Hong Kong Publishes Bill Establishing New Regime for Stored Value Facilities and Retail Payment Systems
11 February 2015
On 23 January, the Hong Kong government published the Clearing and Settlement Systems (Amendment) Bill 2015 (the "Bill"), which will introduce a new regulatory framework for stored value facilities ("SVF") and retail payment systems ("RPS"). The framework will be introduced under the Clearing and Settlement Systems Ordinance ("CSSO"), which will be renamed by the Bill as "Payment Systems and Stored Value Facilities Ordinance", the "PSSVFO". The CSSO currently legislates for oversight of interbank clearing house transfer systems and some other key market settlements systems in Hong Kong.
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