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Bank Account Government Guarantee
"I need a Bank Account Government Guarantee document for a new fintech payment system launching in March 2025, where the Hong Kong government will guarantee accounts up to HKD 500,000 per user for a pilot program involving three licensed banks."
1. Parties: Identification of the Government of Hong Kong SAR (as guarantor), the Bank (as beneficiary), and any other relevant parties
2. Background: Context of the guarantee, including the purpose and basic framework of the arrangement
3. Definitions: Definitions of key terms used throughout the guarantee document
4. Scope of Guarantee: Clear description of what is being guaranteed, including account types and coverage limits
5. Terms of Guarantee: Specific conditions under which the guarantee applies and the government's obligations
6. Trigger Events: Events that would activate the guarantee and the process for calling on it
7. Payment Mechanism: Procedures and timeframes for payment under the guarantee
8. Bank's Obligations: Requirements and duties of the bank in relation to the guaranteed accounts
9. Representations and Warranties: Standard declarations by all parties about their capacity and authority
10. Duration and Termination: Term of the guarantee and circumstances under which it can be terminated
11. Governing Law and Jurisdiction: Confirmation of Hong Kong law as governing law and jurisdiction for disputes
1. Multiple Account Provisions: Additional provisions for cases where multiple accounts or account types are covered
2. Special Conditions: Any specific conditions or requirements for particular account types or circumstances
3. Foreign Currency Provisions: Special provisions for accounts held in currencies other than HKD
4. Review and Adjustment: Procedures for periodic review and adjustment of guarantee terms
5. Reporting Requirements: Specific reporting obligations if required for certain types of accounts
6. Force Majeure: Provisions dealing with extraordinary events affecting the guarantee
7. Anti-Money Laundering Compliance: Additional compliance requirements for high-risk or specially designated accounts
1. Schedule 1 - Guaranteed Accounts: Detailed list of account numbers and types covered by the guarantee
2. Schedule 2 - Coverage Limits: Specific monetary limits and any sub-limits applicable to different account types
3. Schedule 3 - Claim Procedures: Detailed procedures and forms for making claims under the guarantee
4. Schedule 4 - Required Documentation: List of documents required for verification and claim processing
5. Schedule 5 - Authorized Signatories: List of persons authorized to act under the guarantee
6. Appendix A - Standard Forms: Templates for notices, claims, and other standard communications
7. Appendix B - Compliance Requirements: Detailed compliance obligations and reporting requirements
Authors
Account Holder
Authorized Financial Institution
Authorized Signatory
Banking Day
Business Day
Claim
Claim Notice
Commencement Date
Covered Account
Default Event
Effective Date
Eligible Account
Excluded Account
Force Majeure Event
Guaranteed Amount
Guarantee Period
Government
HKMA
Hong Kong
Insolvency Event
Interest Rate
Laws
Licensed Bank
Maximum Liability
Notice
Parties
Payment Date
Protected Deposit
Regulatory Authority
Relevant Account
Required Documentation
Security Interest
Specified Currency
Termination Date
Trigger Event
Valid Claim
Working Day
Scope of Guarantee
Conditions Precedent
Representations and Warranties
Payment Obligations
Claim Procedures
Bank Covenants
Government Covenants
Account Maintenance
Regulatory Compliance
Anti-Money Laundering
Record Keeping
Reporting Requirements
Confidentiality
Data Protection
Force Majeure
Default Events
Termination
Assignment and Transfer
Notices
Amendment and Waiver
Severability
Entire Agreement
Counterparts
Governing Law
Dispute Resolution
Indemnification
Fees and Expenses
Time of Essence
Further Assurance
Banking and Financial Services
Government and Public Sector
Financial Technology
Payment Services
Treasury Services
Regulatory Compliance
Public Finance
Legal
Compliance
Treasury
Risk Management
Government Relations
Regulatory Affairs
Banking Operations
Financial Control
Account Management
Policy and Advisory
Chief Financial Officer
Treasury Manager
Legal Counsel
Compliance Officer
Risk Manager
Banking Operations Director
Government Relations Manager
Regulatory Affairs Director
Account Relationship Manager
Public Finance Officer
Banking Policy Advisor
Financial Controller
Deputy Director of Banking
Head of Financial Institutions
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