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December 12, 2001 - The Hong Kong Monetary Authority (HKMA) released today (11 December) a paper on the review of the market entry criteria for the banking sector and the three-tier authorization regime for consultation with the industry associations. The paper reports on the results of an internal review conducted by the HKMA and sets out a number of proposals based on the review. The review is part of the Banking Sector Reform Programme announced by the HKMA in 1999, which aims at promoting greater competition in the banking sector and strengthening the safety and soundness of the banking system.
One of the major proposals of the review is to remove the US$16 …