Regulatory Alerts2009-02-26
Added · Updated
Circular Regarding Self Examination of Controls and Procedures on Suitability Obligations
The Securities and Futures Commission requires licensed intermediaries to conduct a formal self-examination of their controls and procedures regarding suitability obligations. This directive mandates that senior management review and document these examinations to verify the effective operation of established compliance measures. Regulators will inspect for documentary evidence of this process to ensure intermediaries properly know their clients, perform product due diligence, and provide suitable investment recommendations.
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