Regulatory Alerts2016-02-15
Added · Updated
SFC Circular on Protecting Client Assets Against Internal Misconduct
The Securities and Futures Commission requires licensed corporations dealing in securities to implement robust internal controls to protect client assets from theft, fraud, and internal misconduct. Firms must enforce strict segregation of duties, conduct regular reconciliations, and establish clear policies with effective compliance and audit functions to detect and prevent vulnerabilities. Management bears ultimate responsibility for ensuring these controls are adequate and effective, with the SFC warning of enforcement actions against those failing to maintain proper supervision.
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