Hong Kong: Banking and Securities Ordinances get timetable.
The Hong Kong Monetary Authority is setting out the provisional timetable for the new regulatory regime.
Hong Kong's Banking (Amendment) Ordinance 2002 and the Futures and Securities Ordinance 2002 have been given a timetable for some of the regulatory requirements.
Highlights are:
Banking
Target Commencement date : 1 April 2003
Every deemed Registered Instituton will be required to submit to the HKMA a list of those individuals who, as 28 February 2003 perform any act that would constitute a regulated function in a regulated activity. The latest date for submitting that list is 3 March 2003.
Securities
Target Commencement date : 1 April 2003
Authorised institutions that currently are exempt dealers, exempt investment advisers, or licensed banks engaging in investment advisory activities will become "deemed Registered Institutions on the commencement date. They will have a two-year transitional period to apply to the Securities and Futures Commission (SFC) to become Registered Institutions.
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