Clifford Chance
HKMA implements measures to refine management accountability
20 October 2017
The global financial crisis exposed corporate governance weaknesses of financial institutions around the world and regulators have since required the board and senior management of financial institutions to introduce better culture and ethics and changes to their corporate governance structures. Hong Kong is no exception. On 16 December 2016, the Securities and Futures Commission (SFC) took steps to enhance senior management accountability of licensed corporations via its manager-in-charge regime, which became fully operational on 17 October 2017 following a six-month transition period. On 16 October 2017, the Hong Kong Monetary Authority (HKMA) took similar steps and published its new guidance on management accountability at registered institutions (Guidance). The measures are set out in a set of FAQs accompanying the Guidance.
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HKMA implements measures to refine management accountability
