Hong Kong Competition Commission publishes decision in respect of the Code of Banking Practice

On 15 October, 2018, the Hong Kong Competition Commission (“Commission”) published a decision (“Decision”) finding that the Code of Banking Practice (“Code”) is not excluded from the application of the First Conduct Rule under the Competition Ordinance (“Ordinance”). The Decision was taken in response to an application for exemption under section 9 of the Ordinance made in respect of the Code (the “Application”). The Application was made in December 2017 by 14 institutions authorised under the Banking Ordinance (“AIs”). Although the Commission found that the Code is not excluded from the application of the First Conduct Rule, nevertheless, it states that it has no current intention to further investigate or pursue regulatory action in respect of the current version of the Code. Read more