Regulatory Alerts2012-10-24
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Circular Issued by the Securities and Futures Commission Regarding Report on the Thematic Inspection of Selling Practices of Licensed Corporations
The Hong Kong Monetary Authority issued a circular to authorized institutions drawing attention to the Securities and Futures Commission's report on the thematic inspection of selling practices. The report summarizes issues identified during the inspection of certain licensed corporations and outlines recommended good practices and internal controls. The HKMA stated it will continue to monitor authorized institutions' compliance with regulatory requirements through its ongoing supervisory process.
Our Ref: B1/15C G16/1C 24 October 2012 The Chief Executive All Authorized Institutions Dear Sir/ Madam, Circular Issued by the Securities and Futures Commission (SFC) Regarding Report on the Thematic Inspection of Selling Practices of Licensed Corporations I am writing to draw your attention to the attached circular issued by the SFC today on the SFC’s Report on Thematic Inspection of Selling Practices of Licensed Corporations (“the Report”). The Report summarizes the issues identified in the SFC’s inspection of the sale practices of certain licensed corporations and outlines some good practices and internal controls. The HKMA will continue to monitor authorized institutions’ compliance with regulatory requirements in its on-going supervisory process. Yours faithfully, Alice Lee Acting Executive Director (Banking Conduct) Encl. c.c. SFC (Attn: Mr Stephen Po, Senior Director of Intermediaries Supervision)
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