Regulatory Alerts2022-09-01
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SFC Report on Review of Licensed Corporations Providing Online Brokerage, Distribution and Advisory Services
The Securities and Futures Commission conducted a review of 50 licensed corporations providing online brokerage, distribution, and advisory services to identify compliance deficiencies and business model trends. Key findings revealed widespread failures in client identity verification, inappropriate attempts to exclude suitability obligations, and inadequate product due diligence for virtual asset-related products. The regulator mandates that licensed corporations strengthen cybersecurity measures, ensure accurate information disclosure, and strictly adhere to expected standards for online platform operations.
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