuse, to comply with a requirement under subsection (3), or to comply with subsection (4), commits an offence and is liable— (Amended 32 of 2001 s. 24; 6 of 2002 s. 4)

(8)

If any authorized institution or local representative office submits any information under subsection (3) or (4) which is false in a material particular, every director, every chief executive and every manager of the authorized institution, or any person in charge, or who appears to be in charge, of the local representative office, as the case may be, commits an offence and is liable— (Amended 32 of 2001 s. 24; 6 of 2002 s. 4)

(9)

It is hereby declared that—

(10)

In this section—

business day (營業日) means any day other than— (a)a public holiday; or (b)a gale warning day or a black rainstorm warning day as defined in section 71(2) of the Interpretation and General Clauses Ordinance (Cap. 1); regulated function (受規管職能), in relation to a regulated activity carried on as a business by a registered institution, means any function performed for or on behalf of or by an arrangement with the institution relating to the regulated activity, other than work ordinarily performed by an accountant, clerk or cashier; relevant individual (有關人士), in relation to a registered institution, means an individual who performs for or on behalf of or by an arrangement with the institution any regulated function in a regulated activity. (Added 6 of 2002 s. 4)

(1)

Where the name of a bank (including a bank referred to in section 20(1)(b)), deposit-taking company or restricted licence bank is entered in the register, the Monetary Authority shall, as soon as reasonably practicable thereafter, publish in the Gazette notice of such entry.

(2)

Where a company ceases to be a deposit-taking company, restricted licence bank or bank by virtue of section 18(1), (2) or (3) respectively, the Monetary Authority shall, as soon as reasonably practicable thereafter—

(3)

Where the authorization of an authorized institution is revoked under this Ordinance, the Monetary Authority shall, as soon as reasonably practicable after the revocation takes effect—

(4)

Where the authorization of an authorized institution is suspended under section 24 or 25, the Monetary Authority shall, as soon as reasonably practicable thereafter—

(5)

Where approval for the establishment of a local representative office is revoked under this Ordinance, the Monetary Authority shall, as soon as reasonably practicable thereafter—

(1)

Subject to subsections (1A) and (3) and section 23(1), the Monetary Authority may, after consultation with the Financial Secretary, propose to revoke the authorization of an authorized institution— (Amended 19 of 2005 s. 9)

(1A)

The requirement in subsection (1) to consult the Financial Secretary before proposing to revoke the authorization of an authorized institution shall not apply where the ground for the revocation of the authorization of the authorized institution is a request in writing by the institution to the Monetary Authority to revoke its authorization. (Added 19 of 2005 s. 9)

(2)

(Repealed 4 of 1997 s. 27)

(3)

Where—

the Monetary Authority shall, as soon as reasonably practicable thereafter, by notice in writing served on the institution, specify the date on and from which that revocation shall take effect (and, accordingly, that authorization shall be revoked on and from that date).

(4)

The Monetary Authority may, by notice in writing served on an authorized institution (including a former authorized institution), consent to the institution continuing to hold a deposit—

and, accordingly, if that institution continues to hold that deposit on or after that date pursuant to that consent and in accordance with those conditions, if any, then it shall be deemed not to have thereby contravened any of those provisions.

(5)

Without limiting the generality of subsection (4)(c), the Monetary Authority may, by notice in writing served on an authorized institution (or former authorized institution), attach to a consent given to the institution pursuant to subsection (4) such conditions (including attach by way of amending conditions already attached to such consent), or cancel any conditions attached to such consent, as he may think proper.

(6)

Without limiting the generality of subsection (4)(c) or (5), conditions referred to in that subsection may specify—

(7)

The Monetary Authority may, by notice in writing served on an authorized institution (or former authorized institution), require the institution to submit, within such period and in such manner as are specified in the notice, such information as he may reasonably require in order to ascertain whether the institution will comply or is complying, as the case may be, with the conditions referred to in subsection (4)(c) or (5) attached to a consent given to the institution pursuant to subsection (4).

(8)

(Repealed 4 of 1997 s. 27)

(9)

Where the Monetary Authority serves a notice under subsection (3) on an authorized institution, he shall, as soon as reasonably practicable thereafter, publish in one English language newspaper (and in the English language) and one Chinese language newspaper (and in the Chinese language), each of which shall be a newspaper circulating in Hong Kong, a notice stating—

(10)

Every director, every chief executive and every manager of an authorized institution (or former authorized institution) which contravenes any condition referred to in subsection (4)(c) or (5) attached to a consent given to the institution pursuant to subsection (4) commits an offence and is liable— (Amended 32 of 2001 s. 24)

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27)

(11)

Every director, every chief executive and every manager of an authorized institution (or former authorized institution) which fails without reasonable excuse to comply with any requirement under subsection (7) commits an offence and is liable— (Amended 32 of 2001 s. 24)

(12)

Any person who signs any document for the purposes of any requirement under subsection (7) which he knows or reasonably ought to know to be false in a material particular commits an offence and is liable—

(1)

The Monetary Authority shall, before exercising his power under section 22(1) to propose to revoke the authorization of an authorized institution, inform the institution of the ground or grounds for the proposed revocation and give it an opportunity, within such period as the Monetary Authority may specify in writing, being a period reasonable in all the circumstances, of being heard.

(2)

Subject to section 22(4), immediately upon the proposed revocation of the authorization of an authorized institution taking effect in accordance with section 22(3), that institution shall cease to carry on the business the subject of its revoked authorization. (Amended 4 of 1997 s. 8; 18 of 2015 s. 60)

(3)

Neither section 22(4) nor subsection (2) shall operate to prejudice the enforcement or other maintenance by any person of any right or interest against an authorized institution (or former authorized institution) referred to in that section or subsection, as the case may be, or by the institution of any right or interest against any person.

(4)

Subsection (1) shall not apply where the ground for the revocation of the authorization of the authorized institution concerned is a request in writing by the institution to the Monetary Authority to revoke its authorization. (Added 4 of 1997 s. 8)

(1)

In any case where—

he may, after consultation with the Financial Secretary—

(2)

Any notice under subsection (1) may be accompanied by a notice stating that the Monetary Authority is considering whether to exercise his powers under section 22(1) or 25.

(3)

Any accompanying notice referred to in subsection (2) shall inform the authorized institution concerned of its rights under sections 23(1) and 26 and the manner in which it may exercise such rights.

(4)

Any suspension under this section or section 25 shall cease on such date prior to the expiration of the period thereof as the Monetary Authority may, by notice in writing served on the authorized institution the subject of the suspension, determine.

(5)

The Monetary Authority may, by notice in writing served on an authorized institution, consent to the institution continuing to hold a deposit—

and, accordingly, if that institution continues to hold that deposit on or after that date pursuant to that consent and in accordance with those conditions, if any, then it shall be deemed not to have thereby contravened that section.

(6)

Without limiting the generality of subsection (5)(c), the Monetary Authority may, by notice in writing served on an authorized institution, attach to a consent given to the institution pursuant to subsection (5) such conditions (including attach by way of amending conditions already attached to such consent), or cancel any conditions attached to such consent, as he may think proper.

(7)

Without limiting the generality of subsection (5)(c) or (6), conditions referred to in that subsection may specify—

(8)

The Monetary Authority may, by notice in writing served on an authorized institution, require the institution to submit, within such period and in such manner as are specified in the notice, such information as he may reasonably require in order to ascertain whether the institution is complying with the conditions referred to in subsection (5)(c) or (6) attached to a consent given to the institution pursuant to subsection (5).

(9)

(Repealed 4 of 1997 s. 27)

(10)

Every director, every chief executive and every manager of an authorized institution which contravenes any condition referred to in subsection (5)(c) or (6) attached to a consent given to the institution pursuant to subsection (5) commits an offence and is liable— (Amended 32 of 2001 s. 24)

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27)

(11)

Every director, every chief executive and every manager of an authorized institution which fails without reasonable excuse to comply with any requirement under subsection (8) commits an offence and is liable— (Amended 32 of 2001 s. 24)

(12)

Any person who signs any document for the purposes of any requirement under subsection (8) which he knows or reasonably ought to know to be false in a material particular commits an offence and is liable—

(1)

Subject to section 26, in any case where the powers of the Monetary Authority become exercisable under section 22(1) with respect to an authorized institution (and whether or not the Monetary Authority has complied with section 23(1) in respect of the institution), the Monetary Authority may, after consultation with the Financial Secretary, by notice in writing served on the institution, suspend its authorization for a period not exceeding 6 months.

(2)

A suspension under this section may, before the expiration of the period thereof, be renewed by the Monetary Authority, after consultation with the Financial Secretary—

(3)

The Monetary Authority may, by notice in writing served on an authorized institution, consent to the institution continuing to hold a deposit—

and, accordingly, if that institution continues to hold that deposit on or after that date pursuant to that consent and in accordance with those conditions, if any, then it shall be deemed not to have thereby contravened that section.

(4)

Without limiting the generality of subsection (3)(c), the Monetary Authority may, by notice in writing served on an authorized institution, attach to a consent given to the institution pursuant to subsection (3) such conditions (including attach by way of amending conditions already attached to such consent), or cancel any conditions attached to such consent, as he may think proper.

(5)

Without limiting the generality of subsection (3)(c) or (4), conditions referred to in that subsection may specify—

(6)

The Monetary Authority may, by notice in writing served on an authorized institution, require the institution to submit, within such period and in such manner as are specified in the notice, such information as he may reasonably require in order to ascertain whether the institution is complying with the conditions referred to in subsection (3)(c) or (4) attached to a consent given to the institution pursuant to subsection (3).

(7)

(Repealed 4 of 1997 s. 27)

(8)

Every director, every chief executive and every manager of an authorized institution which contravenes any condition referred to in subsection (3)(c) or (4) attached to a consent given to the institution pursuant to subsection (3) commits an offence and is liable— (Amended 32 of 2001 s. 24)

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27)

(9)

Every director, every chief executive and every manager of an authorized institution which fails without reasonable excuse to comply with any requirement under subsection (6) commits an offence and is liable— (Amended 32 of 2001 s. 24)

(10)

Any person who signs any document for the purposes of any requirement under subsection (6) which he knows or reasonably ought to know to be false in a material particular commits an offence and is liable—

(1)

Without prejudice to any other provision of this Ordinance, where the authorization of an authorized institution is suspended under section 24 or 25, the institution shall, on and from the date specified in the notification to it by the Monetary Authority of such suspension, cease to carry on the business the subject of its authorization unless and until the period of suspension is terminated without revocation of that authorization and without a further period of suspension under this Part. (Amended 4 of 1997 s. 9; 18 of 2015 s. 61)

(2)

Notwithstanding the suspension under section 24 or 25 of the authorization of an authorized institution, the institution shall, unless otherwise specified in the notice concerned under that section served on the institution, during the period of its suspension, continue to be an authorized institution for the purposes of—

(3)

Sections 24(5) and 25(3) and this section shall not operate to prejudice the enforcement or other maintenance by any person of any right or interest against an authorized institution referred to in subsection (1) or by the institution of any right or interest against any person.

(1)

Subject to this Ordinance, the authorization of an authorized institution may be transferred from that institution to another person.

(2)

A transfer of the authorization of an authorized institution shall not take effect until the Monetary Authority grants the transfer or until such later date as the Monetary Authority specifies.

(1)

The person to whom it is proposed to transfer the authorization of an authorized institution shall lodge an application for the transfer of the authorization with the Monetary Authority.

(2)

Subject to such modifications as may be necessary, sections 15, 16, 17 and 19 and the Seventh Schedule shall apply to an application for the transfer of the authorization of an authorized institution as if that application were an application for authorization under section 15(1).

