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Hong Kong – New SFC Code Of Conduct In Effect.

16 July, 2012

 

On 19 June 2012, the SFC released a revised version of the Code of Conduct incorporating the 11 proposals with which they proceeded after the recent consultation. The new Code can be downloaded from the SFC's website via:
http://www.sfc.hk/sfcRegulatoryHandbook/EN/displayFileServlet?docno=H691

 

Please refer to the following link for a discussion of how these amendments will affect intermediaries:http://www.deacons.com.hk/eng/knowledge/knowledge_484.htm.

 

It is important to note that only those amendments to the Code which relate to the establishment and operation of the Financial Dispute Resolution Centre came into effect on 19 June 2012. This means that intermediaries should have already enhanced their internal complaints procedures and systemised compliance with their new obligations under the new financial dispute resolution scheme.

 

The other amendments to the Code, which fall under the category of "enhancements" to the existing regulatory framework, will come into force on 1 December 2012. Clients therefore need to take appropriate steps over the next few months to ensure they are ready to comply with the new requirements (for example, by updating their relevant internal procedures and conducting staff training) by then.

 

 

For further information, please contact:

 

Jalen Kwok, Deacons

jalen.kwok@deacons.com.hk

 

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