Key Functions. Code of Practice: The HKMA’s Approach to Resolution Planning (RA-2) (PDF File, 751.4 KB) Code of Practice: Resolution Planning - Core Information Requirements (CI-1) (PDF File, 227.5 KB) 07 Jul 2017 The Hong Kong Monetary Authority (HKMA) has issued a draft code of practice intended to improve the regulation and supervision of trust businesses in the jurisdiction's banking sector. HKMA Proposes New Code of Practice for Banks’ Trust Companies By Manesh Samtani, Regulation Asia Published on 13th July 2020 The HKMA is looking to address a lack of conduct requirements for trust businesses used by banks and their subsidiaries for wealth management purposes. Code of Practice: The HKMA’s Approach to Resolution Planning (RA-2) (PDF File, 751.4 KB) Code of Practice: Resolution Planning - Core Information Requirements (CI-1) (PDF File, 227.5 KB) CIR Consultations. 1.2.

The Hong Kong Monetary Authority (HKMA) has issued a draft code of practice intended to improve the regulation and supervision of trust businesses in the jurisdiction's banking sector. This is a non- statutory Code issued on a voluntary basis. History Exchange Fund's Statutory Purposes and Investment Objectives Investment Management Investment … Hong Kong's regulator proposes tighter supervision of trust business in banking sector | STEP Skip to main content This Code of Banking Practice (Code) is issued jointly by the Hong Kong Association of Banks (HKAB) and the DTC Association (DTCA), i.e., the industry Associations, and endorsed by the Hong Kong Monetary Authority (HKMA). Notes: Type of Regulatory Documents: SPM = Supervisory Policy Manual, CIR = Circular, GLN = … Notes: Type of Regulatory Documents: SPM = Supervisory Policy Manual, CIR = Circular, GLN = Guideline, COP = Code of Practice, EN = Explanatory Note, PN = Practice Note Reference of Regulatory Docume Accountancy firms and law firms subject to their own professional codes will be exempted.The HKMA is also planning to maintain on its website lists of AIs and their subsidiaries that conduct trust business in Hong Kong, and are thus subject to the proposed code, as well as a list of other trust companies that have declared their observance of the code. The HKMA is proposing that AIs and their subsidiaries will have to comply with the finalised code no later than six months from when it is issued. 201508203N)

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The HKMA is looking to address a lack of conduct requirements for trust businesses used by banks and their subsidiaries for wealth management purposes. Registered number: 2632423. Services falling in its scope include setting up a trust; acting as trustee for a trust or arranging for any person to do so; managing the assets held on trust; administration services for a trust; and/or eventual transfer of assets to beneficiaries. Linked Exchange Rate System Liquidity Facilities Hong Kong Currency. Legal status: Similar to other industry-wide initiatives, such as the issuance of the Code of Banking Practice, the HKMA proposes that the development and implementation of the MRC scheme should be an industry-led initiative endorsed by the HKMA, rather than a formal regulatory requirement imposed by the HKMA through its rule-making powers.

Currently these entities are not subject to specific mandatory conduct requirements.

Registered Office: Artillery House (North), 11-19 Artillery Row, London SW1P 1RT, United Kingdom. Money . Reserves Management. The code will apply to authorised institutions (AIs) and subsidiaries of locally incorporated AIs that conduct trust business in Hong Kong. The Hong Kong Trustees' Association has issued industry guides, but membership of the association is voluntary. Hong Kong's regulator proposes tighter supervision of trust business in banking sector The code is intended to improve protection of assets held in trust for customers of wealth management services. Open Closed. Get access immediately by purchasing a 12 month subscription, or register today to get access to a free 5-article trial: Other trustees and trust companies, including holders of a trust or company service provider licence, are being encouraged to voluntarily adopt the code where applicable. Merely introducing or referring another trustee to their customers for provision of trust services will not trigger mandatory compliance with the code, although due-diligence on the trustee will still be required. Responses to the consultation must be submitted by 9 October 2020.© 2020 The Society of Trust and Estate Practitioners is a company limited by guarantee incorporated in England and Wales. By Subject (Current) Supervisory Policy Manual Guidelines Circulars Guide to Authorization Code of Practice Explanatory Note Practice Note.

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