On 15 June, HK SFC issued FAQs on disclosure of transaction data.
- Issued consultation conclusions on proposals for regulation of asset management.
- Point-of-sale transparency and disclosure required for discretionary accounts Nov.
- Among others, new code requirements govern the disclosure of non-quantifiable
monetary benefits and independence status, come into effect on August 17 2018.
- FAQs respond to queries raised by industry regarding the implementation of rule.
- FAQs address commissions from trailer funds, and independence of intermediary.
- Expect licensed and registered persons to disclose maximum percentage of trailer
fees receivable for specific fund as per distribution agreement with product issuer.
- One objective of disclosure requirement, is to ensure that only truly independent
intermediaries can represent themselves as independent, allows as one-off basis.