(1)

A bank must not make a registration application.

(2)

If a bank contravenes subsection (1), the bank commits an offence and is liable—

(3)

If a bank contravenes subsection (1), whether or not the bank is charged with or convicted of the offence, every director, every chief executive and every manager of the bank also commits the offence and is liable—

(1)

A specified entity must not make a registration application without the Monetary Authority’s prior approval.

(2)

If a specified entity contravenes subsection (1), every responsible person for the entity commits an offence and is liable—

(1)

An application for the Monetary Authority’s approval for the purposes of section 43C(1)—

(2)

The application must be accompanied by any document or information that the Monetary Authority specifies for the purpose of considering the application.

(3)

If a specified entity, in purported compliance with subsection (2), produces any document or information that is false in a material particular, every responsible person for the specified entity commits an offence and is liable—

(1)

On receiving an application made under section 43D by a specified entity (applicant), the Monetary Authority may require the applicant to provide any further document or information that the Monetary Authority considers necessary for considering the application.

(2)

The Monetary Authority may, after considering the application—

(3)

Once a decision is made under subsection (2), the Monetary Authority must notify in writing the applicant of the decision.

(4)

If the decision is to refuse to grant an approval under subsection (2), the Monetary Authority must also notify in writing the applicant of the reasons for the decision.

(5)

If the applicant, in purported compliance with subsection (1), produces any document or information that is false in a material particular, every responsible person for the applicant commits an offence and is liable—

(1)

Subsection (2) applies if a specified entity becomes a re-domiciled company under section 820C of Cap. 622.

(2)

The specified entity must as soon as practicable after the certificate of re-domiciliation is issued to the entity under section 820C(5)(c) of Cap. 622 (fact)—

(3)

If the specified entity contravenes subsection (2)(a) or (b), every responsible person for the specified entity commits an offence and is liable—

(4)

If the specified entity, in purported compliance with subsection (2)(a) or (b), produces any document or information that is false in a material particular, every responsible person for the specified entity commits an offence and is liable—

(1)

Subsection (2) applies if a specified entity is deregistered in its place of incorporation (as required by section 820E(3)(a) of Cap. 622).

(2)

The specified entity must as soon as practicable after the deregistration—

(3)

If the document mentioned in subsection (2)(b) is in a language other than the English language and the Chinese language, the document must be accompanied by a certified translation of the document in the English language or the Chinese language.

(4)

If the specified entity contravenes subsection (2)(a) or (b) or (3), every responsible person for the specified entity commits an offence and is liable—

(5)

If the specified entity, in purported compliance with subsection (2)(a) or (b) or (3), produces any document or information that is false in a material particular, every responsible person for the specified entity commits an offence and is liable—

(1)

An authorized institution shall not establish or maintain any local branch thereof without the approval of the Monetary Authority.

(2)

Subsection (1) applies to every authorized institution whether the institution was authorized before, on or after the commencement of this Ordinance, and subsections (4) and (5) apply to an approval granted under subsection (1) whether the approval was granted before, on or after such commencement. (Amended 49 of 1995 s. 7)

(3)

Approval under subsection (1) shall be deemed to have been granted in respect of any local branch lawfully established prior to the commencement of this Ordinance.

(3A)

Approval under subsection (1) shall be deemed to have been granted in respect of any local branch falling within paragraph (a)(i)(B) or (ii)(B) or (b)(ii) of the definition of local branch lawfully established prior to the commencement* of section 2(a)(v) of the Banking (Amendment) Ordinance 2001 (32 of 2001). (Added 32 of 2001 s. 5)

(4)

The Monetary Authority may at any time, by notice in writing served upon an authorized institution, attach to an approval granted under subsection (1), or deemed to have been granted under subsection (3) or (3A), in respect of any local branch thereof such conditions, or amend or cancel any conditions so attached, as he may think proper. (Amended 32 of 2001 s. 5)

(5)

The Monetary Authority may at any time revoke, in such case as he thinks fit, an approval granted under subsection (1), or deemed to have been granted under subsection (3) or (3A), in respect of any local branch. (Amended 32 of 2001 s. 5)

(6)

Where the Monetary Authority refuses to grant approval under subsection (1) or revokes an approval under subsection (5), he shall notify the authorized institution concerned in writing of the refusal or revocation.

(7)

(Repealed 4 of 1997 s. 27)

(8)

Every director, every chief executive and every manager of an authorized institution which contravenes subsection (1) or any condition attached under subsection (4) commits an offence and is liable— (Amended 32 of 2001 s. 24)

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27)

(1)

Where the establishment by an authorized institution of a local branch is approved under section 44, the institution shall pay to the Director of Accounting Services the fee specified in the Second Schedule in relation to that branch and thereafter, so long as the branch continues to be maintained by the institution, it shall pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date on which the institution was authorized.

(2)

An authorized institution that is maintaining, at the commencement of this Ordinance, a local branch to which section 44(3) applies shall, so long as the branch continues to be maintained by the institution, pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date on which the institution was authorized.

(3)

An authorized institution that is maintaining, at the commencement^† of section 2(a)(v) of the Banking (Amendment) Ordinance 2001 (32 of 2001), a local branch to which section 44(3A) applies shall, so long as the branch continues to be maintained by the institution, pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date on which the institution was authorized. (Added 32 of 2001 s. 6)

(1)

An authorized institution shall, not less than 7 days before commencing business at a local office established or maintained by it, give notice in writing to the Monetary Authority of—

(2)

Where on the commencement^† of this section an authorized institution has established or is maintaining a local office at which business has commenced, then the institution shall, not later than 3 months after that commencement, give notice in writing to the Monetary Authority of—

(3)

Every director, every chief executive and every manager of an authorized institution which contravenes subsection (1) or (2) commits an offence and is liable—

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues.

(1)

A bank shall not establish or maintain any local representative office thereof without the approval of the Monetary Authority. (Replaced 94 of 1993 s. 11)

(2)

Approval under subsection (1) shall be deemed to have been granted in respect of any local representative office lawfully established prior to the commencement* of the Banking (Amendment) Ordinance 1993 (94 of 1993). (Amended 94 of 1993 s. 11)

(2A)

Approval under subsection (1) shall be deemed to have been granted in respect of any local representative office—

(3)

Approval under subsection (1) shall not be granted unless the Monetary Authority is satisfied that the bank is adequately supervised by the relevant banking supervisory authority. (Amended 94 of 1993 s. 11; 49 of 1995 s. 9)

(4)

The Monetary Authority may at any time, by notice in writing served upon a bank, attach to an approval granted under subsection (1), or deemed to have been granted under subsection (2) or (2A), in respect of any local representative office thereof such conditions, or amend or cancel any conditions so attached, as he may think proper. (Amended 32 of 2001 s. 8)

(5)

The Monetary Authority may at any time revoke, in such case as he thinks fit, an approval granted under subsection (1), or deemed to have been granted under subsection (2) or (2A), in respect of any local representative office. (Amended 32 of 2001 s. 8)

(6)

Where the Monetary Authority refuses to grant approval under subsection (1) or revokes an approval under subsection (5), he shall notify the bank concerned in writing of the refusal or revocation.

(7)

(Repealed 4 of 1997 s. 27)

(8)

Any person in charge, or who appears to be in charge, of a local representative office established or maintained in contravention of subsection (1) or in respect of which any condition attached under subsection (4) is contravened, commits an offence and is liable—

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27)

(9) In this section, bank (銀行) means a company incorporated outside Hong Kong which—(a)is neither an authorized institution nor recognized as the central bank of the place in which it is incorporated; and (b)either—(i)is authorized or recognized as a bank in the place where it is incorporated; or(ii)may, whether or not in or outside the place where it is incorporated, lawfully take deposits from the general public, whether or not on current account. (Replaced 32 of 2001 s. 8)

(1)

A bank which maintains a local representative office thereof pursuant to section 46 shall— (Amended 94 of 1993 s. 12)

(2)

Any person who fails to comply with any requirement of the Monetary Authority under this section commits an offence and is liable— (Amended 82 of 1992 s. 25)

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues.

(3)

Any person who signs any document for the purposes of this section which he knows or reasonably ought to know to be false in a material particular commits an offence and is liable—

(4)

If a bank produces any book, account, document, security or information whatsoever under this section which is false in a material particular, every director, every chief executive and every manager of the bank commits an offence and is liable— (Amended 32 of 2001 s. 24)

(1)

Where the establishment by a bank of a local representative office is approved under section 46(1), the bank shall pay to the Director of Accounting Services the fee specified in the Second Schedule in relation to that representative office and thereafter, so long as the representative office continues to be maintained by the bank, the bank shall pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date of the grant of the approval under that section.

(2)

A bank that is maintaining, at the commencement* of the Banking (Amendment) Ordinance 1993 (94 of 1993), a local representative office to which section 46(2) applies and which representative office was established prior to 1 April 1982 shall, so long as the representative office continues to be maintained by the bank, pay to the Director of Accounting Services the fee specified in the Second Schedule on 1 April of each year.

(3)

A bank that is maintaining, at the commencement* of the Banking (Amendment) Ordinance 1993 (94 of 1993), a local representative office to which section 46(2) applies and which representative office was established on or after 1 April 1982 shall, so long as the representative office continues to be maintained by the bank, pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date of the grant of approval, under section 12C(1) of the Banking Ordinance 1964 (Cap. 155 1983 Ed.) repealed by this Ordinance, of the establishment of that local representative office.

(4)

A bank that is maintaining, at the commencement^@ of section 8(c) of the Banking (Amendment) Ordinance 2001 (32 of 2001), a local representative office to which section 46(2A) applies shall, so long as the representative office continues to be maintained by the bank, pay to the Director of Accounting Services the fee specified in the Second Schedule on 1 April of each year. (Added 32 of 2001 s. 9)

(1)

Without prejudice to section 44, an authorized institution incorporated in Hong Kong is subject to a condition that the institution must not establish or maintain any overseas branch or overseas representative office thereof without the approval of the Monetary Authority. (Amended 14 of 2025 s. 159)

(2)

Subsection (1) applies to every authorized institution incorporated in Hong Kong whether the institution was authorized before, on or after the commencement of this Ordinance, and subsections (4) and (5) apply to an approval granted under subsection (1) whether the approval was granted before, on or after such commencement. (Amended 49 of 1995 s. 10)

(3)

Approval under subsection (1) shall be deemed to have been granted in respect of any overseas branch or overseas representative office lawfully established prior to the commencement of this Ordinance.

(4)

The Monetary Authority may at any time, by notice in writing served upon an authorized institution, attach to an approval granted under subsection (1), or deemed to have been granted under subsection (3), in respect of any overseas branch or overseas representative office thereof such conditions, or amend or cancel any conditions so attached, as he may think proper.

(5)

The Monetary Authority may at any time revoke, in such case as he thinks fit, an approval granted under subsection (1), or deemed to have been granted under subsection (3), in respect of any overseas branch or overseas representative office.

(6)

Where the Monetary Authority refuses to grant approval under subsection (1) or revokes an approval under subsection (5), he shall notify the authorized institution concerned in writing of the refusal or revocation.

