Regulatory Alerts2013-12-03
Added · Updated
Internal Controls - Compliance Function and Insurance and Securities Products in Wealth Management
The Hong Kong Monetary Authority reminds authorized institutions to implement robust internal controls and procedures to ensure compliance with foreign regulatory requirements when conducting cross-border business. Institutions must verify applicable local laws before engaging in activities such as soliciting accounts, marketing products, or providing investment advice to avoid breaching overseas jurisdictions' regulations. Failure to maintain proper licensing or conduct in other regions may jeopardize the institution's fitness and propriety to remain authorized in Hong Kong.
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