On 18 Jun 2024, the HKMA mandated that authorized institutions implement specific operational protocols for Severe Weather Trading (SWT) effective 23 Sep 2024, including branch closures, electronic-only banking services, and special cheque processing rules. AIs must finalise remote working arrangements, support securities brokers' transition to electronic payments, and ensure continuous digital customer services during severe weather events.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Introduction
On 18 Jun 2024, the Hong Kong Monetary Authority (HKMA) issued guidance requiring authorized institutions (AIs) to implement specific operational arrangements to support the Government's Severe Weather Trading (SWT) framework, effective 23 September 2024, following HKEX's consultation conclusions and the Government's announcement.
Key Operational Arrangements
Upon SWT implementation, bank branches will close as under current inclement weather protocols, with all banking services restricted to electronic channels. Paper cheques will not be collected during severe weather days, though cheques collected prior to such days will continue to be cleared and settled. AIs must ensure continuous operation of internet banking, phone banking, and customer service hotlines during severe weather events.
Implementation Reminders
AIs must finalise remote working arrangements for services supporting brokers' trading and customer investment activities ahead of SWT launch. AIs are required to proactively assist securities brokers—particularly small and medium-sized ones—in migrating to electronic payment channels and provide flexible funds transfer limits. Additionally, AIs must review and enable necessary online services (e.g., funds transfer limit adjustments, third-party payee registration) to support SWT, while proactively communicating service availability to customers.
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