Hong Kong has announced an exemption scheme for fully vaccinated senior executives of financial firms and their overseas affiliates amid the ongoing pandemic.

The move will free the executives from the three-weeks compulsory quarantine in the country.

The Securities and Futures Commission (SFC) said that the chief secretary for Administration of the Hong Kong Special Administrative Region (HKSAR) government has designated some categories of persons in the financial services sector for this exemption.

This includes senior executives of licensed corporations, who serves in global or regional roles, travelling from and returning to Hong Kong mainly for the purposes of managing the group entities.

The exemption also applies to global or regional heads or senior executives of financial institutions if they travel to Hong Kong primarily for the purposes of managing the licensed corporation.

Under each scenario, two entries into Hong Kong are allowed in each calendar month for each licensed corporation.

Licensed corporation of the returning or visiting executives can apply for the exemption, with supporting documents including the copy of the proposed exempted executive’s Hong Kong identity card or passport photo page, and Covid-19 vaccination record as well as other details on the trip.

Successful applicants will receive an electronic authorisation letter provided by Financial Services and the Treasury Bureau (FSTB).

Executives visiting Hong Kong under the exemption scheme are only allowed to participate in the activities detailed in their application. They are also required to go under self-quarantine at the accommodation sponsored by the company.

Those who violate the conditions will lose their exemption and will have to go under a 21-days compulsory quarantine.

In addition, they may also receive six months imprisonment and a fine of HK$5,000.

Last year, SFC urged fund managers to look after their clients’ interests amid the uncertain market conditions caused by the pandemic.