The Hong Kong government on 5 June 2026 published the Banking Legislation (Miscellaneous Amendments) Bill 2026 in the Gazette, in a move intended to keep the city's banking legislation fit for purpose as the industry evolves. The Bill will be introduced into the Legislative Council for its first reading on 17 June.
FIVE AREAS OF AMENDMENT
The Bill amends the Banking Ordinance in five areas: the regulation of bank holding companies; the engagement of skilled persons for supervisory purposes; the modernisation of enforcement provisions; the simplification of the current three-tier banking system into a two-tier system; and technical amendments to reduce the compliance burden and enhance regulatory clarity. It also amends The Hong Kong Association of Banks Ordinance and the Financial Institutions (Resolution) Ordinance to enhance operational efficiency and flexibility.
According to the government, the package is intended to reduce the compliance burden on the banking industry, make regulatory requirements clearer and more effective, keep pace with market developments and further align Hong Kong's banking regulation with relevant international standards.
OFFICIALS BACK THE CHANGES
Secretary for Financial Services and the Treasury Christopher Hui said: “The relevant amendments will empower the banking industry to fully capture the immense opportunities presented by future market and technological developments.”
Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), said: “These enhancements to banking legislation will ensure that our regulatory framework remains robust and conducive to the development of banks, thereby further strengthening Hong Kong's position as an international financial centre.” The HKMA carried out a series of public and industry consultations on the proposed amendments between 2023 and 2025, and the government said respondents gave the proposals broad support.