Regulatory Alerts2025-03-14
Added · Updated
Guidance on Selling of Accumulators
The Hong Kong Monetary Authority issued this circular to supersede seven previous guidance documents regarding the sale of accumulators and investment products. The new guidance consolidates and replaces earlier circulars dating from 2010 to 2018 that covered topics such as FX accumulators, RMB-linked deposits, and private banking customer sales. This update ensures a unified regulatory framework for the distribution of fixed income, structured products, and client securities handling.
1 Annex 2 Previous guidance superseded Relevant guidance on selling of accumulators previously issued by the HKMA as set out in the following circulars are superseded by this circular: • The HKMA’s circular dated 22 December 2010 on “Selling of Accumulators” • The HKMA’s circular dated 31 October 2011 on “Rationale for Selling of Accumulators” • The HKMA’s circular dated 12 June 2012 on “Selling of Investment Products to Private Banking Customers” • The HKMA’s circular dated 7 March 2014 on “Foreign Exchange Accumulators (“FX accumulators”) and Non-leveraged Renminbi (“RMB”)-Linked Deposits” • The HKMA’s circular dated 8 April 2016 on “Feedback from recent reviews of the selling of investment products” • The HKMA’s circular dated 23 February 2017 on “Guidance on selling of investment products and handling of client securities” • The HKMA’s circular dated 8 February 2018 on “Distribution of Fixed Income and Structure Products”
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