Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
HK's Deposit Protection Scheme (Amendment) Bill 2024 Gazetted Tdy
Recommend 4 Positive 8 Negative 5 |
||||
|
||||
|
The HK Government gazetted today (May 3) the Deposit Protection Scheme (Amendment) Bill 2024, which seeks to enhance the Deposit Protection Scheme (DPS) to strengthen the protection for depositors, maintain banking stability and keep up with international standards and the latest developments of Hong Kong. The Bill amends the Deposit Protection Scheme Ordinance (Cap. 581) and the Deposit Protection Scheme (Representation on Scheme Membership and Protection of Financial Products under Scheme) Rules (Cap. 581A) to implement the following enhancements: raising the protection limit from the current $500,000 to $800,000; refining the levy system to enable the DPS Fund underpinning the Scheme to reach the target fund size within a reasonable timeframe under the increased protection limit; providing enhanced coverage to affected depositors upon a bank merger or acquisition; requiring the display of the DPS membership sign on the electronic banking platforms of DPS members; and streamlining the negative disclosure requirement on non-protected deposit transactions for private banking customers. AAStocks Financial News |
||||
Copied to Clipboard
 |
||||
