Hong Kong is one of the world’s premier banking and finance hubs – around 70 of the world’s largest 100 banks have operations here, along with many smaller banks and other financial services organisations.
The job of licensing and overseeing banks and deposit taking companies falls to the Hong Kong Monetary Authority (HKMA). Responsible for ensuring the banking system’s stability and integrity, as well as developing Hong Kong’s financial infrastructure, the HKMA applies the rules on authorisation set out in the Hong Kong Banking Ordinance, supervises financial institutions and grants or revokes licences.
As Hong Kong’s leading independent law firm, we have an unparalleled knowledge of the local business and regulatory environments that is valued by clients, such as those quoted in the Legal 500 Asia Pacific who “commend the firm’s ‘banking regulatory expertise’”.
Obtaining regulatory approvals for the establishment, and takeover, of banks and deposit taking companies in Hong Kong forms a significant part of Deacons' practice. We also handle applications to become money brokers, money lenders and money service operators, and we have also helped to establish an automated trading exchange. Further, clients regularly tap our expertise in seeking advice on the interpretation of the Banking Ordinance and codes, guidelines, modules and circulars issued by the HKMA on its implementation and appoint us to represent them in negotiations with the HKMA and in the context of investigations and appeals.
If you would like to know more about how we could help your organisation with any issues connected with working with the HKMA, we would be delighted to hear from you.