Update on Hong Kong Investor Identification Regime and OTC Reporting Regime
Pain Points
Obtaining Individual Client Consent
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Pain Points
Growing Asia's Markets
The SFC adopts a very prescriptive approach and requires explanation of consent and express consent.
No consent can be implied by the client's conduct, silence or omission (see also D.4 of the FAQ).
The SFC has provide a sample language in the Appendix to the Client Consent Circular; however, even if you choose not to follow the
SFC's circular, you need to obtain client's explicit consent on the following matters (set out in paragraph 4 of the Client Consent
Circular):-
disclosure and transfer of the client's personal data by the RRI to SEHK and/or the SFC in accordance with the rules and
requirements of SEHK and SFC in effect from time to time;
allowing SEHK to (i) collect, store, process and use personal data for market surveillance and monitoring purposes and
enforcement of the Rules of the Exchange of the SEHK; (ii) disclose and transfer such information to the relevant regulators and
law enforcement agencies in Hong Kong so as to facilitate the performance of their statutory obligations with respect to the
Hong Kong financial markets; and (iii) use such information for conducting analysis for the purposes of market oversight; and
allowing the SFC to (i) collect, store and process and use their personal data for the performance of its statutory obligations
including monitoring, surveillance and enforcement functions with respect to the Hong Kong financial markets; and (ii) disclose
and transfer such information to relevant regulators and law enforcement agencies in Hong Kong in accordance with applicable
laws and requirements.
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