HKAB welcomes Circular on “Streamlined Approach for Compliance with Suitability Obligations when Dealing with Sophisticated Professional Investors” jointly issued by HKMA and SFC
The Hong Kong Association of Banks (“HKAB”) welcomes the circular on “Streamlined Approach for Compliance with Suitability Obligations when Dealing with Sophisticated Professional Investors (“SPIs”)” jointly issued by the Hong Kong Monetary Authority (“HKMA”) and the Securities and Futures Commission (“SFC”) today.
Hong Kong has always been the preferred choice for high-net-worth investors seeking global wealth management services given its status as a leading international financial hub. The guidelines will enhance customer experience for SPIs while providing appropriate investor protection. HKAB believes that this initiative will help attract more domestic and international high-net-worth investors to make their investments in Hong Kong, further strengthening Hong Kong’s role as an asset and wealth management business hub. Member banks will remain committed to tailoring services to the needs of SPIs by following these guidelines and adhering to the principle of providing efficient services while maintaining robust risk management.