(7)

(Repealed 4 of 1997 s. 27)

(8)

Every director, every chief executive and every manager of an authorized institution which contravenes the condition in subsection (1) or any condition attached under subsection (4) commits an offence and is liable— (Amended 32 of 2001 s. 24)

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27)

(1)

Every authorized institution incorporated in Hong Kong which maintains an overseas branch thereof shall be subject to a condition that—

(2)

Every authorized institution incorporated in Hong Kong which maintains an overseas representative office thereof shall be subject to a condition that—

(2A)

The auditor or auditors appointed by an authorized institution to prepare a report required under subsection (1)(c) shall be—

as may be required by the Monetary Authority. (Added 67 of 1992 s. 2. Amended 82 of 1992 s. 25)

(3)

This section applies to every authorized institution incorporated in Hong Kong whether the institution was authorized before, on or after the commencement of this Ordinance. (Amended 49 of 1995 s. 11)

(4)

Every director, every chief executive and every manager of an authorized institution which contravenes any condition in subsection (1) or (2), or fails to comply with any requirement under those subsections, commits an offence and is liable— (Amended 32 of 2001 s. 24)

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27)

(5)

If an authorized institution produces any book, account, document, security or information whatsoever under this section which is false in a material particular, every director, every chief executive and every manager of the institution commits an offence and is liable— (Amended 32 of 2001 s. 24)

(6)

Any person who signs any document for the purposes of this section which he knows or reasonably ought to know to be false in a material particular commits an offence and is liable—

(1)

Whenever the establishment by an authorized institution incorporated in Hong Kong of an overseas branch or overseas representative office is approved under section 49(1), the institution shall pay to the Director of Accounting Services the fee specified in the Second Schedule in relation to that branch or representative office and thereafter, so long as the branch or representative office continues to be maintained by the institution, it shall pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date on which the institution was authorized.

(2)

An authorized institution incorporated in Hong Kong that is maintaining, at the commencement of this Ordinance, an overseas branch or overseas representative office to which section 49(3) applies shall, so long as the branch or representative office continues to be maintained by the institution, pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date on which the institution was authorized.

(1)

In this section—

overseas banking corporation (海外銀行法團)— (a)means a company—(i)that is incorporated outside Hong Kong, whether or not it is an authorized institution; and(ii)that may, whether in or outside Hong Kong, lawfully take deposits from the general public, whether or not on current account; but (b)does not include an authorized institution that is a re-domiciled entity; (Replaced 14 of 2025 s. 160) relevant day (有關日期) means the day of commencement* of the Banking (Amendment) Ordinance 1993 (94 of 1993).

(2)

Each of the entities specified in subsection (2A) is subject to a condition that it must not— (Amended 14 of 2025 s. 160)

(2A)

The entities are—

(3)

Approval under subsection (2) shall be deemed to have been granted in respect of any overseas banking corporation—

(4)

The Monetary Authority may at any time, by notice in writing served upon an authorized institution or its holding company, attach, with effect from such time as is specified in the notice (being a time reasonable in all the circumstances of the case), to an approval granted under subsection (2), or deemed to have been granted under subsection (3), in respect of any overseas banking corporation which is to become or is a subsidiary of the institution or of the holding company, as the case may be, such conditions, or amend or cancel, with effect from such time as is specified in the notice (being a time reasonable in all the circumstances of the case), any conditions so attached, as he may think proper. (Amended 42 of 1999 s. 3)

(5)

The Monetary Authority may revoke—

an approval granted under subsection (2), or deemed to have been granted under subsection (3), in respect of any overseas banking corporation.

(6)

Where the Monetary Authority refuses to grant approval under subsection (2) or revokes an approval under subsection (5), he shall notify the authorized institution or its holding company concerned in writing of the refusal or revocation.

(7)

(Repealed 4 of 1997 s. 27)

(8)

Every director, every chief executive and every manager of an authorized institution or of its holding company which contravenes the condition in subsection (2) or any condition attached under subsection (4) commits an offence and is liable— (Amended 32 of 2001 s. 24)

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27)

(1)

Where—

the Monetary Authority, after consultation with the Financial Secretary, may exercise such one or more of the following powers as may from time to time appear to him to be necessary—

(2)

Except in the circumstances specified in subsection (1)(a), the Monetary Authority must not exercise the power conferred under subsection (1)(D) unless the Monetary Authority has— (Amended 14 of 2025 s. 161)

(2A)

The Monetary Authority may give an authorized institution and any relevant person less than the 7 days’ notice in writing referred to in subsection (2) where— (Amended 49 of 1995 s. 13)

(3)

(Repealed 49 of 1995 s. 13)

(3A)

Subject to subsection (3D), the Monetary Authority may from time to time vary a direction given under subsection (1)(C) in respect of—

(3B)

It is hereby declared that any thing done, in reliance on a direction given under subsection (1)(C), at any time before a variation under subsection (3A) of that direction shall not be invalid by reason only of that variation. (Added 49 of 1995 s. 13)

(3C)

During the period for which a direction given under subsection (1)(C) is in force in respect of an authorized institution, any reference in this Part to—

shall, unless the context otherwise requires, be construed to mean—

specified in that direction as varied from time to time under subsection (3A). (Added 49 of 1995 s. 13)

(3D)

Notwithstanding any other provision of this Part, no direction given under subsection (1)(C) (including any variation thereof under subsection (3A)) in respect of an authorized institution incorporated outside Hong Kong shall apply to any of the affairs, business or property of the institution except—

(3E)

The Monetary Authority shall not give a direction under subsection (1)(B) or (C) in respect of an authorized institution in relation to which the Court of First Instance has made an order for the winding-up of the institution. (Added 49 of 1995 s. 13. Amended 25 of 1998 s. 2)

(3F)

It is hereby declared that the Monetary Authority may exercise his power under subsection (1)(B) or (C) in such a way as to appoint—

to be the Advisor or Manager, as the case may be, of an authorized institution. (Added 49 of 1995 s. 13)

(3G)

Where the Monetary Authority exercises his power under subsection (1)(C) in such a way as to appoint 2 or more persons to be the Manager of an authorized institution, he shall—

and the provisions of this Ordinance (including section 53G) shall be read and have effect with such modifications as are necessary to take into account that notice. (Added 49 of 1995 s. 13)

(3H)

For the avoidance of doubt, it is hereby declared that a person appointed under subsection (1)(B) or (C) to be the Advisor or Manager of an authorized institution may be a person who holds an appointment under section 5A(3) of the Exchange Fund Ordinance (Cap. 66). (Added 49 of 1995 s. 13)

(3I)

(Repealed 4 of 1997 s. 27)

(4)

Every director, every chief executive and every manager of an authorized institution which fails to comply with any requirement of the Monetary Authority under subsection (1)(A) commits an offence and is liable— (Amended 32 of 2001 s. 24)

(5) In this section, relevant person (有關人士), in relation to an authorized institution, means any person who—(a)is the Manager of the institution; (b)is a minority shareholder controller, majority shareholder controller or indirect controller of the institution; (c)has ceased to be a chief executive or director of the institution by virtue of section 53B(1)(a); (d)is a chief executive or director of the institution by virtue of the operation of section 53B(2). (Added 49 of 1995 s. 13)

(1)

Where—

the Chief Executive in Council may, without prejudice to any of the powers conferred on the Monetary Authority by Part V or VI, exercise one or more of the following powers— (Amended 94 of 1993 s. 17; 49 of 1995 s. 14)

(2)

The Chief Executive in Council may, before considering any report or appeal under subsection (1), seek the advice of the Banking Advisory Committee or the Deposit-taking Companies Advisory Committee, or both, but shall not be bound to follow any such advice.

(3)

(Repealed 49 of 1995 s. 14)

(1)

A direction given under section 52(1)(B) or (C) shall—

(2)

A variation under section 52(3A) of a direction given under section 52(1)(C) shall—

(3)

A direction in writing given under section 52(1)(C), and a variation in writing under section 52(3A) of such a direction, include a copy of the direction or variation, as the case may be.

(4)

Notice of a direction given under section 52(1)(C) shall be published by the Monetary Authority by notice in the Gazette and in such other ways as appear to him expedient for notifying the public.

(5)

Subsection (4) shall apply to a notice under section 52(3G) as it applies to a direction given under section 52(1)(C).

(1)

Subject to subsection (2) and section 53C(3)(a)(i), (b) and (c), immediately upon a direction given under section 52(1)(C) coming into force—

shall be deemed to be revoked and, accordingly, that person shall not act or continue to act as any such chief executive or director, as the case may be, during the period for which that direction is in force.

(2)

An appointment referred to in subsection (1) shall not be revoked under that subsection where the direction concerned given under section 52(1)(C) expressly provides that the appointment shall not be so revoked.

(3)

An authorized institution is not required to give any notice to the Monetary Authority pursuant to section 72A(2A) as a consequence of the operation of subsection (1).

(4)

During the period for which a direction given under section 52(1)(C) is in force in respect of an authorized institution incorporated in Hong Kong—

(5)

Subject to section 53D, it is hereby declared that—

shall be invalid by reason of that contravention.

(6)

Where—

(7)

During the period for which a direction given under section 52(1)(C) is in force in respect of an authorized institution incorporated outside Hong Kong—

(8)

Subject to section 53D, it is hereby declared that—

shall be invalid—

until such time, if any, as the Manager, with the consent of the Monetary Authority, serves on the institution at its principal place of business outside Hong Kong a notice in writing stating that the resolution is approved with effect on and after the day on which such notice is so served.

(9)

Any person who acts or continues to act as a chief executive or director of an authorized institution in contravention of subsection (1) commits an offence and is liable—

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27)

(10) In this section, meeting (會議), in relation to an authorized institution— (a)means—(i)any general meeting of the members of the institution; or(ii)any meeting of the directors of the institution; and (b)if the institution is an authorized institution incorporated outside Hong Kong, includes any meeting of the creditors of the institution. (Amended 14 of 2025 s. 162)

(1)

Subject to the primary objective or objectives with which he shall comply, the Manager of an authorized institution—

(2)

The Manager of an authorized institution may require any person who has ceased to be or who is still a chief executive or director of the institution by virtue of section 53B(1) or (2), as the case may be, to submit such information in relation to the affairs, business and property of the institution as the Manager may reasonably require for the discharge of his duties or the exercise of his powers in respect of the institution, and such information shall be submitted within such period and in such manner as the Manager may require.

(3)

Subject to subsection (4), the Manager of an authorized institution may—

(4)

The Manager of an authorized institution shall not exercise any power conferred on him under subsection (3)(a)(i), (ii) or (iii), (b) or (c) except with the approval of the Monetary Authority.

(5)

Section 71(1) shall not apply to any appointment made pursuant to subsection (3)(a)(i) or (b).

(6)

An authorized institution is not required to give any notice to the Monetary Authority pursuant to section 72A(2A) as a consequence of any appointment, or the revocation of any appointment, made pursuant to subsection (3)(a)(i), (b) or (c).

(7)

During the period for which a direction given under section 52(1)(C) is in force in respect of an authorized institution, any power conferred on—

which could be exercised in such a way as to interfere with the exercise by the Manager of the institution of his powers is not exercisable except with the consent of the Manager, which consent may be given either generally or in any particular case.

(8)

For the avoidance of doubt, it is hereby declared that during the period for which a direction given under section 52(1)(C) is in force in respect of an authorized institution incorporated outside Hong Kong, where there is any conflict or inconsistency between—

in relation to the affairs, business and property of the institution, the direction referred to in paragraph (a) shall, to the extent of the conflict or inconsistency, as the case may be, prevail over the direction referred to in paragraph (b).

(9)

Subject to the primary objective or objectives with which he shall comply, in exercising his powers the Manager of an authorized institution shall be deemed to act as the institution’s agent and, in relation thereto, section 9 of the Prevention of Bribery Ordinance (Cap. 201) shall apply to—

as if subsections (4) and (5) of that section were omitted.

