Regulatory Alerts2011-05-17
Added · Updated
SFC Circular on Preparation for Full Implementation of the Code on Investment-Linked Assurance Schemes Commencing 25 June 2011
The Securities and Futures Commission requires issuers of existing Investment-Linked Assurance Schemes to obtain authorized Product Key Facts Statements and revised Offering Documents before marketing these products to the public in Hong Kong on or after 25 June 2011. Issuers failing to secure these authorizations by the deadline are prohibited from accepting premiums from new investors, and any continued marketing constitutes a breach of the Handbook subject to serious regulatory consequences. The Commission also clarifies that additional structural changes to offering documents require prior approval but may be deferred if necessary to meet the implementation deadline.
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