May 15, 2021 Report Pursuant to Section 5(b) of the Hong Kong Autonomy Act (Treasury)

Date issued: May. 18 2021

TURBOFAC Commentary (154 words)

Notes:

1) Read in conjunction with The Secretary of State’s October 14, 2020 report to Congress pursuant to section 5(a) of the Hong Kong Autonomy Act.

Section 5(b) of the Hong Kong Autonomy Act provides that:

"Not earlier than 30 days and not later than 60 days after the Secretary of State submits to the appropriate congressional committees and leadership the report under [section 5(a) of the HKAA], the Secretary of the Treasury, in consultation with the Secretary of State, shall submit to the appropriate congressional committees and leadership a report that identifies any foreign financial institution that knowingly conducts a significant transaction with a foreign person identified in the report under [section 5(a) of the HKAA]."

Treasury's report identifies no FFIs that have been determined to "knowingly conduct[] a significant transaction with a foreign person identified in the [State Department's] report under [section 5(a) of the HKAA]."