Investor Presentaiton
Hong Kong Investor ID Regime
Assignment of BCAN
Trade Give-Up
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Raised in ASIMFA's responses to SFC's Consultation Paper in paragraph 2.3(B)
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However, this was not addressed by the SFC specifically in the SFC's Consultation Conclusion.
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to re-cap, under a trade give-up arrangement, some financial institutions will treat the fund
manager as the client and assign BCAN to the fund manager
however, some financial institutions will treat the prime broker who issues a swap as the
client (as a beneficial owner of the executed position) and these financial institutions
consider it is necessary to amend the BCAN to reflect the difference in beneficial
ownership
The SFC now permits amendments of BCAN (discussed below)
However, it is not clear whether a Relevant Regulated Intermediary must amend the BCAN for
trade give-up activities.View entire presentation