(10)

A person dealing with the Manager of an authorized institution in good faith and for good consideration is not concerned to inquire whether the Manager is—

(11)

With the prior approval in writing of the Monetary Authority, the Manager of an authorized institution may, with or without restrictions as he thinks fit, delegate in writing to any person any of the duties and powers imposed or conferred on a Manager under this Ordinance except any such duty or power which he may not discharge or exercise, as the case may be, by virtue of a notice under section 52(3G).

(12)

A delegate of the Manager of an authorized institution—

(13)

Any person who fails without reasonable excuse to comply with any requirement under subsection (2) commits an offence and is liable—

(14)

Any person who signs any document for the purposes of complying with any requirement under subsection (2) which he knows or reasonably ought to know to be false in a material particular commits an offence and is liable—

(15)

Any person who produces any book, account, document, security or information for the purpose of complying with any requirement under subsection (2) which is false in a material particular commits an offence is liable—

(16) In this section, relevant office-holder (有關人員), in relation to an authorized institution incorporated outside Hong Kong, means any person acting—(a)in relation to the institution; and (b)in a place outside Hong Kong, in any office similar to that of—(i)a liquidator, provisional liquidator, receiver or manager under the law of insolvency in Hong Kong; (ii)an administrator under the law of insolvency in the United Kingdom; (iii)an office specified in a notice under subsection (17) to be an office for the purposes of this definition.

(17)

The Financial Secretary may, by notice in the Gazette, specify an office to be an office for the purposes of the definition of relevant office-holder.

(18)

It is hereby declared that a notice under subsection (17) is subsidiary legislation.

(1)

During the period for which a direction given under section 52(1)(C) is in force in respect of an authorized institution incorporated in Hong Kong, the Court of First Instance may, on the application of—

approve or refuse to approve any resolution which—

(2)

During the period for which a direction given under section 52(1)(C) is in force in respect of an authorized institution incorporated outside Hong Kong, the Court of First Instance may, on the application of the institution, approve or refuse to approve any resolution—

(3)

On the hearing of an application under subsection (1)—

shall be entitled to be heard on the application and to call, examine and cross-examine any witness and, if he so thinks fit, support or oppose the making of the application.

(4)

On the hearing of an application under subsection (2)—

shall be entitled to be heard on the application and to call, examine and cross-examine any witness and, if he so thinks fit, support or oppose the making of the application.

(5)

Where the Court of First Instance approves a resolution referred to in subsection (1) or (2), then the resolution shall be deemed to have been passed upon, and shall take effect on and after, that approval or such later time as the Court of First Instance thinks fit.

(6)

For the avoidance of doubt, it is hereby declared that where the Court of First Instance approves a resolution referred to in subsection (1) (where paragraph (ii) of that subsection is applicable) or (2), then section 53B(5) or (8), as the case may be, shall cease to apply to or in relation to the resolution on and after that approval takes effect.

(1)

Where, on the application of the Manager of an authorized institution at any time during the period for which a direction given under section 52(1)(C) is in force in respect of the institution, it appears to the Court of First Instance that—

the discharge of the Manager’s duties or the exercise of the Manager’s powers in respect of any of the affairs, business or property of the institution, then, subject to subsection (4), the Court of First Instance may, without prejudice to the operation of any of the other provisions of this Part or to any order the Court of First Instance would be entitled to make otherwise than by or by virtue of this section, make one or more of the following orders—

(2)

The Court of First Instance may, before making an order under subsection (1), direct that notice of the application under that subsection be given to such persons as it thinks fit or direct that notice of the application be published in such manner as it thinks fit, or both.

(3)

Subject to subsection (4), the Court of First Instance may, of its own volition or on an application made to it for that purpose, by order reverse, vary or discharge an order made under subsection (1) or suspend the operation of such an order.

(4)

The Court of First Instance shall, before making an order under subsection (1) or (3), satisfy itself, so far as it can reasonably do so, that the order would not unfairly prejudice any person.

(1)

The Monetary Authority shall revoke a direction given under section 52(1)(B) or (C) if—

(2)

The Chief Executive in Council, upon the application of— (Amended 68 of 1999 s. 3)

may, if he is satisfied that it is no longer necessary for the direction to remain in force, order the Monetary Authority to revoke that direction.

(3)

The revocation under subsection (1) of a direction given under section 52(1)(B) or (C) shall—

(4)

Notice of a revocation under this section of a direction given under section 52(1)(C) shall be published by the Monetary Authority in the Gazette and in such other ways as appear to him expedient for notifying the public.

(5)

A revocation in writing under subsection (1) of a direction given under section 52(1)(B) or (C) includes a copy of the revocation.

(6)

For the avoidance of doubt, it is hereby declared that the revocation under subsection (1) of a direction given under section 52(1)(C) shall not revive any appointment deemed to be revoked as a consequence of the operation of section 53B(1).

(1)

An Advisor or Manager may at any time by notice in writing to the Monetary Authority resign his office, but any such resignation shall not take effect unless and until it is accepted by the Monetary Authority.

(2)

The Monetary Authority may at any time revoke the appointment of an Advisor or Manager.

(3)

Where the office of an Advisor or Manager becomes vacant pursuant to subsection (1) or (2), or due to the death of the holder of that office, the Monetary Authority shall forthwith—

(4)

The appointment of an Advisor or Manager shall be deemed to be revoked immediately upon the revocation under section 53F(1) of the direction given under section 52(1)(B) or (C) by virtue of which he holds his office.

(5)

Subject to subsection (6), an Advisor or Manager may appoint such technical and professional persons (including any person who has been appointed under section 5A(3) of the Exchange Fund Ordinance (Cap. 66)) as he thinks fit to assist him in the discharge of his duties and exercise of his powers in respect of any of the affairs, business or property of the authorized institution concerned.

(6)

An Advisor or Manager shall not exercise his power under subsection (5)—

(7)

The Monetary Authority, after consultation with the Financial Secretary, may at any time determine the remuneration and expenses to be paid by an authorized institution to—

and any such determination may be made whether or not—

(8)

Where the Monetary Authority has made a determination under subsection (7), the Monetary Authority must— (Amended 14 of 2025 s. 164)

(9)

(Repealed 4 of 1997 s. 27)

(10)

Without prejudice to the generality of section 131, the Monetary Authority may, after consultation with the Financial Secretary, use the Exchange Fund established by the Exchange Fund Ordinance (Cap. 66) to pay, either in whole or in part, any remuneration and expenses payable pursuant to a determination under subsection (7).

(1)

Without limiting the generality of section 52, the Monetary Authority may at any time, with or without prior notice to the authorized institution, examine the books, accounts and transactions of any authorized institution and, in the case of an authorized institution incorporated in Hong Kong, any local branch, local office, overseas branch, overseas representative office or subsidiary, whether in or outside Hong Kong, of such institution. (Amended 23 of 1998 s. 2; 32 of 2001 s. 11)

(2)

Without limiting the generality of section 52, the Monetary Authority shall investigate the books, accounts and transactions of an authorized institution—

(3)

Where an investigation is made by the Monetary Authority pursuant to subsection (2), the Financial Secretary may order that all expenses incurred in such investigation shall be defrayed—

(4)

Subsection (1) shall, subject to such modifications as may be necessary, apply to and in relation to an approved money broker as it applies to and in relation to an authorized institution, and the other provisions of this Ordinance shall be construed accordingly. (Added 4 of 1997 s. 11)

(1)

For the purposes of an examination or investigation under section 55, an authorized institution and, in the case of an authorized institution incorporated in Hong Kong, any local branch, local offices, overseas branch, overseas representative office or subsidiary, whether in or outside Hong Kong, of such institution shall afford the person carrying out the examination or investigation access to its books and accounts, to documents of title to its assets and other documents, to all securities held by it in respect of its customers’ transactions and its cash and to such information and facilities as may be required to conduct the examination or investigation, and shall produce to the person carrying out the examination or investigation such books, accounts, documents, securities, cash or other information as he may require: Provided that, so far as is consistent with the conduct of the examination or investigation, such books, accounts, documents, securities and cash shall not be required to be produced at such times and such places as shall interfere with the proper conduct of the normal daily business of the institution, local branch, local offices, overseas branch, overseas representative office or subsidiary, as the case may be. (Amended 64 of 1987 s. 12; 23 of 1998 s. 2; 32 of 2001 s. 12)

(2)

Every director, every chief executive and every manager of an authorized institution which, without reasonable excuse, contravenes this section (which contravention shall include a contravention by any of the institution’s local branches, local offices, overseas branches, overseas representative offices or subsidiaries) commits an offence and is liable— (Amended 64 of 1987 s. 12; 32 of 2001 ss. 12 and 24)

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27)

(3)

If any authorized institution or any local branch, local office, overseas branch, overseas representative office or subsidiary of the institution produces any book, account, document, security or information whatsoever under this section which is false in a material particular. every director, every chief executive and every manager of the institution commits an offence and is liable— (Amended 64 of 1987 s. 12; 32 of 2001 ss. 12 and 24)

(4)

This section shall, with such modifications as may be necessary, apply to and in relation to an approved money broker as it applies to and in relation to an authorized institution, and the other provisions of this Ordinance shall be construed accordingly. (Added 4 of 1997 s. 12)

(1)

Where—

then the Monetary Authority may, after consultation with the Securities and Futures Commission—

(2)

Without limiting the generality of subsection (1) or the operation of any other provisions of this Ordinance, for the avoidance of doubt, it is hereby declared that the Monetary Authority may exercise his power under that subsection wholly or partly on the basis of information disclosed to the Monetary Authority by the Securities and Futures Commission, and whether or not the information arises from an investigation under section 182 of the Securities and Futures Ordinance (Cap. 571).

(3)

The Monetary Authority shall not exercise his power under subsection (1) against a relevant individual without first giving the individual an opportunity of being heard.

(4)

Where the Monetary Authority decides to exercise his power under subsection (1) against a relevant individual, the Monetary Authority shall inform the individual of his decision to do so by notice in writing served on him, and the notice shall include—

(4A)

Where the Monetary Authority has exercised his power under subsection (1) against a relevant individual, the Monetary Authority may disclose to the public details of the decision he has made under that subsection, the reasons for which the decision was made, and any material facts relating to the case. (Added 19 of 2005 s. 10)

(5)

Without prejudice to the exercise of any powers by the Securities and Futures Commission under the Securities and Futures Ordinance (Cap. 571), the Monetary Authority may make such recommendations to the Securities and Futures Commission concerning any relevant individual in respect of the exercise of the power under section 196 or 197 of that Ordinance as he considers appropriate.

(6)

In this section—

misconduct (失當行為), in relation to a relevant individual, means— (a)a contravention of any of the relevant provisions, within the meaning of Schedule 1 to the Securities and Futures Ordinance (Cap. 571), which are applicable to the individual; (Amended 16 of 2016 s. 34) (b)an act or omission of the individual relating to the carrying on of any regulated activity—(i)by the registered institution in relation to which the individual is a relevant individual; and(ii)which, in the opinion of the Monetary Authority, is or is likely to be prejudicial to the interest of the investing public or to the public interest; or (Amended 16 of 2016 s. 34) (c)an act or omission of the individual that—(i)relates to the carrying on of any activity that—(A)is not a regulated activity; and(B)the registered institution, in relation to which the individual is a relevant individual, may carry on for an open-ended fund company under the Securities and Futures Ordinance (Cap. 571); and(ii)in the opinion of the Monetary Authority, is or is likely to be prejudicial to the interest of the investing public or to the public interest, (Added 16 of 2016 s. 34) and guilty of misconduct (犯失當行為) shall be construed accordingly; relevant individual (有關人士) means relevant individual within the meaning of section 20(10); relevant particulars (有關資料), in relation to a relevant individual, means the information contained in the register maintained under section 20(1)(ea) in relation to the individual.

