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Hong Kong SFC to Require Disclosure of Benefits and Trading Profits from Intermediaries

Hong Kong’s Securities and Futures Commission (SFC) will require intermediaries providing discretionary account management service to disclose benefits received from product issuers and trading profits made from products (back-to-back transitions) for their clients.

” Hong Kong SFC to Require Disclosure of Benefits and Trading Profits from Intermediaries “

The new proposed requirements were released in a consultation conclusions on proposed disclosure requirements for intermediaries providing discretionary account management services. The requirements address potential conflicts of interest arising from incentives provided by product issuers.

The amendments to the Code of Conduct will be gazetted on 25th May 2018 and will come into effect six months later. On 16th November 2017, the SFC had issued Consultation Conclusions on Proposals to Enhance Asset Management Regulation and Point-of-sale Transparency and Further Consultation on Proposed Disclosure Requirements Applicable to Discretionary Accounts.



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Julia Leung, the SFC’s Deputy Chief Executive Officer and Executive Director of Intermediaries:

“The new disclosure requirements enhance transparency whilst enabling investors to make better informed decisions. They also make it easier for investors to compare benefits which discretionary account managers will receive from product issuers.”

List of Respondents to the Consultation Paper

  1. Alternative Investment Management Association
  2. Asia Securities Industry & Financial Markets Association
  3. Association of Independent Asset Managers of Hong Kong
  4. BlackRock, Inc.
  5. Clifford Chance
  6. CompliancePlus Consulting Limited
  7. Consumer Council
  8. Deacons
  9. Duff & Phelps LLC
  10. Enhanced Investment Products Limited
  11. Eversheds
  12. HedgeSPA Pte. Ltd.
  13. Hong Kong Investment Funds Association
  14. Hong Kong Trustees’ Association
  15. ICI Global
  16. Investec Asset Management
  17. Private Wealth Management Association
  18. Simmons & Simmons
  19. St. James’s Place (Hong Kong) Limited
  20. Timothy Loh LLP
  21. The DTC Association
  22. The Hong Kong Society of Financial Analysts
  23. The Institute of Financial Planners of Hong Kong
  24. The Law Society of Hong Kong
  25. Vanguard Investments Hong Kong Limited
  26. 杨锋
  27. Submissions of 6 respondents are published on a “no-name” basis upon request
  28. Submissions of 6 respondents are withheld from publication upon request

Source: SFC



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