Sfc client asset rules

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August undefined, 2024

WebSep 1, 2024 · Introduction. On 24 July 2024, the Securities and Futures Commission ( SFC) published consultation conclusions [1] on the proposed regulatory capital regime for licensed corporations ( LCs) engaged in over-the-counter derivatives ( OTCD) activities and other proposed changes to the Securities and Futures (Financial Resources) Rules ( FRR ). WebJun 20, 2024 · Common licensing conditions are: The company shall not hold client assets. The company shall only provide services to professional investors. For Type 1 regulated activity, the company shall only carry on the business of …

SFC Licensing FAQs HK Law Firm - Timothy Loh LLP

WebMar 17, 2003 · Client Securities Rules. Q1 : “Securities collateral” is defined to cover securities provided as security for the provision of financial accommodation, or to … Webholds in Hong Kong client assets of the intermediary. b. Client assets As defined in section 1 in Schedule 1 of the SFO. c. Client asset rules Securities and Futures (Client Money) Rules and Securities and Futures (Client Securities) Rules. d. Codes and guidelines Codes and guidelines issued by the SFC under the SFO. e. FRR hirs highland

SFC Releases Detailed Virtual Asset Exchange Guidelines for …

WebThe SFC reiterated the need for asset managers to implement appropriate and effective controls and procedures in order to protect client assets from potential theft, fraud and other acts of misappropriation, and to ensure the proper safeguarding of assets under their management. Non-complianceIssue8:inadequatesystemsand controlsforensuring WebJan 28, 2024 · 20. The SFC and the HKMA wish to highlight that under the Terms and conditions, intermediaries should only permit clients to deposit or withdraw fiat currencies from their accounts, and should not allow the deposit or withdrawal of client virtual assets, so as to minimise the risks associated with the transfer of virtual assets. 21. WebProtecting Client Assets Against Internal Misconduct The SFC wishes to remind licensed corporations (“LCs”) licensed for dealing in securities that they should have internal … homestat evaluation

SFC Fines DBS Vickers Securities $2 Million for Client Money Failings

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WebAppendix 3 1 “Specified exchange” refers to the list of specified exchanges in Schedule 3 to the Securities and Futures (Financial Resources) Rules. 2 This refers to exchange-traded VA derivative funds traded on specified exchanges and authorised or approved in a designated jurisdiction for offering to retail investors by the respective regulator. WebJan 26, 2024 · The HKMA and the SFC intend to issue separate guidance to banks and other authorised institutions to protect Hong Kong investors in respect of crypto-asset related intermediary services. In terms of global developments, the HKMA observed that different countries were at different stages in formulating their regulatory stance on crypto … home state texasWebMar 28, 2024 · The Securities and Futures Commission (SFC) of Hong Kong published the conclusion to proposed changes in its Fund Manager Code of Conduct last November, helping to clarify a few remaining areas of contention following its original consultation paper. We have produced a quick summary of the ten key points you need to know from the … homestate ts

"WebJul 8, 2024 · The Securities and Futures Commission (SFC) reminds intermediaries of their obligations to comply with the requirements under the Code of Conduct [1] when they are … " - Sfc client asset rules

Sfc client asset rules

WebFeb 22, 2024 · Client Assets. Search regulations by topic. This page is designed to assist you to locate circulars, FAQs and thematic reports published by Intermediaries Supervision. Please click on the frequently searched terms or enter keywords for an advanced search. Notes: In some of these documents, the names of certain individuals have been … WebMar 16, 2024 · Hong Kong’s Securities and Futures Commission (SFC), the country’s paramount securities regulator, hit brokerage firm DBS Vickers Securities with a $2 million fine on Thursday over regulatory breaches and internal control failings which resulted in under and over-segregation of Client Money .

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WebSep 3, 2024 · Note 2 – Where a corporation holding only SFC Type 4, 5, 6, 9 or 10 licenses is subject to the licensing condition that it shall not hold client assets, as is generally the … WebJul 21, 2024 · The Securities and Futures Commission (SFC) has reprimanded RBC Investment Services (Asia) and fined it HK$7.7m (£820,000, $980,000, €960,000) for regulatory breaches relating to mishandling of client assets. The SFC’s investigation found that between January 2024 and August 2024, RBC had failed to “segregate client …

WebMar 2, 2024 · As a first step, the SFC will be focusing on the regulation of virtual asset trading platform operators (“ Platform Operators ”), e.g. virtual asset exchanges and other types of virtual asset trading entities, under the AMLO Licensing Regime. Web(a) extending the rules to cover client money held by an associated entity of a licensed corporation (except where the associated entity is an authorized financial institution); (b) …

WebJuly 2024 On 26 June 2024, the Securities and Futures Commission (SFC) published the draft of the revised financial return form required to be submitted by licensed corporations (LCs) under the Securities and Futures (Financial Resources) Rules (FRR). WebSep 3, 2024 · This Oversight. (i) provides a regulatory overview of the treatment of client assets under the Code of Conduct, the FMCC, the SFO Rules and the SFC …

Web(b) General Principle 8 (client assets) of the Code of Conduct, which requires a licensed person to ensure that client assets are promptly and properly accounted for and …

WebMar 10, 2024 · On 20 February 2024, the Hong Kong SFC published a Consultation Paper setting out the proposed regulatory requirements for licensed Virtual Asset Service Providers under the new regime, together with further details on transitional arrangements and implementation. This client update identifies the key aspects of the Consultation Paper. home state transportationWebFeb 17, 2024 · No-recourse clause: prohibits recourse against client assets in Client Asset Accounts. Note that in cases of recourse against assets required by legislation or … homestate whitelistWeb3 Do Not Apply to client money [s.3(2) &4(3)] a) received or held outside Hong Kong; b) in a bank account in that client’s name; c) required to meet securities or futures settlement or … home state tina turnerWebRules (Client Securities Rules) and the Securities and Futures (Client Money) Rules (Client Money Rules) (collectively, SFO Rules) should also be complied with. The SFC … home state wall artWebJul 8, 2024 · The Securities and Futures Commission (SFC) reminds intermediaries of their obligations to comply with the requirements under the Code of Conduct [1] when they are in possession or control of client assets. General Principle 1 of the Code of Conduct requires intermediaries, in conducting their business activities, to act honestly, fairly and in the … home state uccjeaWebIn the light of the queries raised by Herbert Smith Freehills following industry consultation, the Securities and Futures Commission ( SFC) has issued guidance ( FAQs) on the … homestate ts ipWebNov 18, 2024 · Note 2 - Where a corporation holding only SFC Type 4, 5, 6, 9 or 10 licenses is subject to the licensing condition that it shall not hold client assets, as is generally the … hirsh industries file cabinet lock hi14277