(7)

For the purposes of paragraphs (b) and (c) of the definition of misconduct in subsection (6), the Monetary Authority shall not form any opinion that any act or omission is or is likely to be prejudicial to the interest of the investing public or to the public interest, unless he has had regard to such of the provisions set out in any code of conduct published under section 169 of the Securities and Futures Ordinance (Cap. 571) or any code or guideline published under section 112ZR or 399 of that Ordinance as are in force at the time of occurrence of, and applicable in relation to, the act or omission. (Amended 16 of 2016 s. 34)

(1)

Every authorized institution, and its auditors, shall comply with the Companies Ordinance (Cap. 622) with respect to the audit of a company’s accounts, whether or not the institution is incorporated under that Ordinance. (Amended 28 of 2012 ss. 912 & 920)

(2)

The Monetary Authority may, after consultation with an authorized institution, by notice in writing to the institution require the institution to submit to him a report—

(3)

The auditor or auditors appointed by an authorized institution to prepare a report required under subsection (2) shall be—

as may be required by the Monetary Authority. (Replaced 67 of 1992 s. 4. Amended 82 of 1992 s. 25)

(4)

(Repealed 42 of 1999 s. 4)

(5)

Every director, every chief executive and every manager of an authorized institution which contravenes subsection (1), and every director, every chief executive and every manager of an authorized institution which, without reasonable excuse, contravenes subsection (2) commits an offence and is liable— (Amended 32 of 2001 s. 24; 19 of 2005 s. 11)

(6)

In this section—

adequate (足夠), in relation to systems of control, includes operating effectively; systems of control (管控制度) includes procedures. (Added 67 of 1992 s. 4)

(1)

An authorized institution incorporated in Hong Kong shall immediately give written notice to the Monetary Authority if—

(2)

An auditor of an authorized institution appointed under section 395, 396, 397 or 398 of the Companies Ordinance (Cap. 622) shall immediately give written notice to the Monetary Authority if he— (Amended 28 of 2012 ss. 912 & 920)

(3)

Every director, every chief executive and every manager of an authorized institution which contravenes subsection (1) commits an offence and is liable— (Amended 32 of 2001 s. 24)

(1)

An authorized institution shall—

give notice in writing to the Monetary Authority of the date on which its financial year ends.

(2)

An authorized institution shall not—

(3)

The Monetary Authority may, on the application of an authorized institution, by notice in writing served on the institution—

(4)

Every director, every chief executive and every manager of an authorized institution which contravenes subsection (1) or (2), or any condition specified in a notice under subsection (3), commits an offence and is liable—

(1)-(2)

(Repealed 42 of 1999 s. 5)

(3)

Every authorized institution incorporated in Hong Kong shall, not later than 4 months after the close of each financial year, or within such further period as the Monetary Authority approves in writing, exhibit— (Amended 42 of 1999 s. 5)

in a conspicuous position in the principal place of business of the institution in Hong Kong and in each local branch and, in the case of each of the documents, until the next time a document of the same kind is so exhibited in compliance with this subsection.

(4)

A copy of each of the documents referred to in subsection (3) shall be lodged with the Monetary Authority by an authorized institution, prior to first exhibition thereof under that subsection, with a list of the names of all companies of which, for the time being, its directors are also directors.

(5)

Subject to subsection (5A), every authorized institution incorporated outside Hong Kong shall, not later than 6 months after the close of each financial year, or within such further period as the Monetary Authority approves in writing, lodge with the Monetary Authority— (Amended 42 of 1999 s. 5)

(5A)

With the approval in writing of the Monetary Authority, an authorized institution may, instead of complying with subsection (5) by lodging with the Monetary Authority the documents required under that subsection, comply with that subsection by lodging with the Monetary Authority the like documents of its holding company on a consolidated basis. (Added 42 of 1999 s. 5)

(6)

The Monetary Authority may by notice in writing exempt an authorized institution which has complied with subsection (5) from section 59(1) subject to such conditions as he may think proper to attach thereto.

(7)

Where an authorized institution has complied with subsection (5) in respect of a financial year, it shall, unless otherwise permitted by the Monetary Authority, as soon as practicable thereafter exhibit a copy of each document lodged with the Monetary Authority under that subsection—

(8)

The Monetary Authority may require any authorized institution to submit such further information as he may think necessary for the proper understanding of any document it has under subsection (4) or (5) lodged with the Monetary Authority; and such information shall be submitted within such period and in such manner as the Monetary Authority may require. (Amended 42 of 1999 s. 5)

(9)

Every director, every chief executive and every manager of an authorized institution which contravenes subsection (3), (4), (5) or (7) commits an offence and is liable— (Amended 42 of 1999 s. 5; 32 of 2001 s. 24)

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27)

(10)

Every director, every chief executive and every manager of an authorized institution which fails without reasonable excuse to comply with any requirement under subsection (8) commits an offence and is liable on conviction upon indictment or on summary conviction to a fine at tier 5 and to imprisonment for 6 months and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27; 32 of 2001 s. 24)

(11) In this section, audited annual accounts (經審計的周年帳目), in relation to an authorized institution— (Amended 42 of 1999 s. 5)(a)means the institution’s balance sheet and profit and loss account, together with any notes thereon, which are subject to a report by the institution’s auditor pursuant to section 405 of the Companies Ordinance (Cap. 622); and (Amended 28 of 2012 ss. 912 & 920)(b)includes the institution’s cash flow statement, together with any notes thereon, if that auditor expresses an opinion on the institution’s cash flow in that report.

(1)

Subsection (2) applies if—

(2)

Despite the change—

as if the change had not taken place.

(3)

Subsection (4) applies if—

(4)

Despite the change—

as if the change had not taken place.

(1)

The Monetary Authority may, after consultation with the Financial Secretary and the persons specified in subsection (2), make rules prescribing the information to be disclosed to the general public by authorized institutions relating to their state of affairs, including their profit and loss and their financial resources (including capital resources and liquidity resources), and prescribing the manner in which, times at which and periods during which such information shall be so disclosed. (Amended 3 of 2012 s. 4)

(2)

The persons specified for the purposes of subsection (1) are—

(3)

Without limiting subsection (1), rules made under that subsection—

(3A)

Rules made under subsection (1) may provide that a decision made by the Monetary Authority under the rules is a decision to which section 101B(1) applies. (Added 3 of 2012 s. 4)

(4)

Where an authorized institution fails to comply with any requirement applicable to it contained in rules made under subsection (1), every director, every chief executive and every manager of the authorized institution commits an offence and is liable—

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues.

(5)

For the avoidance of doubt, it is hereby declared that any requirement under subsection (1) for the Monetary Authority to consult with any person shall not operate to prevent the Monetary Authority from consulting with such other person as the Monetary Authority thinks fit.

(1)

No duty which an auditor of an authorized institution may be subject to shall be regarded as contravened by reason of his communicating in good faith to the Monetary Authority, whether or not in response to a request made by the Monetary Authority, any information or opinion on a matter of which he becomes aware in his capacity as auditor and which is relevant to any function of the Monetary Authority under this Ordinance. (Amended 82 of 1992 s. 25)

(2)

Subsection (1) applies to an auditor of a former authorized institution and a former auditor as it applies to an auditor of an authorized institution.

(3)

This section shall, subject to such modifications as may be necessary, apply to and in relation to an auditor of an approved money broker, an auditor of a former approved money broker and a former money broker auditor as it applies, respectively, to an auditor of an authorized institution, an auditor of a former authorized institution and a former auditor, and the other provisions of this Ordinance shall be construed accordingly. (Added 4 of 1997 s. 13)

(4)

In subsection (3)—

former approved money broker (前核准貨幣經紀) means a person who was formerly an approved money broker; former money broker auditor (前貨幣經紀核數師) means a person who was formerly the auditor of an approved money broker or former approved money broker. (Added 4 of 1997 s. 13)

(1)

Every authorized institution shall submit to the Monetary Authority—

Provided that the Monetary Authority may by permission in writing allow the returns referred to in paragraphs (a) and (b) to be submitted at less frequent intervals. (Amended 95 of 1991 s. 16)

(2)

The Monetary Authority may require an authorized institution to submit (including periodically submit) such further information, or require an approved money broker to submit (including Periodically submit) such information, as he may reasonably require for the exercise of his functions under this Ordinance and such information shall be submitted within such period (or, where such information is required periodically, within such periods) and in such manner as the Monetary Authority may require. (Amended 3 of 1990 s. 26; 49 of 1995 s. 20; 4 of 1997 s. 14)

(2A)

The Monetary Authority may require—

to submit such information—

(3)

The Monetary Authority may require an authorized institution to submit to him, on or before such date as he may reasonably specify in the requirement, a report prepared by, subject to subsection (3B), an auditor or auditors appointed by the institution as to whether or not, in the opinion of the auditor or auditors, a return submitted to him pursuant to subsection (1), or information submitted to him pursuant to subsection (2), by the institution is correctly compiled, in all material respects, from the books and records of the institution and, if not so correctly compiled, the nature and extent of the incorrectness. (Replaced 67 of 1992 s. 5)

(3A)

The Monetary Authority may require an authorized institution to submit to the Monetary Authority, on or before the date the Monetary Authority reasonably specifies in the requirement and, subject to subsection (3C), in respect of the period specified in the requirement, a report prepared by, subject to subsection (3B), an auditor or auditors appointed by the institution as to all or any of the following— (Amended 14 of 2025 s. 166)

(3B)

The auditor or auditors appointed by an authorized institution to prepare a report required under subsection (3) or (3A) shall be—

as may be required by the Monetary Authority. (Added 67 of 1992 s. 5)

(3C)

No period specified in a requirement under subsection (3A) shall exceed 12 months unless the Monetary Authority is satisfied that a longer period is required in the interests of depositors of the authorized institution concerned or the public interest. (Added 67 of 1992 s. 5)

(3D)

No report shall be required under subsection (3A) as to a matter referred to in paragraph (b) of that subsection unless the report is also required as to a matter referred to in paragraph (a) of that subsection. (Added 67 of 1992 s. 5)

(3E)

(Repealed 6 of 2002 s. 7)

(3F)

In this section—

adequate (足夠), in relation to systems of control, includes operating effectively; systems of control (管控制度) includes procedures. (Added 67 of 1992 s. 5)

(4)

Notwithstanding section 120, the Monetary Authority may prepare and publish consolidated statements aggregating the figures in the returns furnished under subsection (1).

(5)

Every director, every chief executive and every manager of an authorized institution which, without reasonable excuse, contravenes subsection (1) or fails to comply with any requirement under subsection (3) or (3A) commits an offence and is liable on conviction upon indictment or on summary conviction to a fine at tier 5 and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 67 of 1992 s. 5; 4 of 1997 s. 27; 32 of 2001 s. 24; 19 of 2005 s. 12)

(6)

Every director, every chief executive and every manager of an authorized institution or approved money broker which fails without reasonable excuse to comply with any requirement under subsection (2), and every director, every chief executive and every manager of a holding company of an authorized institution, subsidiary of such holding company or subsidiary of an authorized institution which fails without reasonable excuse to comply with any requirement under subsection (2A), commits an offence and is liable— (Amended 3 of 1990 s. 26; 49 of 1995 s. 20; 4 of 1997 s. 14; 32 of 2001 s. 24)

(7)

Any person who signs any document for the purposes of this section which he knows or reasonably ought to know to be false in a material particular commits an offence and is liable—

(1)

Where a person in the course of performing his duties as an auditor appointed under—

becomes aware of a matter which, in his opinion, adversely affects the financial position of an authorized institution to a material extent, he shall, as soon as is reasonably practicable after he becomes aware of the matter, submit to the Monetary Authority a report in writing on the nature of the matter and the reason why he is of that opinion.

