The Monetary Authority today (5th) launched a public consultation on optimizing the Banking Ordinance (Chapter 155), which will end on January 28 next year.

The Monetary Authority had previously completed public consultation on two optimization proposals, namely simplifying the bank's three-tier system to a two-tier system and allowing recognized institutions to exchange information about customers, accounts, and trades to prevent and detect financial crimes. The related consultation summaries were published on August 5 and September 30 of this year, respectively. In addition, the Monetary Authority is reviewing the enforcement powers of the Financial Commissioner and is consulting the industry.

The consultation document released by the Monetary Authority today covers three other optimization proposals for the review of the Banking Ordinance, namely establishing a statutory system to regulate and supervise designated local registered control companies of locally registered recognized institutions; granting the Financial Commissioner the flexibility to employ individuals with relevant skills to assist the Financial Commissioner in performing his functions under the Banking Ordinance; and introducing multiple technical amendments.