Hong Kong’s competition law now in force – Tips for financial institutions
Hong Kong’s new competition law is now in effect and applies to all financial institutions in Hong Kong. Numerous financial institutions and payment systems participants have faced penalties by competition authorities overseas for anti-competitive conduct, and similar fines may now be imposed in Hong Kong. It is therefore vital that financial institutions ensure their compliance programs, internal reviews and leniency strategies contemplate Hong Kong where appropriate. Hong Kong’s Competition Ordinance prohibits conduct that harms competition in Hong Kong. There are two key competition rules that apply to the financial sector, known as the First and Second Conduct Rules. This article provides an outline of the new Hong Kong competition rules and compliance tips for financial institutions.