(2)

In relation to any authorized institution incorporated outside Hong Kong, subsection (1) shall only apply to its principal place of business in Hong Kong and its local branches, and shall do so as if that principal place of business and those branches were collectively a separate authorized institution.

(1)

Every authorized institution shall, if so required by the Monetary Authority, inform him of the name and address of, and the nature of the business carried on by, every company— (Amended 3 of 1990 s. 27; 82 of 1992 s. 25)

(2)

The Monetary Authority may require any authorized institution which has submitted to him information pursuant to subsection (1) to submit to him such further information as he may reasonably require for the exercise of his functions under this Ordinance. (Amended 3 of 1990 s. 27; 82 of 1992 s. 25)

(3)

Information that is required to be submitted under this section shall be submitted within such period and in such manner as the Monetary Authority may require. (Amended 82 of 1992 s. 25)

(4)

Every director, every chief executive and every manager of an authorized institution which fails without reasonable excuse to comply with any requirement under this section commits an offence and is liable— (Amended 32 of 2001 s. 24)

(5)

Any person who signs any document for the purposes of this section which he knows or reasonably ought to know to be false in a material particular commits an offence and is liable—

(6)

If an authorized institution produces any book, account, document, security or information under this section which is false in a material particular, every director, every chief executive and every manager of the institution commits an offence and is liable— (Amended 32 of 2001 s. 24)

(1)

An authorized institution must, within 30 days after the making of any alteration to a constitutional document or any document of the institution registered under section 820C(5)(a) and (b) of the Companies Ordinance (Cap. 622), furnish to the Monetary Authority particulars of such alteration in writing, verified by a director of the institution. (Amended 82 of 1992 s. 25; 14 of 2025 s. 167)

(2)

Every director, every chief executive and every manager of an authorized institution which contravenes this section commits an offence and is liable on conviction upon indictment or on summary conviction to a fine at tier 5 and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27; 32 of 2001 s. 24)

(3)

In subsection (1)—

constitutional document (章程文件), in relation to an authorized institution, means the memorandum of association, articles of association or other instrument under which the authorized institution is incorporated. (Added 14 of 2025 s. 167)

(1)

An authorized institution which ceases to carry on the business of taking deposits or, as the case may be, banking business, shall forthwith notify the Monetary Authority in writing of that fact. (Amended 82 of 1992 s. 25)

(2)

Every director, every chief executive and every manager of an authorized institution which fails to comply with this section commits an offence and is liable on conviction upon indictment or on summary conviction to a fine at tier 3. (Amended 4 of 1997 s. 27; 32 of 2001 s. 24)

(1)

If any authorized institution is likely to become unable to meet its obligations or if it is about to suspend payment it shall forthwith report all relevant facts, circumstances and information to the Monetary Authority. (Amended 82 of 1992 s. 25)

(2)

Every director, every chief executive and every manager of an authorized institution which fails without reasonable excuse to comply with subsection (1) commits an offence and is liable— (Amended 32 of 2001 s. 24)

(1)

The appropriate recognized banking supervisory authority of a place outside Hong Kong may, with the approval of the Monetary Authority, examine— (Amended 14 of 2025 s. 168)

(2)

A reference to a company in subsection (1)(a)(ii) and (b)(ii) does not include a re-domiciled entity. (Added 14 of 2025 s. 168)

(1)

The Monetary Authority may, by notice in writing served on an authorized institution, require the institution to—

(2)

The Monetary Authority may specify—

(3)

Without limiting subsection (2), the Monetary Authority may specify that a recovery plan must include—

(1)

The Monetary Authority may, by notice in writing served on an authorized institution, impose requirements on the institution in relation to its recovery plan.

(2)

Without limiting subsection (1), the requirements may relate to—

(3)

The Monetary Authority must not impose the requirements unless the Monetary Authority considers the imposition necessary or expedient to ensure that the authorized institution’s recovery plan is fit for the purpose of stabilizing and restoring its financial resources and viability when the institution comes under severe stress.

(4)

In imposing the requirements, the Monetary Authority may have regard to the nature, scale and complexity of the authorized institution’s operations.

(1)

This section applies if the Monetary Authority considers that there is a deficiency or impediment in the recovery plan of an authorized institution, including, for example, in the measures in the plan.

(2)

The Monetary Authority may, by notice in writing served on the authorized institution—

(3)

If—

the Monetary Authority may, by notice in writing served on the institution, require it to make specific revisions to the plan within the period specified in the notice.

(4)

The period specified under subsection (2)(b) or (3) must be reasonable in the circumstances.

(1)

This section applies if the Monetary Authority considers that—

(2)

The Monetary Authority may, by notice in writing served on the authorized institution—

(3)

The authorized institution may, within the period specified in the notice, make representations in writing to the Monetary Authority as to why the Monetary Authority should not impose the requirement.

(4)

If the Monetary Authority decides to impose the requirement, the Monetary Authority must by notice in writing served on the authorized institution—

(5)

The period specified under subsection (3) or (4)(c) must be reasonable in the circumstances.

(6)

A decision of the Monetary Authority to impose a requirement under subsection (4) is a decision to which section 101B(1) applies.

(1)

If an event that requires an authorized institution to implement a measure in its recovery plan occurs or is likely to occur, the institution must—

(2)

If the authorized institution decides to implement a measure in its recovery plan, the institution must—

(1)

The Monetary Authority may exercise a power mentioned in sections 68C, 68D, 68E and 68F in relation to a holding company of an authorized institution if—

(2)

For the purposes of subsection (1), a reference to an authorized institution in section 68C, 68D, 68E or 68F is a reference to the holding company.

(3)

If an event that requires the holding company to implement a measure in its recovery plan occurs or is likely to occur, the company must—

(4)

If the holding company decides to implement a measure in its recovery plan, the company must—

(1)

If an authorized institution, without reasonable excuse, fails to comply with section 68G, or a requirement of a notice served under section 68C(1), 68D(1), 68E(3) or 68F(4)—

(2)

If a holding company of an authorized institution, without reasonable excuse, fails to comply with section 68H(3) or (4), or a requirement of a notice served by the Monetary Authority in the exercise of the Monetary Authority’s powers under section 68H(1)—

(3)

In subsection (2)—

officer (高級人員), in relation to a holding company, means— (a)a director of the company; (b)the chief executive officer or a deputy chief executive officer of the company; or (c)a person who is employed by, or acts for or on behalf of or under an arrangement with, the company and is principally responsible, alone or jointly with others, for—(i)the management of part of the business of the company; or(ii)the performance of one or more of the control functions of the company.

(4)

In the definition of officer in subsection (3)—

chief executive officer (行政總裁) has the meaning given by section 2(1) of the Financial Institutions (Resolution) Ordinance (Cap. 628); control function (監控職能) has the meaning given by section 2(1) of the Financial Institutions (Resolution) Ordinance (Cap. 628); deputy chief executive officer (副行政總裁) has the meaning given by section 2(1) of the Financial Institutions (Resolution) Ordinance (Cap. 628).

(1)

An authorized institution incorporated in Hong Kong shall not, without the prior approval in writing of the Monetary Authority— (Amended 3 of 1990 s. 28; 82 of 1992 s. 25; 49 of 1995 s. 22)

(2)

An authorized institution incorporated in Hong Kong which—

shall give notice in writing of the arrangement, agreement or reconstruction, as the case may be, to the Monetary Authority as soon as practicable after making that arrangement, entering into that agreement or making that reconstruction, and—

(3)

(Repealed 4 of 1997 s. 27)

(4)

Every director, every chief executive and every manager of an authorized institution which contravenes subsection (1) commits an offence and is liable— (Amended 32 of 2001 s. 24)

(5)

Every director, every chief executive and every manager of an authorized institution which contravenes subsection (2) commits an offence and is liable on conviction upon indictment or on summary conviction to a fine at tier 5 and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27; 32 of 2001 s. 24)

(6)

If an authorized institution produces any information whatsoever under this section which is false in a material particular, every director, every chief executive and every manager of the institution commits an offence and is liable— (Amended 32 of 2001 s. 24)

(1)

This section shall apply to a person becoming or being—

of an authorized institution incorporated in Hong Kong as it applies to a person becoming or being, as the case may be, a minority shareholder controller of an authorized institution incorporated in Hong Kong.

(2)

In this section—

conditional notice of consent (有條件同意通知書) means a notice of consent referred to in paragraph (b) of the definition of notice of consent; notice of consent (同意通知書) means a notice in writing specifying that— (a)there is no objection to the person specified in that notice becoming or being, as the case may be, a minority shareholder controller of the authorized institution specified in that notice; or (b)the conditions subject to which there is no objection to the person specified in that notice becoming or being, as the case may be, a minority shareholder controller of the authorized institution specified in that notice; notice of objection (反對通知書) means a notice in writing objecting to the person specified in that notice becoming or being, as the case may be, a minority shareholder controller of the authorized institution specified in that notice.

(3)

Subject to subsection (4), no person shall become a minority shareholder controller of an authorized institution incorporated in Hong Kong unless—

(4)

A notice referred to in subsection (3)(a) served on the Monetary Authority by a person shall not be regarded as compliance with that subsection except as respects that person becoming a minority shareholder controller of the authorized institution to which the notice relates before the expiration of 12 months from—

(5)

Where a person—

he shall serve on the Monetary Authority, not later than 14 days after becoming aware of that fact, a notice in writing stating that he has become such a controller.

(6)

Subject to subsections (7), (8), (9) and (10), the Monetary Authority may serve—

on a person.

(6A)

For the avoidance of doubt, it is hereby declared that a conditional notice of consent served on a person who has become the minority shareholder controller of an authorized institution may revoke a prior notice of consent, if any, served on the person in relation to the person becoming or being, as the case may be, such a controller. (Added 42 of 1999 s. 7)

(7)

Without limiting the generality of conditions which the Monetary Authority may specify in a conditional notice of consent, he may specify in the notice such conditions as he may think proper to safeguard the interests of depositors and potential depositors of the authorized institution specified in the notice.

(8)

The Monetary Authority shall not serve a notice of objection on a person where the Monetary Authority is satisfied—

(9)

The Monetary Authority shall not serve a notice of objection on a person who has become a minority shareholder controller of an authorized institution— (Amended 42 of 1999 s. 7)

(10)

The Monetary Authority shall, before serving a conditional notice of consent or notice of objection on a person, serve on that person a preliminary notice in writing—

(11)

Where representations are made in accordance with subsection (10)(c), the Monetary Authority shall take them into account in deciding whether to serve the conditional notice of consent or notice of objection, as the case may be, concerned.

(12)

A conditional notice of consent served on a person may specify conditions which were not specified in the preliminary notice served under subsection (10) on that person where—

(13)

A notice of objection served on a person—

(14)

The Monetary Authority shall not be obliged to disclose to a person any particulars of the matters referred to in subsection (8) on which he is considering the service on him or has served on him, as the case may be, a notice of objection.

(15)

(Repealed 4 of 1997 s. 27)

(16)

Where the Monetary Authority pursuant to section 72A requires a person who has given a notice in writing under subsection (3)(a) or (5) to submit information, the time between imposing that requirement and the receipt of the information shall be added to the period referred to in subsection (3)(b) or (9)(b), as the case may be.

(17)

The period referred to in subsection (3)(b) or (9)(b) (together with any extension under subsection (16)) shall not expire, if it would otherwise do so, until 14 days after the expiration of the period within which representations can be made in accordance with subsection (10)(c).

