Hong Kong grills finance executives on reasons for leaving
Government agencies including the Securities and Futures Commission of Hong Kong, the Hong Kong Monetary Authority, the Hong Kong Financial Services and the Treasury Bureau and the Financial Services Development Council have phoned banking and asset management executives who have relocated to rival cities including Singapore and Tokyo, according to three people with direct knowledge of the calls.
The calls was to ask for a full picture of the decision-making process behind the moves and the significance of the timing.
While many remain committed to staying, a number of individual financial professionals or small teams have moved out of Hong Kong since Beijing imposed a national security law in June 2020, which an unprecedented legal incursion. Some felt raised the risk of doing business in the Chinese territory.
Source: FT #Jan27
https://www.ft.com/content/76f88fc4-a0c2-42dd-8419-5956477c4a4a
#HongKong #HKFinancialHub #NationalSecurityLaw #NSL
Government agencies including the Securities and Futures Commission of Hong Kong, the Hong Kong Monetary Authority, the Hong Kong Financial Services and the Treasury Bureau and the Financial Services Development Council have phoned banking and asset management executives who have relocated to rival cities including Singapore and Tokyo, according to three people with direct knowledge of the calls.
The calls was to ask for a full picture of the decision-making process behind the moves and the significance of the timing.
While many remain committed to staying, a number of individual financial professionals or small teams have moved out of Hong Kong since Beijing imposed a national security law in June 2020, which an unprecedented legal incursion. Some felt raised the risk of doing business in the Chinese territory.
Source: FT #Jan27
https://www.ft.com/content/76f88fc4-a0c2-42dd-8419-5956477c4a4a
#HongKong #HKFinancialHub #NationalSecurityLaw #NSL