Our regulatory and financial crime investigations lawyers report that the main financial services regulatory laws are:
• Securities and Futures Ordinance – this is the main legislation governing the securities and futures markets and the non-bank leveraged foreign exchange market.
• Banking Ordinance – the BO provides the framework for the supervision of banks in Hong Kong (together with certain guidelines and circulars issued by the HKMA).
• Payment Systems and Stored Value Facilities Ordinance – Under the Ordinance, the HKMA is empowered to license and supervise the operation of stored value facilities and to regulate retail payment systems.
• Insurance Ordinance – this is the principal legislation to regulate the insurance industry in Hong Kong. The Ordinance sets out the requirements for the authorisation / licensing, ongoing compliance and reporting obligations of insurers and insurance intermediaries.
• Mandatory Provident Fund Schemes Ordinance – This is the principal legislation that governs the administration and management of MPF schemes. The MPFSO also provides for the approval and control of persons as trustees of MPF schemes and the regulation of sales and marketing activities.
• Companies Ordinance and Companies (Winding Up and Miscellaneous Provisions) Ordinance – The main legislation governing companies.