The Hong Kong Monetary Authority (HKMA) is the central banking institution of Hong Kong.
It was established on April 1, 1993, through the merger of the Exchange Fund and the Office of the
Commissioner of Banking. As an independent government department separate from the Hong Kong
government, the HKMA is primarily responsible for maintaining currency stability, promoting the stability and soundness of the financial system, consolidating Hong Kong’s position as an international financial center, an managing the Exchange Fund.
HKMA-related institutions include the Hong Kong Mortgage Corporation Limited, the Hong Kong Note Printing Limited, the Hong Kong Institute for Monetary and Financial Research, the Hong Kong Interbank Clearing Limited, and the Exchange Fund Investment Limited.
According to the Banking Ordinance, the HKMA is responsible for granting, suspending, and revoking accreditation to authorized institutions and has discretionary powers to approve or reject accreditation applications to operate banking or deposit-taking businesses in Hong Kong.
Authorized institutions include licensed banks, restricted license banks, and deposit-taking companies.
In Hong Kong, banks have diversified businesses, and some banks participate in securities trading. Although the HKMA is the statutory regulatory body for the banking industry in Hong Kong, the SFC is the primary regulatory body for the securities industry in Hong Kong.
Therefore, if a bank wants to engage in securities business regulated by the SFC, it needs to register with the SFC. The registration process involves the bank submitting application materials to the HKMA, which will review and submit them to the SFC for registration.
Banks engaging in securities business activities regulated by the SFC are jointly regulated by the HKMA and the SFC, with the HKMA remaining as the frontline regulatory authority.
Therefore, banks conducting securities business are registered as “registered institutions” with the SFC, rather than being directly licensed as “licensed corporations” by the SFC. Employees engaged in regulated activities of registered institutions are referred to as “registered persons” after registration with the SFC, rather than licensed persons.Therefore, the term “HKMA license” commonly used in the industry refers to registration with the SFC as a registered institution or registered person, not a license issued directly by the SFC. The HKMA handles complaints and disciplinary actions related to registered institutions or registered persons.
If you want to find data on a registered person, you can log in to the HKMA’s Securities Industry Authorized Person Register and search by name, registration number, registered institution, and other criteria.
How can we help?
2CExam provides HKSI LE, IIQE, EAQE and SQE related exam preparation materials. We sell mock question banks for HKSI LE Papers 1, 2, 3, 5, 6, 7, 8, 9, 12 in Chinese and English; and bibles for HKSI LE Papers 1, 2, 6, 7, 8 in Chinese. We also offer 1 on 1 tutorial services. Besides, we have also made free tutorial videos for HKSI LE Papers 1, 2, 6, 7, 8, 12 and posted on public channels such as Youtube/ Bilibili/ Tencent/ Iqiyi. 2CExam has been an exam training expert for years. Should you need any help please visit www.2cexam.com or contact us through:
Phone +852 2110 9644 Email: [email protected] Wechat: hk2cexam WhatsApp: +852 9347 2064
Please support us by leaving comments and likes if you think this article helps you!
You can scan or click on the QR codes to visit our social media.
Latest Article
Categories
過往文章
Contact US
-
Phone:
+852 2110 9644
-
Email:
-
WhatsApp
+852 9347 2064
-
WeChat
hk2cexam
Interesting Articles
How to check the results of HKSI Paper?
How to check the results of HKSI LE Paper? How to check the results of HKSI LE paper? There are two situations for this. The first one is that if you take the exam in Hong Kong, most of them are computer-based exams, and you will know your results immediately after you finish the exam.…
What exam should I take if I want to be a sponsor?
In Hong Kong, unless an individual or company is exempted, If they wish to conduct the ten “regulated activities” defined by the Securities and Futures Ordinance, they need to apply for a license/registration with the Securities and Futures Commission. Type 1: Dealing in securities Type 2: Dealing in future contracts Type 3: Leveraged…
What exam should I take if I want to help customers buy and sell futures and options?
In Hong Kong, unless an individual or company is exempted, if they wish to conduct the ten “regulated activities” defined by the Securities and Futures Ordinance, they need to apply for a license/registration with the Securities and Futures Commission. Type 1 Dealing in securities Type 2 Dealing in futures contracts Type 3 Leveraged foreign…
What exam should I take if I want to help clients buy and sell Hong Kong stocks, US stocks, and bonds?
In Hong Kong, unless an individual or company is exempted, if they wish to conduct ten “regulated activities” defined by the Securities and Futures Ordinance, they need to apply for a license/registration with the SFC. Type 1 Dealing in securities Type 2 Dealing in futures contracts Type 3 Leveraged foreign exchange trading Type…
What exam should I take if I want to sell group insurance, accident insurance and disability insurance with death compensation?
Are group insurance, accident insurance and disability insurance with death compensation general insurance policies or long-term policies? In fact, there is no absolute answer, because an insurance policy with both accident/disability compensation and life insurance components can be general policies or long-term policies, depending on the plan. As in death compensation accident insurance: It…
What exam should I take if I want to sell life insurance, savings life insurance, annuities, and critical illness insurance?
Life insurance, endowment insurance, annuities, and critical illness insurance are all insurances that are particularly related to human life. Life insurance and endowment life insurance are types of insurance that pay consolation money to the beneficiary after the death of the insured. Annuities are closely related to the life of the insured. Basically for…
What exam should I take if I want to sell accident insurance, domestic helper insurance, and medical insurance?
Accident insurance, domestic helper insurance, and medical insurance are all medical-related insurances that are purchased in order to avoid burdening huge (medical) expenses. According to Hong Kong’s “Insurance Ordinance”, general business protection covers 17 categories, including accidents, sickness, and general legal liability. Therefore, if you want to sell accident insurance, domestic helper insurance, and medical…
What exam should I take if I want to sell engineering insurance and liability insurance?
Engineering insurance and liability insurance are insurances designed to avoid huge financial burdens caused by huge losses. Part of the engineering insurance will protect the legal liabilities of causing the third party to be injured or have property losses; while the liability insurance is to compensate for the liabilities derived from causing injuries or losses…
What exam should I take if I want to sell car insurance, water damage insurance, home insurance, property insurance, and marine cargo insurance?
Car insurance, water damage insurance, home insurance, property insurance, and marine cargo insurance are all property insurances that are purchased to cover losses caused by accidents. According to Hong Kong’s “Insurance Ordinance”, general business insurance covers 17 major categories, including land vehicles, ships, fires and natural forces, damage to property, etc. Therefore, if you want…
What is the Use for IIQE Certificates?
Is there any difference between notification of results and a certificate? Do I need to submit both at the same time when I apply for a license? The IIQE notification of results and certificate are two different kinds of proof. The Vocational Training Council (VTC) Institute of Professional Education and Knowledge (PEAK) is responsible…