The Government Deposit Guarantee document serves as the cornerstone of Hong Kong's deposit protection framework, providing essential security for depositors and stability for the banking system. This document is utilized when establishing or updating the relationship between the guarantee scheme and participating financial institutions, typically following legislative changes or periodic reviews of the deposit protection regime. It contains comprehensive details about coverage limits, premium calculations, operational procedures, and regulatory requirements specific to Hong Kong's banking environment. The document incorporates provisions from the Deposit Protection Scheme Ordinance and other relevant Hong Kong banking regulations, ensuring compliance with local legal requirements while maintaining alignment with international best practices in deposit insurance.
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1. Parties: Identifies the government authority providing the guarantee and the financial institutions covered
2. Background: Context of the guarantee scheme, its establishment, and legislative basis
3. Definitions: Comprehensive definitions of terms used throughout the document, including 'Protected Deposit', 'Scheme Member', etc.
4. Scope of Guarantee: Details of what deposits are covered, maximum coverage amounts, and any limitations
5. Eligibility Criteria: Requirements for financial institutions to participate in the scheme and for deposits to be eligible
6. Protection Mechanism: Process of how the guarantee works, triggering events, and payment procedures
7. Obligations of Scheme Members: Requirements and responsibilities of participating financial institutions
8. Premium and Funding: Details of premium calculations, payment schedules, and funding mechanisms
9. Claims Process: Procedures for making and processing claims under the guarantee
10. Information and Disclosure: Requirements for public disclosure and customer communication
11. Termination and Exit: Conditions and procedures for termination of membership or the entire scheme
12. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction details
1. Foreign Currency Deposits: Special provisions for deposits in currencies other than Hong Kong Dollar, used when foreign currency coverage is offered
2. Special Account Types: Additional provisions for specific types of accounts (joint accounts, trust accounts, etc.), included when these require special treatment
3. Cross-Border Arrangements: Provisions for international banking groups or cross-border deposits, included for banks with significant international operations
4. Emergency Procedures: Special procedures for systemic banking crises or emergency situations, included based on regulatory requirements
5. Digital Banking Provisions: Special provisions for virtual banks or digital-only operations, included when relevant to participating institutions
1. Schedule 1: Premium Calculation Methodology: Detailed methodology for calculating premium contributions from scheme members
2. Schedule 2: Protected Deposit Types: Comprehensive list of deposit types covered under the scheme
3. Schedule 3: Operational Procedures: Detailed procedures for day-to-day operation of the scheme
4. Schedule 4: Reporting Requirements: Templates and specifications for required reports from scheme members
5. Schedule 5: Claims Processing Procedures: Step-by-step procedures for processing and paying claims
6. Appendix A: Standard Forms: Collection of standard forms for various scheme processes
7. Appendix B: Information System Requirements: Technical specifications for information systems and data exchange
8. Appendix C: Communication Templates: Standard templates for customer communications and public notices
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Financial Technology
Insurance
Asset Management
Public Sector
Regulatory Compliance
Financial Infrastructure
Relevant Teams
Legal
Compliance
Risk Management
Treasury
Operations
Regulatory Affairs
Corporate Governance
Finance
Audit
Customer Service
Corporate Communications
Government Relations
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Chief Risk Officer
Chief Compliance Officer
Head of Legal
Head of Regulatory Affairs
Treasury Manager
Compliance Manager
Risk Manager
Legal Counsel
Regulatory Reporting Officer
Operations Director
Banking Operations Manager
Deputy Chief Executive
Head of Banking Supervision
Deposit Protection Scheme Manager
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