Banking Law and Practice in Hong Kong examines the legal principles relevant to a broad range of modern banking activities with special reference to Hong Kong. It considers significant changes in banking regulation and practice providing readers with an up-to-date commentary of the current law. In particular, the book addresses:

(i) banking policy, regulation and supervision;

(ii) the structure of banking business in Hong Kong;

(iii) specific legal issues related to retail banking business;

(iv) bank secrecy and duty of confidentiality; and

(v) issues related to the prevention of money laundering.

Offering a fresh, practical approach, this book is a key resource not only for those studying aspects of banking law but also for banking and legal professionals alike.

A clear and concise collected volume of all the annotated ordinances for practitioners, banking and corporate professionals, financers and investors in Hong Kong.

Money-laundering is prevalent and has been an increasing concern in Hong Kong, with rates far exceeding the global average. The Hong Kong Anti-Money Laundering Ordinances: Commentary and Annotations encompasses the latest materials on the three major Anti-Money Laundering Ordinances: Drug Trafficking (Recovery of Proceeds) Ordinance (Cap 405); Organized and Serious Crimes Ordinance (Cap 455); and Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap 615).

The 2nd Edition is fully updated: reviewing and analyzing the recent updates and amendments that affect the Ordinance with cross-referencing to corresponding laws:

1. Applications and references to the corresponding sections to the: Companies Ordinance (Cap.622); Securities and Futures Ordinances (Cap.571); Banking Ordinance (Cap.155); Inland Revenue Ordinance (Cap.112); as well as international anti-money laundering standards;

2. Firms/Financial Institutions duty to comply with the AMLO – Revised rules and regulations to help detect and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation;

3. Updated requirements of Firms/Financial Institutions (i.e. banks) to take preventative or mitigating measures commensurate with the nature and scope of the money laundering or terrorist- financing risks by identifying high-risk clients;

4. Revised customer due diligence measures (CDD) which must be undertaken and complied with prior to establishing any business relationship or conducting with, or conducting occasional transactions for customers;

5. New amendment of the AMLO to prescribe the statutory CDD and record-keeping requirements applicable to solicitors, accountants, real estate agents and trust and company service providers (“Designated Professions”) when they engage in specified transactions;

6. New amendments that require Firms/Financial Institutions to establish and maintain adequate and appropriate risk-based controls to address trade-based money laundering risks as well as develop written policies and procedures to assess and mitigate money laundering risks arising from trade-related activities;

7. Proposed amendments to the Companies Ordinance (Cap.622) to require companies incorporated in Hong Kong to maintain beneficial ownership information.

ProView eBook Exclusive Content:

1. The Monetary Authority’s Guideline on Anti-Money Laundering and Counter-Terrorist Financing (For Authorized Institutions);

2. The Securities and Futures Commission’s Guideline on Anti- Money Laundering and Counter-Terrorist Financing (For Licensed Corporations);

3. The Insurance Authority’s Guideline on Anti-Money Laundering and Counter- Terrorist Financing (For authorized insurers, reinsurers, appointed insurance agents and authorized insurance brokers carrying on or advising on long term business); and

4. Guidance Paper on Combating Trade-based Money Laundering

• Compiles topics discussed at the joint APSA and Hong Kong Institute of Bankers (HKIB) Forum Dialogue on the “Belt and Road Initiative: Infrastructure Financing” held on 15 October 2018 at the HK Convention and Exhibition Centre.
   
• Articles are authored by the keynote speakers at the Forum as well as other renowned professionals and academics.
   
• Analyses the relationship between Hong Kong finance and professional bodies with governmental organisations participating in the Belt and Road Initiative in China, highlighting: (i) Hong Kong’s part in contributing to the Initiative; (ii) national policies and objectives; (iii) structured and infrastructure financing; and (iv) securitisation.

 

As an international finance centre, Hong Kong has a world-renowned legal system, accounting procedures, engineering and construction management, financing and investment schemes, as well as an advanced and well-developed infrastructure. A major offshore renminbi (RMB) centre with a unique advantage stemming from its “one country, two systems” designation, Hong Kong is in an excellent position to be a major participant in China’s Belt and Road Initiative. There is lack of synergies amongst Hong Kong''s local finance and professional bodies, as well as organisations and government entities who are participating in the Inititive. Moreover, there is limited understanding of how this new infrastructure financing system will operate in China. This text serves as a supplemental guide to the joint APSA and Hong Kong Institute of Bankers (HKIB) Forum Dialogue on the “Belt and Road Initiative: Infrastructure Financing” which brought together experts from China and Hong Kong as well as senior executives from finance institutions. This documentation of discussions at the forum will hopefully increase the understanding of Hong Kong’s role in the Belt and Road Initiative, and enhance collaboration between all participants and stakeholders.

