By Neil Carabine, Richard Mazzochi, Urszula McCormack and James Wilkinson King & Wood Mallesons’ Hong Kong Office

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.

In this article, we provide an outline of the new Hong Kong competition rules and compliance tips for financial institutions.

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