A high-profile investor in HSBC Holdings PLC and Standard Chartered PLC has criticized the London-based banks for supporting China’s plan to impose a new national security law on Hong Kong, calling on them to speak out if it results in abuse of democratic freedoms.

U.K. asset management firm Aviva Investors, a top 20 shareholder in both banks, expressed concern that the banks had backed the law despite a lack of clarity about its potential impact.

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