 

• Compiles topics discussed at the joint APSA and Hong Kong Institute of Bankers (HKIB) Forum Dialogue on the “Belt and Road Initiative: Infrastructure Financing” held on 15 October 2018 at the HK Convention and Exhibition Centre.
   
• Articles are authored by the keynote speakers at the Forum as well as other renowned professionals and academics.
   
• Analyses the relationship between Hong Kong finance and professional bodies with governmental organisations participating in the Belt and Road Initiative in China, highlighting: (i) Hong Kong’s part in contributing to the Initiative; (ii) national policies and objectives; (iii) structured and infrastructure financing; and (iv) securitisation.

 

As an international finance centre, Hong Kong has a world-renowned legal system, accounting procedures, engineering and construction management, financing and investment schemes, as well as an advanced and well-developed infrastructure. A major offshore renminbi (RMB) centre with a unique advantage stemming from its “one country, two systems” designation, Hong Kong is in an excellent position to be a major participant in China’s Belt and Road Initiative. There is lack of synergies amongst Hong Kong''s local finance and professional bodies, as well as organisations and government entities who are participating in the Inititive. Moreover, there is limited understanding of how this new infrastructure financing system will operate in China. This text serves as a supplemental guide to the joint APSA and Hong Kong Institute of Bankers (HKIB) Forum Dialogue on the “Belt and Road Initiative: Infrastructure Financing” which brought together experts from China and Hong Kong as well as senior executives from finance institutions. This documentation of discussions at the forum will hopefully increase the understanding of Hong Kong’s role in the Belt and Road Initiative, and enhance collaboration between all participants and stakeholders.

 

This book fills the gap on how common law continues to apply in Hong Kong’s banking industry in regards to the following topics: • Illustrates the uniqueness of the Hong Kong banking supervisory and regulatory system; • Demystifies Hong Kong Money Authorities’ monetary power in market stabilisation under the Basic Law; • Explains Hong Kong’s Clearing system functions for the RMB offshore clearing hub; and • Examines and explains the changes and/or impact of the Chinese Policy on Hong Kong’s common law and conflicts (sovereign immunity) concerning the issues of litigating in Hong Kong Courts. A publication for both academics and practitioners who need a reliable source covering all banking related topics • Serves as a good referencing authority in practice for practitioners • A comprehensive, informative source of material for academics and students.

The Hong Kong Stock and Futures Exchanges – Law and Microstructure is the first book designed to provide readers with a legal, regulatory and operational insight into the mechanisms for securities trading in Hong Kong. This book opens the “black box” by providing detailed and comprehensive analyses not only of the licensing of exchanges and broker-dealers, but also of the processes and mechanisms for trading, clearing and settling transactions in stock, options, and futures. Further, it benchmarks the state of the Hong Kong market against international regulatory standards and developments in international securities markets. The text also explains the exciting technical and international transformation of the Hong Kong exchanges in recent years and proposes a model for the eventual integration of the Hong Kong securities market into the securities markets of mainland China. Experienced authorship by Professor David C. Donald, the Chinese University of Hong Kong, Faculty of Law Possesses years of experience in the areas of securities markets and market structure gained in Europe, the U.S. and Hong Kong Executive Director of the CUHK Law Faculty’s Centre for Financial Regulation and Economic Development Comprehensive and completely up-to-date exploring hot topic issues such as: Roles and powers of the SFC and the HKEx The law and operation of securities trading on the SEHK and HKFE The law and operation of clearing and settlement in HKSCC, CCASS, HKCC, DCASS The place of Hong Kong within the international and Chinese financial systems Offers an analysis and evaluation of the HKEx’s recent strategic initiatives, including: The increasing role of trading in securities denominated in RMB The upgrade of computer systems to handle more speed and data flow The increasing importance of international alliances and acquisitions

