Regulatory Alerts2010-06-18
Added · Updated
Circular Issued by the Securities and Futures Commission Regarding Mystery Shopping Programme
The Securities and Futures Commission and the Hong Kong Monetary Authority jointly introduced a mystery shopping programme to assess intermediaries' selling practices of unlisted securities and futures products. Licensed corporations and registered institutions are subject to this exercise, which involves trained shoppers posing as potential buyers to evaluate compliance with know-your-client procedures, risk disclosure, and suitability recommendations. The exercise commenced in the third quarter of 2010, with findings used to determine follow-up actions and share industry-wide themes.
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