Legislative Council of Hong Kong

“ If the law of the place at which a branch or subsidiary undertaking of a financial institution carries on business does not permit the application of any procedures relating to any of the requirements referred to in subsection (1) , the financial institution must—
(a) inform the relevant authority accordingly; and (b) take additional measures to effectively mitigate the risk of money laundering and terrorist financing faced by the branch or subsidiary undertaking as a result of its inability to comply with the requirement. ”

“ A person who only provides to financial institutions a message system or other support systems for transmitting funds is not, for the purposes of this Ordinance, to be regarded as a person operating a remittance service. ”

“ The customer is—
(a) a financial institution; (b) an institution that— (i) is incorporated or established in an equivalent jurisdiction; (ii) carries on a business similar to that carried on by a financial institution; (iii) has measures in place to ensure compliance with requirements similar to those imposed under this Schedule; and (iv) is supervised for compliance with those requirements by an authority in that jurisdiction that performs functions similar to those of any of the relevant authorities; (c) a corporation listed on any stock exchange ”

“ If an application is made under subsection (7) for a private sitting, any hearing of the application must be held in private.
(9) At any sitting of the Tribunal relating to a review, the parties to the review are entitled to be heard—
(a) in person, or— (i) in the case of a corporation, through an officer or employee; (ii) in the case of a partnership, through a partner; or (iii) in the case of a specified authority, through a representative; and (b) through a solicitor or counsel or, with the leave of the Tribunal, through any other person. ”

“ For the purpose of determining a review, the Secretary, on the recommendation of the chairperson, must appoint 2 panel members as ordinary members of the Tribunal in relation to the review.
(2) Subject to subsections (3) and (5) , a panel member who is appointed as an ordinary member is appointed to act in relation to a specified review and may be reappointed after his or her term of appointment or reappointment as an ordinary member has expired. ”

“ The product is—
(a) a provident, pension, retirement or superannuation scheme (however described) that provides retirement benefits to employees, where contributions to the scheme are made by way of deduction from income from employment and the scheme rules do not permit the assignment of a member’s interest under the scheme; (b) an insurance policy for the purposes of a provident, pension, retirement or superannuation scheme (however described) that does not contain a surrender clause and cannot be used as a collateral ”

“ A person whose term of appointment or reappointment as a panel member has expired may be reappointed.
(4) A panel member may resign from office by giving notice in writing to the Secretary.
(5) The Secretary may by notice in writing remove a panel member from office on the grounds of incapacity, bankruptcy, neglect of duty, conflict of interest or misconduct. ”