Hong Kong Introduces Banking Legislation Bill 2026 to Modernize Regulations and Enhance Industry Efficiency

Banking Legislation (Miscellaneous Amendments) Bill 2026 gazetted

The Government published in the Gazette today (June 5) the Banking Legislation (Miscellaneous Amendments) Bill 2026, which serves to ensure that Hong Kong's banking legislation will continue to be fit for purpose and conducive to future developments amidst the evolving landscape of the banking industry.

The Bill covers amendments to the Banking Ordinance (BO) in the following areas: (i) regulation of bank holding companies; (ii) engagement of skilled persons for supervisory purposes; (iii) modernisation of enforcement provisions; (iv) simplification of the current three-tier banking system into a two-tier system; and (v) technical amendments to reduce the compliance burden and enhance regulatory clarity. The Bill will also make amendments to The Hong Kong Association of Banks Ordinance and the Financial Institutions (Resolution) Ordinance for enhancing operational efficiency and flexibility.

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "Committed to fostering an optimal and attractive business environment, the Government has been dedicated to keep refining Hong Kong's financial regulations to align with the latest international standards and market dynamics. The relevant amendments will empower the banking industry to fully capture the immense opportunities presented by future market and technological developments."

The Chief Executive of the Hong Kong Monetary Authority (HKMA), Mr Eddie Yue, said, "The banking industry plays an indispensable role in enabling effective financial intermediation and the functioning of the financial system. These enhancements to banking legislation will ensure that our regulatory framework remains robust and conducive to the development of banks, thereby further strengthening Hong Kong's position as an international financial centre."

This series of amendments will help reduce the compliance burden on the banking industry, make regulatory requirements clearer and more effective, keep pace with market developments, and further align Hong Kong's banking regulation with relevant international standards. The HKMA conducted a series of public and industry consultations on the proposed legislative amendments between 2023 and 2025. Broad support for the proposals was received from the respondents.

The Bill will be introduced into the Legislative Council for the first reading on June 17.

Photo source: reference image

Distinctive arts on offer at LCSD parks

Members of the public are invited to visit the new phase of the Arts Fun Fair to be launched by the Leisure and Cultural Services Department (LCSD) at Kowloon Park from this Sunday (June 7). Visitors can enjoy the beautiful scenery of the park while appreciating a wide range of handicrafts and artworks.

The 28th phase of the Arts Fun Fair at Kowloon Park runs from June 7 until May 30 next year, and will be open from 1pm to 7pm on Sundays and public holidays at the park's Loggia. There will be 11 stalls displaying and selling craftworks including floral artworks and ornaments, as well as art services including painting and calligraphy.

The Arts Fun Fair aims at enhancing public interest in the arts and enriching the arts atmosphere in Hong Kong. It will also make the park more appealing and enjoyable for park visitors, a spokesman for the LCSD said.

"The Arts Fun Fair at Kowloon Park has been well received by the general public. In addition to the fair, other specialised facilities in the park, such as the Sculpture Walk, the Water Garden and the Maze Garden, also win the hearts of visitors enjoying fun-filled weekends," the spokesman said.

In addition to the fun fair at Kowloon Park, the Arts Corner at Hong Kong Park has also commenced.

The 26th phase of the Hong Kong Park's Arts Corner is now open from noon to 6pm every Saturday, Sunday and public holiday. It will continue until December 31 at the outdoor area near the Flagstaff House Museum of Tea Ware inside the park. There are 10 stalls in operation featuring fabric crafts, handcrafted knitting and ornaments, as well as stalls providing arts services including painting, calligraphy and portrait sketching.

For enquiries, please call 2724 3344 (Kowloon Park) or 2521 5041 (Hong Kong Park).

A new phase of the Arts Fun Fair at Kowloon Park, managed by the Leisure and Cultural Services Department, will be held on Sundays and public holidays from June 7 until May 30 next year. There will be 11 stalls displaying and selling craftworks as well as providing arts services. Source: HKSAR Government Press Releases