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Hong Kong regulators send candy to quarantined financiers -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A female friend wave to another while in a quarantine room during the COVID-19 pandemic. This was Hong Kong, China, August 30, 2021. REUTERS/Tyrone Siu/File photo

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HONG KONG, (Reuters) – You can tell it will be a long road when the regulator begins sending you candy.

As a way to lift their spirits, senior regulators gave confectionery to jet-setting banking executives that were trapped in Hong Kong for weeks.

A spokesperson for the HKMA stated that senior officials from Hong Kong Monetary Authority sent confectioneries as a gesture of respect to a few executives in quarantine.

Hong Kong media reported on the incident earlier. The banking regulator denied that the HKMA had a “confectionery programme”.

Reuters couldn’t determine if sweets lifted the spirits of bankers.

Hong Kong’s strict quarantine policy has allowed it to avoid the worst COVID-19 Pandemic. However, it is a major burden on the financial capital of Asia and its international banks.

A group representing the industry warned last month about restrictions that could affect Hong Kong’s financial hub status.

Residents who are returning to Hong Kong after visiting any other country than China for the first time must complete three weeks in quarantine. They must also pay their own accommodation.

Non-Hong Kong residents can’t enter from any other country.

According to the territory’s government, their top priority is to allow quarantine-free travel between Hong Kong & mainland China. This country also has zero-Covid policies. They hope that this border will be opened gradually over the next few months.

For quarantine payments, staff at several Hong Kong banks including JPMorgan (NYSE;) and UBS can receive cash payments from these investment banks to help cover the costs of returning home.

The Securities and Futures Commission, Hong Kong’s market watchdog for Hong Kong, published a circular late Tuesday that set forth eligibility criteria and preregistration processes for the executives of asset managers and brokers it regulates. This allows them to travel without quarantine to the Guangdong region.

Jamie Dimon was the Chief Executive of JPMorgan and was exempted from quarantine during his visit to Hong Kong last month.

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