The Banking Ordinance provides that no person shall act as a money broker unless that person is approved by the Monetary Authority under the Ordinance. It follows from the above definition that the money broker need not necessarily be resident, or be carrying on a business in Hong Kong.

The requirement to be approved will apply if the money broker is resident abroad but is providing a service to persons in Hong Kong one of whom is an authorized institution. However, the legislation is not intended to cover persons such as investment advisers, securities dealers, solicitors and professional accountants who may technically act as money brokers e.

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The Monetary Authority may also specify a person, or a class of persons that the legislation does, or does not apply in notices under section 2 14 c and section 2 14 b of the Ordinance. The approval criteria for money brokers, which are set out in the Eleventh Schedule to the Ordinance, require that:. The Banking Ordinance empowers the Monetary Authority to attach conditions to the certificate of approval of money brokers, to vary, add, or delete such conditions, to conduct examinations on approved brokers and to obtain information from them.

The Guide to Authorization issued by the HKMA describes the authorisation regime for money brokers and to explain how the HKMA will interpret the minimum criteria for approval of money brokers as set out in the Eleventh Schedule to the Ordinance.

Smaller A Text Size: Default Size A Text Size: Regulation of Money Brokers The Banking Ordinance provides that no person shall act as a money broker unless that person is approved by the Monetary Authority under the Ordinance.

The approval criteria for money brokers, which are set out in the Eleventh Schedule to the Ordinance, require that: List of approved money brokers Excel File, 32KB.

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