Wednesday June 1 2016
News Source: Global Exchanges
Focus: Holidays and Opening Hours and suspensions
Type: General
Country: Hong Kong
Link: http://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2016/20160527e1.pdf
The Hong Kong Monetary Authority has announced that following consultation with the banking industry, they have issued in the Gazette a revised version of the Supervisory Policy Manual (SPM) module as a statutory guideline under section 7(3) of the Banking Ordinance.
The first version of SPM module SB-1 was issued in 2003, which was prepared in the light of the commencement of the Securities and Futures Ordinance (SFO) and the then new securities and futures supervisory regime. The major changes of this revised version include:
- an elaboration of the HKMA’s supervisory and enforcement approaches in a new subsection 2.1 for enhanced transparency;
- an elaboration of the one-off nature of grace period for a relevant individual who has yet to pass the local regulatory framework paper in paragraph 4.2.6;
- highlights of major regulatory requirements for selling of investment products, including the HKMA’s enhanced investor protection measures, in subsection 4.6; and
- removal of the parts on transitional arrangements under the securities and futures supervisory regime as the transitional period under the SFO has expired.
The HKMA has also taken this opportunity to update and simplify the module, so as to make it more coherent and concise.
Click on the link above for further details.