HKMA Circular on SFC Circulars Regarding Compliance with New Regulatory Requirements

HONG KONG MONETARY AUTHORITY W m ~ mi /jf Im ~ Banking Conduct Department Our Ref: Bl/15C G16/1C 28 May 2010 The Chief Executive All Registered Institutions Dear Sir / Madam, fiN Fi ilk o/ {ffJ Circulars Issued by the Securities and Futures Commission (SFC) Regarding Compliance with a Number of New Regulatory Requirements I am writing to draw your attention to three circulars issued by the SFC today ("the SFC Circulars"). Following the release of consultation conclusions on proposals to enhance protection for the investing public, the SFC Circulars provide intermediaries with guidance on how to comply with a number of new regulatory requirements. Copies of the SFC Circulars are attached at Annexes 1-3. Registered institutions (Rls) should take prompt action to put in place adequate control procedures and measures to ensure compliance with the applicable requirements when they become effective. The HKMA will assess the compliance of Rls with the applicable requirements in our supervisory process. Yours faithfully, Meena Datwani Executive Director (Banking Conduct) Encl. c.c. SFC (Attn: Mr Stephen Po, Senior Director oflntermediaries Supervision) 55th Floor, Two International Finance Centre, 8 Finance Street, Central, Hong Kong Tel: (852) 2878 8100 Fax: ;(852) 2878 2100 E-mail: Meena_Datwani@hkma.gov.hk Website: www.hkma.gov.hk w ~ cp m '.ii£ Mt 1!i8 l/J/t. ~~'.ii£~ cp ,c.,2 Wl 55 tt it it : (852) 2878 8100 ft J1l::.: (852) 2878 2100 1[ !l!ll: Meena_Datwani@hkma.gov.hk ~ ±Jl:: www.hkma.gov.hk