Regulatory Alerts2017-11-24
Added · Updated
Joint reviews by HKMA and SFC on managing conflicts of interest in financial groups
The Hong Kong Monetary Authority and the Securities and Futures Commission issued this circular to share key observations and good practices regarding conflicts of interest arising from the sale of in-house products. The regulators conducted joint thematic reviews that revealed deficiencies in order execution, product due diligence, selling processes, and internal controls, requiring intermediaries to implement remedial actions. Senior management is reminded of their primary responsibility to ensure robust policies and procedures are in place to identify, manage, and disclose these conflicts in the best interests of clients.
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