Sfc Code Of Conduct Client Agreement

Posted by on April 12, 2021

Certification services provided by foreign certification bodies whose electronic signature certificates have been granted mutual recognition status by the HKSAR government can also be used to verify the identity of clients. You will find the most recent trusted list of certificate types with mutual recognition status at www.ogcio.gov.hk/en/our_work/business/mainland/cepa/mr_ecert/trust_list/hk_guangdong_ecert_trust.html. Takers who wish to open customer accounts remotely must also have appropriate controls in order to be able to carry out all the following steps: obtain a customer agreement signed by the customer with electronic signature. To verify the identity of a foreign client, the following measures are accepted: In these circumstances, an intermediary is entitled to an exception only if the client does so: any mischaracterization of the services to be provided to customers. Currently, a violation of the code`s fitness requirement may lead the CFS to take disciplinary action against the Ombudsman. However, the CFS cannot require that the intermediary compensate aggrieved customers for losses resulting from code violations. The new clause will give aggrieved investors a contractual right of compensation. The code changes take effect on June 9, 2017. However, the CFS expects all intermediaries to immediately begin reviewing and revising their client agreements to ensure that the exercise is completed in a timely manner.

The 18-month transition period is designed to take into account the circumstances in which, despite their best efforts, intermediaries face practical difficulties in re-establishing agreements with existing clients. Intermediaries are expected to complete the exercise well before the end of the transition period for all new and all customers, with the exception of a small minority of existing clients. Hong Kong customers can be connected online via licensed: prior agreement and a customer`s authorization are required for a third party to perform account opening procedures for the customer`s personal data.

Last modified on April 12, 2021

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