On 01 Aug 2025, the HKMA gazetted the revised SPM CG-1 on corporate governance, effective immediately, to align with the 15 December 2021 circular and address conflicts of interest from external directorships. The revision supersedes the prior guidance and is now available as statutory guidance under the Banking Ordinance.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Gazettal of Revised Guidance
On 01 Aug 2025, the Hong Kong Monetary Authority (HKMA) gazetted a revised version of the Statutory Policy Module (SPM) CG-1 'Corporate Governance of Locally Incorporated Authorized Institutions' as statutory guidance under section 7(3) of the Banking Ordinance. This revision follows consultation with industry associations and supersedes the previous version of SPM CG-1.
Key Revision Focus
The primary updates to the revised SPM CG-1 align with the requirements set out in the HKMA circular dated 15 December 2021, specifically targeting the minimisation of potential conflicts of interest arising from directors and senior management holding directorships or management positions in entities outside the Authorized Institution's (AI) banking group. The revised module is now effective from 01 Aug 2025 and is accessible on the HKMA's public website and Supervisory Communication Website.
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