Guidelines On Online Distribution And Advisory Platforms Pdf
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- Online distribution and advisory platforms – A new focus for sales suitability and IT regulations
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- SFC Guidelines on Online Platforms and Advisory Services
The Guidelines will clarify in particular how SFC-licensed and registered entities should comply in an online environment with the obligation to ensure the suitability of client recommendations and solicitations the Suitability Requirement under section 5. Specific protective measures will also apply to online sales of complex products. Platform Operators conducting electronic trading must also comply with paragraph 18 Electronic Trading and Schedule 7 to the Code of Conduct.
Online distribution and advisory platforms – A new focus for sales suitability and IT regulations
June 6, Cathay lodged a data breach notification with the PCPD on October 24, and notified impacted individuals the next day. Cathay also breached DPP 2, under which data users should ensure that personal data, in this case Hong Kong Identity Card numbers, was not kept longer than was necessary to fulfil its identity verification purpose. In light of the data security breaches, the PCPD served an Enforcement Notice to direct Cathay to take remedial and preventive actions. June 17, August 1, One of the objectives of the Regulation is to align the disclosure obligations of non-Hong Kong companies with those of Hong Kong companies.
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Back to Top. Account Agreements and Disclosures. Managed Portfolios Disclosure Documents. View online. Download PDF. Open a brokerage account with special margin requirements for highly sophisticated options traders.
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Jump to navigation. It also took the opportunity to further consult the public on the offline requirements applicable to complex products. The purpose of the above amendments is to align the regulatory requirement for both online and offline sale and to ensure a level playing field.
Chapter 1: Introduction. Chapter 2: Core Principles CP1.
SFC Guidelines on Online Platforms and Advisory Services
Investors should not rely solely on the information contained on this webpage to make investment decisions. Investors should read carefully and understand the relevant fund's offering documents including the fund details and full text of the risk factors stated therein in particular those associated with investments in emerging markets for funds investing in emerging markets before making any investment decision. The SFC has not independently verified theeffectiveness of the investment strategies, investment selection processes, investmentportfolios and management or the criteria used to achieve the stated green or ESG investmentfocuses adopted by these products. The list of green and ESG funds does not constitute anofficial recommendation of these products or a guarantee of their green or ESG attributes orrelated performance.
Hogan Lovells Publications 5 June With the rapid development of technology, there is an increasing trend of intermediaries providing investment services and distributing investment products over the internet. Whilst the Securities and Futures Commission " SFC " has published regulations which govern the conduct of intermediaries registered or licensed with the SFC, these regulations were drafted to cater for offline situations. In light of the increasing reliance on online platforms for sale and distribution of investment products, and the additional risks involved with these new business models, the SFC proposes to introduce a set of guidelines applicable to all persons licensed or registered with the SFC in conducting regulated activities, including order execution, distribution and provision of advisory services. On 5 May , it launched a three-month consultation period on the proposed Guidelines on Online Distribution and Advisory Platform " Guidelines ". Please click here to read the full alert.
In recent years, regulators have announced a number of initiatives to prepare SFC-licensed corporations and banks performing regulated activities in Hong Kong for investment selling through online platforms, and to encourage them to embrace opportunities brought about by technology, in particular, online wealth management. With the potential rise of online investment selling and the need to revisit regulations in this area, regulators have been issuing circulars and guidelines on the relevance of the sales suitability regime and IT regulations in the context of online selling. The Guidelines aim to provide tailored guidance to the industry on the design and operation of online platforms, and to clarify how the suitability requirements would operate in an online environment. The flyer looks at who will be impacted by the Guidelines, how they will affect current offline investment selling practices, and how KPMG can help. All rights reserved. Please note that your account has not been verified - unverified account will be deleted 48 hours after initial registration. Click anywhere on the bar, to resend verification email.