(18)

Subject to subsection (19), any person who contravenes subsection (3) commits an offence and is liable—

(19)

Where a person is charged with an offence under subsection (18), it shall be a defence to prove that he did not know that the acts or circumstances by virtue of which he became a minority shareholder controller of the authorized institution concerned were such as to have that effect.

(20)

Any person who contravenes subsection (5) commits an offence and is liable—

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27)

(21)

Any person who contravenes any condition specified in a conditional notice of consent served on him commits an offence and is liable—

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 4 of 1997 s. 27)

(1)

This section shall apply to a person being—

of an authorized institution incorporated in Hong Kong as it applies to a person being a minority shareholder controller of an authorized institution incorporated in Hong Kong.

(2) In this section, unless the context otherwise requires, notice of objection (反對通知書) means a notice in writing objecting to the person specified in that notice being a minority shareholder controller of the authorized institution specified in that notice.

(3)

Subject to subsection (4), the Monetary Authority may serve a notice of objection on a person—

(4)

The Monetary Authority shall, before serving a notice of objection on a person, serve on that person a preliminary notice in writing—

(5)

Where representations are made in accordance with subsection (4)(c), the Monetary Authority shall take them into account in deciding whether to serve the notice of objection concerned.

(6)

A notice of objection—

(7)

The Monetary Authority shall not be obliged to disclose to a person any particulars of the matters referred to in subsection (3)(b) on which he is considering the service on him or has served on him, as the case may be, a notice of objection.

(8)

(Repealed 4 of 1997 s. 27)

(1)

This section shall apply to a person being a majority shareholder controller of an authorized institution incorporated in Hong Kong as it applies to a person being a minority shareholder controller of an authorized institution incorporated in Hong Kong.

(2)

The powers conferred by this section shall be exercisable where a person—

(3)

Subject to subsection (8), the Monetary Authority may, by notice in writing served on the person concerned, direct that any specified shares to which this section applies shall, until further notice, be subject to one or more of the following restrictions—

(4)

Where shares are subject to the restrictions under subsection (3)(a), any agreement to transfer the shares or, in the case of unissued shares, the right to be issued with them, shall be void.

(5)

Where shares are subject to the restrictions under subsection (3)(c) or (d), an agreement to transfer any right to be issued with other shares in right of those shares, or to receive any payment on them (otherwise than in a liquidation), shall be void.

(6)

Where shares are subject to any restrictions under subsection (3), any person affected by any of those restrictions may request the Monetary Authority to make an application referred to in subsection (7)(a) in respect of those shares and, where such a request is made, the Monetary Authority shall, not later than 1 month after that request has been made—

(7)

Subject to subsection (9), the Court of First Instance may— (Amended 25 of 1998 s. 2)

(8)

Where the Monetary Authority has, by virtue of subsection (2)(a)(ii), served a notice in writing under subsection (3) on the person concerned and—

the Monetary Authority shall forthwith serve a notice in writing on that person to the effect that the first-mentioned notice is revoked.

(9)

The Monetary Authority shall not, by virtue of subsection (2)(a)(ii), make an application referred to in subsection (7)(a) unless—

Provided that this subsection shall be without prejudice to the Monetary Authority’s power, by virtue of subsection (2)(a)(iii), to subsequently make such an application in respect of those shares. (Amended 82 of 1992 s. 19)

(10)

Where an order has been made under subsection (7), the Court of First Instance may, on the application of the Monetary Authority, make such further order relating to the sale or transfer of the shares as it thinks fit (including an order that the holder of the shares shall cause the shares to be transferred to a nominee of the Monetary Authority specified in the order and within the period specified in the order). (Amended 25 of 1998 s. 2; 32 of 2001 s. 14)

(11)

Where shares are sold pursuant to an order under this section, the proceeds of the sale, less the costs of the sale, shall, unless otherwise specified by the Court of First Instance, be paid into court for the benefit of the persons beneficially interested in them, and any such person may apply to the Court of First Instance for an order that the whole or part of the proceeds be paid to him. (Amended 25 of 1998 s. 2; 32 of 2001 s. 14)

(12)

This section shall apply—

(13)

A copy of a notice in writing served under subsection (3) or (8) on the person concerned shall be served on the authorized institution or other company to whose shares it relates and, if it relates to shares held by any associate of that person, on that associate.

(14)

The Chief Justice may make rules regulating the practice and procedure in connection with applications (including any class of applications) made under subsection (7).

(15)

It is hereby declared that—

(1) In this section, prohibited person (受禁制的人), in relation to an authorized institution, means any person—(a)who has been served with a notice of objection under section 70(6) in respect of his becoming or being, as the case may be, an indirect controller of the institution and either—(i)the period specified in the Administrative Appeals Rules (Cap. 1 sub. leg. A) within which that person may appeal under section 132A(3) against the decision of the Monetary Authority to so serve such notice of objection has expired without any such appeal having been made; or (Amended E.R. 6 of 2019)(ii)an appeal under section 132A(3) by that person against the decision of the Monetary Authority to so serve such notice of objection is unsuccessful; or (b)who has been served with a notice of objection under section 70A(3) in respect of his being an indirect controller of the institution and either—(i)the period specified in the Administrative Appeals Rules (Cap. 1 sub. leg. A) within which that person may appeal under section 132A(3) against the decision of the Monetary Authority to so serve such notice of objection has expired without any such appeal having been made; or (Amended E.R. 6 of 2019)(ii)an appeal under section 132A(3) by that person against the decision of the Monetary Authority to so serve such notice of objection is unsuccessful. (Amended 82 of 1992 s. 25)

(2)

No person who is a prohibited person in respect of an authorized institution shall act or continue to act, as the case may be, as an indirect controller of the institution and, accordingly, as such a controller shall not give or shall cease to give, as the case may be, any directions or instructions to the directors of the institution or of another company of which it is a subsidiary.

(3)

Where any director of an authorized institution or of another company of which it is a subsidiary is given (whether directly or indirectly) any directions or instructions—

the director shall forthwith notify the Monetary Authority of those directions or instructions and the circumstances in which they were so given. (Amended 82 of 1992 s. 25)

(4)

Any prohibited person who contravenes subsection (2) commits an offence and is liable—

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues.

(5)

Any director who without reasonable excuse contravenes subsection (3) commits an offence and is liable—

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues.

(1)

Any person who—

commits an offence and is liable—

(2)

Where shares in an authorized institution or another company are issued in contravention of restrictions under section 70B(3), or payments are made by an authorized institution or another company in contravention of such restrictions, any director, chief executive or manager of the authorized institution or other company, as the case may be, who knowingly and wilfully permits such an issue of shares or the making of such a payment, as the case may be, commits an offence and is liable— (Amended 32 of 2001 s. 24; 19 of 2005 s. 13)

(1)

Subject to section 53C(5), no person shall—

(2)

The Monetary Authority—

(3)

Where the Monetary Authority gives consent, or refuses to give consent, under subsection (1), he shall, as soon as is reasonably practicable, thereafter give notice in writing—

(4)

Where the Monetary Authority—

the Monetary Authority may, by notice in writing served on the chief executive or director and the institution, withdraw the consent.

(5)

Where the Monetary Authority—

the Monetary Authority may, by notice in writing served on the chief executive or director and the institution, attach conditions to the consent, or amend conditions attached to the consent, as the case may be.

(6)

Any person who contravenes subsection (1) commits an offence and is liable—

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues.

(7)

A person shall not be regarded for the purposes of subsection (1) as becoming the chief executive or a director of an authorized institution if he is appointed to serve as such chief executive or director immediately on the expiration of a previous term by him as such chief executive or director.

(8)

For the purposes of this section, where a person has the consent of the Monetary Authority under subsection (1) to be the chief executive of an authorized institution, and is such chief executive, he is not required to have the consent of the Monetary Authority under subsection (1) to be a director of the institution.

(9)

Where immediately before the commencement* of section 16 of the Banking (Amendment) Ordinance 2001 (32 of 2001) a person had, or was regarded as having, the Monetary Authority’s consent (former consent) under this section as then in force (former section) to be the chief executive or a director of an authorized institution, then, on and after that commencement*—

and subsections (4), (5) and (8) shall apply accordingly.

(1)

Subject to sections 71E and 71F, no person shall—

(2)

The Monetary Authority—

(3)

Where the Monetary Authority gives consent, or refuses to give consent, under subsection (1), he shall as soon as is reasonably practicable thereafter give notice in writing—

(4)

Where—

then the Monetary Authority may, after consultation with the Securities and Futures Commission, by notice in writing served on the officer and the institution—

(5)

Without limiting the generality of subsection (4) or the operation of any other provisions of this Ordinance, for the avoidance of doubt, it is hereby declared that the Monetary Authority may exercise his power under that subsection wholly or partly on the basis of information disclosed to the Monetary Authority by the Securities and Futures Commission, and whether or not the information arises from an investigation under section 182 of the Securities and Futures Ordinance (Cap. 571).

(6)

The Monetary Authority shall not exercise his power under subsection (4) against an executive officer without first giving the officer an opportunity of being heard.

(7)

Where the Monetary Authority decides to exercise his power under subsection (4) against an executive officer, the Monetary Authority shall inform the officer of his decision to do so by notice in writing served on him, and the notice shall include—

(7A)

Where the Monetary Authority has exercised his power under subsection (4) against an executive officer, the Monetary Authority may disclose to the public details of the decision he has made under that subsection, the reasons for which the decision was made, and any material facts relating to the case. (Added 19 of 2005 s. 14)

(8)

Without prejudice to the exercise of any powers by the Securities and Futures Commission under the Securities and Futures Ordinance (Cap. 571), the Monetary Authority may make such recommendations to the Securities and Futures Commission concerning any executive officer in respect of the exercise of the power under section 196 or 197 of that Ordinance as he considers appropriate.

(9)

Where the Monetary Authority—

the Monetary Authority may, by notice in writing served on the executive officer and the institution, attach conditions to the consent, or amend conditions attached to the consent, as the case may be.

(10)

Any person who contravenes subsection (1) commits an offence and is liable—

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues.

(11)

A person shall not be regarded for the purposes of subsection (1) as becoming an executive officer of a registered institution if he is appointed to serve as an executive officer of it—

(12)

In this section—

misconduct (失當行為), in relation to an executive officer, means— (a)a contravention of any of the relevant provisions, within the meaning of Schedule 1 to the Securities and Futures Ordinance (Cap. 571), which are applicable to the officer; (b)a contravention of—(i)any conditions attached under subsection (2)(b), or attached or amended under subsection (9), to the consent under subsection (1) which relates to the officer; or(ii)any conditions attached or amended under section 71E(3) to the provisional consent under section 71E(1) which relates to the officer; (Amended 16 of 2016 s. 35) (c)an act or omission of the officer relating to the carrying on of any regulated activity—(i)by the registered institution in relation to which the officer is an executive officer; and(ii)which, in the opinion of the Monetary Authority, is or is likely to be prejudicial to the interest of the investing public or to the public interest; or (Amended 16 of 2016 s. 35) (d)an act or omission of the officer that—(i)relates to the carrying on of any activity that—(A)is not a regulated activity; and(B)the registered institution, in relation to which the officer is an executive officer, may carry on for an open-ended fund company under the Securities and Futures Ordinance (Cap. 571); and(ii)in the opinion of the Monetary Authority, is or is likely to be prejudicial to the interest of the investing public or to the public interest, (Added 16 of 2016 s. 35) and guilty of misconduct (犯失當行為) shall be construed accordingly.

