Regulatory Alerts2007-03-01
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Thematic Examinations on Investment Advisory Activities Annex 1: Issues Identified
The Securities and Futures Commission identified compliance deficiencies in retail and private banking investment advisory activities during thematic examinations. Retail institutions failed to document client investment experience by product type and lacked procedures to compare client investment horizons with product tenors. Private banks were found distributing incomplete mutual fund documentation, lacking formal procedures for professional investor classification and unauthorized product tracking, and conducting inadequate compliance monitoring.
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