Regulatory Alerts2012-01-20
Added · Updated
Applicability of Enhanced Measures to Sales of Investment Products to Private Banking Customers
The Hong Kong Monetary Authority issues this circular to define the flexible application of enhanced investor protection measures to private banks selling investment products. The document outlines specific requirements for health warnings, customer risk profile assessments, and suitability procedures while exempting private banks from certain rigid mandates like mystery shopper programs and physical business segregation. It emphasizes the need for adequate audit trails, clear communication in understandable languages, and controls on staff remuneration to ensure appropriate risk disclosure and suitability checks.
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