This book fills the gap on how common law continues to apply in Hong Kong’s banking industry in regards to the following topics: • Illustrates the uniqueness of the Hong Kong banking supervisory and regulatory system; • Demystifies Hong Kong Money Authorities’ monetary power in market stabilisation under the Basic Law; • Explains Hong Kong’s Clearing system functions for the RMB offshore clearing hub; and • Examines and explains the changes and/or impact of the Chinese Policy on Hong Kong’s common law and conflicts (sovereign immunity) concerning the issues of litigating in Hong Kong Courts. A publication for both academics and practitioners who need a reliable source covering all banking related topics • Serves as a good referencing authority in practice for practitioners • A comprehensive, informative source of material for academics and students.

The Hong Kong Stock and Futures Exchanges – Law and Microstructure is the first book designed to provide readers with a legal, regulatory and operational insight into the mechanisms for securities trading in Hong Kong. This book opens the “black box” by providing detailed and comprehensive analyses not only of the licensing of exchanges and broker-dealers, but also of the processes and mechanisms for trading, clearing and settling transactions in stock, options, and futures. Further, it benchmarks the state of the Hong Kong market against international regulatory standards and developments in international securities markets. The text also explains the exciting technical and international transformation of the Hong Kong exchanges in recent years and proposes a model for the eventual integration of the Hong Kong securities market into the securities markets of mainland China. Experienced authorship by Professor David C. Donald, the Chinese University of Hong Kong, Faculty of Law Possesses years of experience in the areas of securities markets and market structure gained in Europe, the U.S. and Hong Kong Executive Director of the CUHK Law Faculty’s Centre for Financial Regulation and Economic Development Comprehensive and completely up-to-date exploring hot topic issues such as: Roles and powers of the SFC and the HKEx The law and operation of securities trading on the SEHK and HKFE The law and operation of clearing and settlement in HKSCC, CCASS, HKCC, DCASS The place of Hong Kong within the international and Chinese financial systems Offers an analysis and evaluation of the HKEx’s recent strategic initiatives, including: The increasing role of trading in securities denominated in RMB The upgrade of computer systems to handle more speed and data flow The increasing importance of international alliances and acquisitions

This book fills the gap on how common law continues to apply in Hong Kong’s banking industry in regards to the following topics: • Illustrates the uniqueness of the Hong Kong banking supervisory and regulatory system; • Demystifies Hong Kong Money Authorities’ monetary power in market stabilisation under the Basic Law; • Explains Hong Kong’s Clearing system functions for the RMB offshore clearing hub; and • Examines and explains the changes and/or impact of the Chinese Policy on Hong Kong’s common law and conflicts (sovereign immunity) concerning the issues of litigating in Hong Kong Courts. A publication for both academics and practitioners who need a reliable source covering all banking related topics • Serves as a good referencing authority in practice for practitioners • A comprehensive, informative source of material for academics and students.

The Hong Kong Stock and Futures Exchanges – Law and Microstructure is the first book designed to provide readers with a legal, regulatory and operational insight into the mechanisms for securities trading in Hong Kong. This book opens the “black box” by providing detailed and comprehensive analyses not only of the licensing of exchanges and broker-dealers, but also of the processes and mechanisms for trading, clearing and settling transactions in stock, options, and futures. Further, it benchmarks the state of the Hong Kong market against international regulatory standards and developments in international securities markets. The text also explains the exciting technical and international transformation of the Hong Kong exchanges in recent years and proposes a model for the eventual integration of the Hong Kong securities market into the securities markets of mainland China. Experienced authorship by Professor David C. Donald, the Chinese University of Hong Kong, Faculty of Law Possesses years of experience in the areas of securities markets and market structure gained in Europe, the U.S. and Hong Kong Executive Director of the CUHK Law Faculty’s Centre for Financial Regulation and Economic Development Comprehensive and completely up-to-date exploring hot topic issues such as: Roles and powers of the SFC and the HKEx The law and operation of securities trading on the SEHK and HKFE The law and operation of clearing and settlement in HKSCC, CCASS, HKCC, DCASS The place of Hong Kong within the international and Chinese financial systems Offers an analysis and evaluation of the HKEx’s recent strategic initiatives, including: The increasing role of trading in securities denominated in RMB The upgrade of computer systems to handle more speed and data flow The increasing importance of international alliances and acquisitions