******************************************************
The Clearing and Settlement Systems (Amendment) Bill 2015 was gazetted today (January 23). The Bill seeks to establish a regulatory regime for stored value facilities (SVF) and retail payment systems (RPS) in Hong Kong.
"The retail payment market has been developing rapidly. The proposed regulatory framework will help enhance the safety and soundness of the SVF and RPS, thereby strengthening the public's confidence in these products and services and fostering their further development and innovation," the Secretary for Financial Services and the Treasury, Professor K C Chan, said.
The Bill seeks to empower the Hong Kong Monetary Authority (HKMA) to implement a mandatory licensing regime for the multi-purpose SVF and a designation regime for the RPS, and to perform relevant supervision and enforcement functions.
"By upgrading the retail payment legislation in line with developments in other major financial centres, the proposal will help maintain Hong Kong's status as an international financial centre," Professor Chan added.
After the passage of the Bill, the HKMA will issue guidelines where appropriate to facilitate compliance and enforcement.
The Bill will be introduced into the Legislative Council for first reading on February 4, 2015.
Ends/Friday, January 23, 2015
Issued at HKT 10:01
NNNN
