Asia Regional Managing Partner and Head of Greater China Lorna Chen was appointed by the Hong Kong government to the Resolution Compensation Tribunal (RCT) as a panel member for a term of 2 years commencing from April 1, 2024.

The RCT is a statutory tribunal established under Hong Kong’s Financial Institutions (Resolution) Ordinance (Cap 628) (FIRO) to hear appeals from persons aggrieved by the specified decisions made by the resolution authorities and independent valuer. The FIRO establishes a cross-sector resolution regime for financial institutions whose non-viability could threaten stability in Hong Kong. The Monetary Authority, the Insurance Authority and the Securities and Futures Commission are the resolution authorities under the regime. They are vested with a range of powers to effect orderly resolution to maintain the stability and effective working of the financial system of Hong Kong. The role of the independent valuer is to decide whether any pre-resolution creditor or shareholder is eligible for a payment of compensation. 

Lorna is also currently a panel member of the Securities and Futures Appeals Tribunal, following her appointment for a 2-year term in April 2021 and subsequent renewal for an additional two years.

Read the press release https://www.info.gov.hk/gia/general/202403/28/P2024032700407.htm.