Better disclosure requirements for discretionary accounts in Hong Kong

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Further to the Consultation Conclusions on Proposals to Enhance Asset Management Regulation and Point-of-sale Transparency and Further Consultation on Proposed Disclosure Requirements Applicable to Discretionary Accounts, the Securities and Futures Commission (SFC) released, on 23 May 2018, its Consultation Conclusions on Proposed Disclosure Requirements Applicable to Discretionary Accounts and decided to proceed with the enhanced disclosure requirements for intermediaries providing discretionary accounts services.

The changes are set out in new paragraph 7.2 of the Code of Conduct for Persons Licensed by, or Registered with, the Securities and Futures Commission. These changes will take effect on 25 November 2018.

Separately, in respect of non-SFC-regulated products under discretionary accounts that authorized institutions (AIs) managed, the Hong Kong Monetary Authority (HKMA) issued on 25 May 2018 a circular informing AIs that they are also required to disclose monetary and non-monetary benefits for such transactions in accordance with requirements in the new paragraph 7.2 of the Code of Conduct. The effective date for changes under the HKMA circular is 25 November 2018.

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Business Law Digest is compiled with the assistance of Baker McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker McKenzie by e-mailing Danian Zhang (Shanghai) at danian.zhang@bakermckenzie.com

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