HKMA was established in April, 1994. Authorized by the Banking Ordinance, the HKMA exercises prudential supervision over licensed banks, restricted licensed banks and deposit-taking companies. Its supervision methods include on-site review and off-site review. Apart from supervising the banking industry, other functions and objectives of HKMA include maintaining the stability of the Hong Kong dollar, improving the efficiency and promoting the development of the financial system, and maintaining a clean and fair financial system. These functions and objectives are basically the same as those of central banks all over the world.
China Securities Regulatory Commission, established at 1989, is the highest institution in Hong Kong to prudently supervise securities trading, financial investment and commodity futures. The China Securities Regulatory Commission is financially independent of the government and directly accountable to the Chief Executive. The government does not participate in the daily supervision of the securities and futures industry.
China Securities Regulatory Commission is committed to maintaining and promoting the fairness, efficiency, competition, transparency and order of the securities and futures industry, and providing protection for investors. The main tasks of the CSRC include: supervising the information disclosure, acquisition and merger of listed companies, and implementing securities laws and regulations related to listed companies; Supervise the exchange; Supervise investment products.
According to the existing regulatory framework, the CSRC has the responsibility to supervise and supervise the HKEx and its subsidiaries, including stock exchanges, futures exchanges and settlement companies recognized by the CSRC. OCI, established in June, 1990, is an office within a government agency responsible for prudently supervising the insurance industry in Hong Kong to protect the interests of policyholders.
In addition, the insurance industry will formulate self-regulatory measures to strengthen professional discipline in the insurance market. According to the Mandatory Provident Fund Schemes Ordinance promulgated by 1995, the Mandatory Provident Fund Schemes Authority was established in September 1998. It is an independent statutory body, whose main function is to supervise and supervise the operation of the MPF system, and to ensure that people concerned abide by the MPF Ordinance.
As MPF contributions are mandatory, the Government has implemented a number of measures under the MPF system to ensure that MPF assets are properly kept. These measures include setting strict criteria for approving MPF trustees; Prudent supervision to ensure that the people concerned meet the standards and comply with the regulations; Ensure the smooth operation and transparency of the plan; And establish a compensation fund system to compensate the losses caused by illegal acts.