Regulatory Alerts2013-02-05
Added · Updated
Circular Issued by the Securities and Futures Commission on Guarding against Risk of Client Asset Misappropriation
The Securities and Futures Commission urges licensed corporations to maintain vigilant supervision and robust internal controls to prevent the misappropriation of client assets. Senior management must implement effective fraud prevention policies, ensure strict segregation of duties, and conduct regular reviews of high-risk client accounts and trading activities. The regulator also mandates specific controls over client statement dispatch, database security, third-party transactions, and physical access to prevent unauthorized alterations and fraud.
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