(13)

Where any registered institution is, or was at any time, guilty of misconduct within the meaning of paragraph (a), (b), (c), (d) or (e) of the definition of misconduct in section 193(1) of the Securities and Futures Ordinance (Cap. 571) as a result of the commission of any conduct occurring with the consent or connivance of, or attributable to any neglect on the part of, an executive officer of the institution, the conduct shall also be regarded as misconduct on the part of the officer, and guilty of misconduct shall also be construed accordingly. (Amended 16 of 2016 s. 35)

(14)

For the purposes of paragraphs (c) and (d) of the definition of misconduct in subsection (12), the Monetary Authority shall not form any opinion that any act or omission is or is likely to be prejudicial to the interest of the investing public or to the public interest, unless he has had regard to such of the provisions set out in any code of conduct published under section 169 of the Securities and Futures Ordinance (Cap. 571) or any code or guideline published under section 112ZR or 399 of that Ordinance as are in force at the time of occurrence of, and applicable in relation to, the act or omission. (Amended 16 of 2016 s. 35)

(1)

Subject to section 71F—

(2)

In subsection (1)—

(1)

Where a person seeks the consent under section 71C(1) of the Monetary Authority to be an executive officer of an authorized institution, then the Monetary Authority may, upon the request of the person, and in his absolute discretion but subject to subsection (2), give provisional consent to the person to be such executive officer.

(2)

The Monetary Authority shall refuse to give provisional consent under subsection (1) to a person unless the person satisfies the Monetary Authority that the giving of the consent will not prejudice the interests of—

(3)

The Monetary Authority may give provisional consent under subsection (1) to a person subject to such conditions as the Monetary Authority thinks proper to attach thereto, and the Monetary Authority may at any time, by notice in writing served on the person and the registered institution concerned, attach conditions to the consent or amend conditions attached to the consent, as the case may be.

(4)

The attachment or amendment under subsection (3) of conditions shall take effect at the time of—

as the case may be.

(5)

A provisional consent given under subsection (1) to a person shall be deemed to be revoked when the person and the registered institution concerned are given notice under section 71C(3) of the Monetary Authority’s decision to give, or refuse to give, consent under section 71C(1) for the person to be an executive officer of the institution.

(6)

The Monetary Authority may, having regard to the interests of the depositors or potential depositors of the registered institution concerned or of the investing public, and in his absolute discretion, withdraw provisional consent given under subsection (1) to a person—

(1) For the purposes of this section, specified person (指明的人) means—(a)any person who proposes to become a controller of an authorized institution incorporated in Hong Kong; (Replaced 95 of 1991 s. 21)(aa)any person who is a relevant individual within the meaning of section 20(10); (Added 6 of 2002 s. 11)(b)any person who is the chief executive of an authorized institution or an executive officer of a registered institution; (Amended 6 of 2002 s. 11)(c)any person who is a director or controller of an authorized institution incorporated in Hong Kong; or (Amended 95 of 1991 s. 21) (d)any person who is seeking the consent of the Monetary Authority under section 71(1) or 71C(1). (Amended 82 of 1992 s. 25; 6 of 2002 s. 11)

(2)

The Monetary Authority may require a specified person to submit such information as he may reasonably require for the exercise of his functions under this Ordinance and such information shall be submitted within such period and in such manner as the Monetary Authority may require. (Amended 82 of 1992 s. 25; 94 of 1993 s. 21)

(2A)

Subject to section 53B(3), where an authorized institution becomes aware of the fact that any person has become or has ceased to be a specified person in respect of the institution, the institution shall, not later than 14 days after becoming aware of that fact, give notice in writing to the Monetary Authority of that fact. (Added 95 of 1991 s. 21. Amended 82 of 1992 s. 25; 49 of 1995 s. 24)

(3)

Any specified person (other than a person referred to in subsection (1)(a) or (d)) who fails without reasonable excuse to comply with any requirement under subsection (2) commits an offence and is liable— (Amended 95 of 1991 s. 21)

(4)

Any specified person who signs any document for the purposes of complying with any requirement under subsection (2) which he knows or reasonably ought to know to be false in a material particular commits an offence and is liable—

(5)

Any specified person who produces any book, account, document, security or information for the purpose of complying with any requirement under subsection (2) which is false in a material particular commits an offence and is liable—

(6)

Every director, every chief executive and every manager of an authorized institution which contravenes subsection (2A) commits an offence and is liable— (Amended 32 of 2001 s. 24)

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Added 95 of 1991 s. 21)

(1)

Subject to subsections (2) and (3), an authorized institution shall, not later than 14 days after the date on which a person—

give notice in writing to the Monetary Authority and the person of—

(2)

Subject to subsection (3), an authorized institution is not required to comply with subsection (1) in respect of a manager appointed bona fide on a temporary basis.

(3)

Where in respect of the appointment of a manager—

then—

(4)

Every director, every chief executive and every manager of an authorized institution which contravenes subsection (1) commits an offence and is liable—

and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues.

(1)

No person who—

shall, without the consent in writing of the Monetary Authority, become an employee of an authorized institution (or, where paragraph (c) is applicable, of another authorized institution) or, if becoming such an employee without such consent, act, or continue to act, as such employee. (Amended 82 of 1992 s. 25; 94 of 1993 s. 22)

(1A)

No person who on or after becoming an employee of an authorized institution (and whether or not he became such an employee before, on or after the relevant day)—

shall—

(1B)

Where the Monetary Authority refuses to grant consent under subsection (1) or (1A) he shall notify the person concerned in writing of his refusal as soon as practicable. (Added 94 of 1993 s. 22)

(1C)

(Repealed 4 of 1997 s. 27)

(1D)

Where the Monetary Authority has granted consent under subsection (1) or (1A) to a person where paragraph (c) of that subsection is applicable to the person, then that paragraph shall not again be applicable to the person in the case, but only in the case, of the authorized institution referred to in that paragraph which gave rise to that paragraph being applicable to the person. (Added 42 of 1999 s. 8)

(2)

Any person who contravenes subsection (1) or (1A) commits an offence and is liable— (Amended 94 of 1993 s. 22)

(3) In this section, relevant day (有關日期) means the day of commencement* of the Banking (Amendment) Ordinance 1993 (94 of 1993). (Added 94 of 1993 s. 22)

(1)

Subject to sections 53B(1) and 53C(3), every authorized institution shall appoint a chief executive, and not less than one alternate chief executive, of the institution, each of whom shall be— (Amended 49 of 1995 s. 25)

except that, in the case of an authorized institution incorporated outside Hong Kong, such chief executive and alternate chief executive are only required to be the chief executive or alternate chief executive, as the case may be, in respect of the business in Hong Kong of the institution. (Amended 95 of 1991 s. 22)

(1A)

Where the chief executive of an authorized institution is precluded by illness, absence from Hong Kong or any other cause from carrying out his functions as the chief executive, an alternate chief executive of the institution shall act as such chief executive. (Added 95 of 1991 s. 22)

(2)

Every director, every chief executive and every manager of an authorized institution which contravenes subsection (1) commits an offence and is liable on conviction upon indictment or on summary conviction to a fine at tier 5 and, in the case of a continuing offence, to a further fine at tier 2 for every day during which the offence continues. (Amended 95 of 1991 s. 22; 4 of 1997 s. 27; 32 of 2001 s. 24)

(1)-(3)

(Repealed 6 of 2018 s. 6)

(4)

In relation to any authorized institution incorporated outside Hong Kong, sections 82 and 86 and, to the extent that it relates to such an institution, section 91 shall apply only to its principal place of business in Hong Kong and its local branches, and shall do so as if that principal place of business and those branches were collectively a separate authorized institution. (Amended 64 of 1987 s. 19; 95 of 1991 s. 24; 6 of 2018 s. 6)

(5)

(Repealed 6 of 2018 s. 6)

(1)

Subject to subsection (2), for the purposes of the application of any provision of this Part to an authorized institution incorporated in Hong Kong which has any subsidiary, the Monetary Authority may, by notice in writing to the institution, require the provision to apply to the institution—

(2)

The Monetary authority may, in a notice under subsection (1) to an authorized institution, require the provision of this Part to which the notice relates to apply to the institution on a consolidated basis only in respect of such subsidiaries of the institution as are specified in the notice.

(3)

No duty which a subsidiary of an authorized institution may be subject to shall be regarded as contravened by reason of the submission of information by the subsidiary to the institution for the purpose of enabling or assisting the institution to comply with a notice under subsection (1) to the institution.

(1)

The Monetary Authority may, after consultation with the Financial Secretary and the persons specified in subsection (2), make rules—

(2)

The persons specified for the purposes of subsection (1) are—

(3)

Without limiting subsection (1), the rules may—

(4)

The rules may provide that a decision made by the Monetary Authority under the rules is a decision to which section 101B(1) applies.

(5)

Subject to this Part and Part X, an authorized institution must comply with any provision of the rules applicable to it.

(6)

To avoid doubt, any requirement under subsection (1) for the Monetary Authority to consult with any person does not prevent the Monetary Authority from consulting with any other person that the Monetary Authority thinks fit.

(1)

If an authorized institution contravenes section 81A(5), the institution and the Monetary Authority must enter into discussions for the purposes of determining what remedial action should be taken by the institution to comply with the section, but the Monetary Authority is not bound by the discussions.

(2)

The Monetary Authority may, after holding any discussions under subsection (1), by notice in writing served on the authorized institution, require the institution to take the remedial action specified in the notice.

(3)

To avoid doubt, the imposition of a requirement on an authorized institution under this section does not affect any action taken, or prevent any action from being taken, in respect of the institution by the Monetary Authority under the rules made under section 81A(1).

(1)

In this section—

prescribed notification requirement (訂明通知規定) means a requirement prescribed in the rules made under section 81A(1) to the effect that an authorized institution must in respect of a matter prescribed in the rules immediately notify the Monetary Authority; remedial action requirement (補救行動規定) means a requirement imposed in a notice served under section 81B(2).

(2)

If an authorized institution fails to comply with a prescribed notification requirement or remedial action requirement—

(1)

Without prejudice to section 7(3) or to the other provisions of this Part, the Monetary Authority may, after consultation with the Financial Secretary, by notice in the Gazette from time to time publish for the guidance of authorized institutions, guidelines, not inconsistent with this Ordinance, specifying business practices which should not be engaged in by authorized institutions because, in his opinion, such business practices will or may cause the soundness of the financial position of authorized institutions to be dependent upon the soundness of the financial position of a single party. (Amended 82 of 1992 s. 25)

(2)

For the purposes of subsection (1), guidelines given in a notice under that subsection—

(3)

Where an authorized institution engages in business practices specified in a notice under subsection (1), the Monetary Authority, may, where he is of the opinion that the case is of sufficient importance to justify him so doing, exercise any of his powers under Part X in respect of the institution. (Amended 82 of 1992 s. 25; 49 of 1995 s. 28)

(1)

Where the Monetary Authority—

he may, by notice in writing to the institution, exercise his powers under this section.

(2)

A notice under this section may—

(3)

A requirement under subsection (2)(a) shall not prohibit the grant of any advance or loan after the date of service of the notice in pursuance of any agreement entered into prior to such date unless the Monetary Authority otherwise directs; but it shall be the duty of the authorized institution to notify the Monetary Authority of any relevant agreement within 7 days of the receipt by it of a notice under this section.

(4)

In this section—

foreign bank (外地銀行) means—(a)any bank incorporated outside Hong Kong which is not an authorized institution; (Amended 49 of 1995 s. 30) (b)any undertaking of an authorized institution, including that of the institution to which notice is given under this section, which is situated outside Hong Kong.

(5)

Every director, every chief executive and every manager of an authorized institution which fails without reasonable excuse to comply with any requirement of the Monetary Authority in the exercise of his powers under this section commits an offence and is liable— (Amended 32 of 2001 s. 24)