On 14 Jun 2024, the HKMA confirmed the effective implementation of amended licence fees under the Banking Ordinance, following the Legislative Council's resolution passed on 12 June 2024. The changes increase fees for registration, restricted banking licences, and deposit-taking companies across multiple fee categories as specified in the amended Second Schedule.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Introduction
On 14 Jun 2024, the Hong Kong Monetary Authority (HKMA) issued a circular notifying the effective implementation of amended licence fees under the Banking Ordinance (Cap. 155), following the Legislative Council's passage of the relevant resolution on 12 June 2024.
Key Fee Changes
The amended Second Schedule to the Banking Ordinance, effective 14 June 2024, increases fees for various licence categories. The resolution amends sections 19(1)-(2), 20(5), 45(1)-(3), 48(1)-(4), 51(1)-(2) and 118F(1)-(2) of the Ordinance to implement higher fees for registration, restricted banking licences, deposit-taking companies, and related administrative services. The annex specifies new fee amounts, including a fixed fee of HKD 880,000 for restricted licence banks and varying fees for other categories such as banks, deposit-taking companies, and copy requests.
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