Regulatory Alerts2011-05-24
Added · Updated
Mystery Shopping Programme Findings
The Hong Kong Monetary Authority and the Securities and Futures Commission issued findings from a joint mystery shopping programme assessing Authorized Institutions' compliance with sales processes for unlisted securities, futures products, and structured deposits. The regulators require institutions to enhance disclosure of product risks, ensure suitability of recommendations, and strictly collect customer education levels and investment objectives in Know-Your-Client documentation. Failure to address identified shortcomings may result in greater supervisory scrutiny as the authorities continue to deploy mystery shopping to monitor industry compliance.
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