Regulatory Alerts2012-01-20
Added · Updated
Applicability of Enhanced Measures to Sales of Investment Products to Private Banking Customers
The Hong Kong Monetary Authority issued this circular to establish a flexible version of enhanced measures for the sale of investment products to private banking customers. These measures apply to authorized institutions operating as private banks and require compliance within four months of the document's date. The guidance clarifies that private banking customers must maintain a personalized relationship with at least US$1 million in assets under management, allowing for exceptions based on the substance of the relationship.
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