1990-05-17 15:34 BANK OF ENGLAND INT DIUN
44 1 601 5561 P.08
In exercising his discretion, the FS will also have regard to whether
(a) (i) if incorporated in Hong Kong, the applicant is either a dic or at least 50% owned by a bank which is adequately supervised (or exceptionally by another fully supervised financial institution); or
(0)
(ii) if incorporated elsewhere, is a bank, subject to adequate supervision (in either case the supervisory authority must have no objection to the application); and
If the company is a subsidiary or associate of a licensed bank in Hong Kong, it is widely recognised as an entity in its own right, and has a separate man- agement structure at executive level
4.
Deposit-taking company
The registration authority for deposit-taking companies (etc) is the Commissioner of Banking. Section 21(1) of the Ordinance gives the Commissioner the discretion either to register or to refuse to register a company as a dtc. Without limiting the Commissioner's discretion to refuse to register a company as a dto, the Ordinance states that a company shall not be registered where
(a)
the paid-up share capital of the company is less than $25mn or an equivalent amount in any other approved currency, or
(0) the company does not satisfy him that it is a fit and proper body to be registered
In assessing the fitness and properness of an applicant ((b) above), the Commissioner will have regard to, inter alia, whether
(a)
the company is in reputable ownership and the beneficial owner of any holding of 10% or more of the voting share capital is known;
(b)
the company, or - if newly formed - its parent, is in good general standing within the financial community, and
(c)
the management of the company is in fit and proper hands (applying equally to the head office of the company if it is outside Hong Kong) It has, or plans to have, adequate financial resources and control systems for the scale and nature of its business. At least two persons resident in Hong Kong must be in effective
control of the business.
In exercising his discretion, the Commissioner will also have regard to whether -
(a)
(b)
the applicant, if incorporated in Hong Kong, is at least 50% owned by a bank which is subject to adequate supervision (or exceptionally by another fully supervised financial institution); and
the applicant, if incorporated outside Hong Kong, is a bank subject to adequate supervision
•
In either case the supervisory authority must have no objection to the application.
38
५