On 15 Nov 2024, the HKMA issued SPM Module MB-1 codifying existing regulatory requirements and risk-based supervision standards for Approved Money Brokers, effective immediately. The module consolidates the Treasury Markets Association's Code of Conduct and Banking Ordinance Minimum Criteria into a single statutory guideline without introducing new rules. The module is now available on the HKMA's public website.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Introduction
On 15 Nov 2024, the Hong Kong Monetary Authority (HKMA) issued a new Supervisory Policy Manual (SPM) Module MB-1 titled 'Risk-based Supervision of Approved Money Brokers' as a statutory guideline under section 118C(7) of the Banking Ordinance, effective immediately.
Content and Purpose
The new SPM Module MB-1 primarily codifies existing regulatory requirements and expected standards for Approved Money Brokers (AMBs), incorporating provisions from the Treasury Markets Association's 'Code of Conduct and Practice' and the Minimum Criteria for Approval as Money Broker in the Eleventh Schedule to the Banking Ordinance. It elaborates on the HKMA's risk-based supervisory approach towards AMBs without introducing new substantive requirements.
Implementation and Accessibility
The module became effective on 15 Nov 2024 and is available on the HKMA's public website. It supersedes any inconsistent guidance previously provided by the HKMA regarding risk-based supervision of AMBs, consolidating existing expectations into a single, accessible reference.
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