Hong Kong Launches Banker Bubble
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Top executives of financial firms in Hong Kong will be granted exemptions from quarantine in the city, according to the local regulator, giving the sector a first-mover advantage to reopening.
Hong Kong authorities launched new rules, effective as of last week, that will enable alliterative traveling options specifically for senior executives in the financial sector with regional or global roles.
The Chief Secretary for Administration of the Hong Kong Special Administrative Region Government (Matthew Cheung Kin-Chung) has designated certain categories of persons in the financial services sector to be exempted from the compulsory quarantine arrangements in Hong Kong, according to a circular released last Friday night by the Securities and Futures Commission (SFC).
Senior executives of licensed corporations or their overseas affiliates who are fully vaccinated and meet the eligibility criteria may apply for exemption from the compulsory quarantine arrangements when they return or travel to Hong Kong, according to a circular released last Friday night by the Securities and Futures Commission (SFC).
In addition a senior position at a licensed firm, financial professionals seeking exemption from the otherwise compulsory 21-day quarantine must submit an application with a detailed itinerary for the proposed trip to be electronically approved by the Financial Services and the Treasury Bureau (FSTB).
The applying senior executive will only be allowed to leave their designated accommodation for approved activities set out in the itinerary alongside other requirements such as coronavirus tests, point-to-point transport, self-isolation, and medical surveillance.
Licensed financial firms will be provided with four exemptions per month with two for visitors and two for returning executives, according to the circular.
Breaching self-isolation requirements from designated accommodation will result in compulsory 21-day quarantine and failure to observe other exemption rules could result in a HK$5,000 ($644) fine and six months of imprisonment.
The new rules were announced one day after the Hong Kong-Singapore travel bubble was supposed to launch but were suspended for the second time due to an infection spike in the latter city-state.
Questions & Answers
Q.Which specific individuals are eligible for these quarantine exemptions?
Which specific individuals are eligible for these quarantine exemptions?
Senior executives of licensed corporations or their overseas affiliates who are fully vaccinated and hold regional or global roles may apply. They must meet specific eligibility criteria to be considered for exemption.
Q.What happens if an executive breaches the self-isolation rules?
What happens if an executive breaches the self-isolation rules?
Breaching self-isolation requirements from designated accommodation will result in compulsory 21-day quarantine. Failure to observe other exemption rules could lead to a HK$5,000 fine and six months of imprisonment.
Q.How many exemptions can a licensed financial firm receive each month?
How many exemptions can a licensed financial firm receive each month?
Licensed financial firms will be provided with a total of four exemptions per month. Two of these are for visitors coming into Hong Kong, and two are for returning executives.
Q.What additional requirements must applying executives meet while exempt?
What additional requirements must applying executives meet while exempt?
Executives can only leave designated accommodation for approved itinerary activities. They must also follow requirements such as coronavirus tests, point-to-point transport, self-isolation, and medical surveillance.
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