Hong Kong Lawyer

April 2017

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FROM THE COUNCIL TABLE 理 事 會 議 題 加強資產管理業規管及銷售時的透明度的 建議 證券及期貨事務監察委員會(「證監會」)於2016年 11月就「加強資產管理業規管及銷售時的透明度的建 議」發表諮詢文件。證監會在諮詢文件內建議改動證 監會的《基金經理操守準則》及《證券及期貨事務監 察委員會持牌人或註冊人操守準則》(《操守準則》)。 證監會考慮的主要改動包括: ‧ 《基金經理操守準則》的改動所涉及的主要範疇 包括證券借貸和回購協議、基金資產的託管、流 動 性 風 險 管 理 及 基 金 經 理 就 槓 桿 借 貸 比 率 的 披 露; ‧ 《操守準則》的改動建議旨在透過以下措施處理 中介人在銷售投資產品時的潛在利益衝突,以及 加強銷售時的披露: ° 當中介人表明自己為「獨立」或使用任何有類 似意思的用語時,限制該中介人收取佣金或其 他金錢或非金錢收益,或與產品發行人有任何 聯繫或其他法律或經濟關係,而這些聯繫或關 係可能損害其獨立性;及 ° 當所取得或可取得的任何金錢收益無法在訂立 交易前或在訂立交易時量化計算的時候,要求 中介人披露有關金錢收益的幅度及最高金額。 律師會在投資產品及金融服務委員會協助下檢視了該 諮詢文件,認同建議背後的政策目標(即加強香港作為 主要國際資產管理中心的地位,因此必須確保相關條 例遵循不斷演變的國際標準),並進一步提供了意見。 律師會就諮詢提交的意見書可瀏覽: h t t p : / / w w w . h k l a w s o c . o r g . h k / p u b _ e / n e w s / submissions/20170224.pdf。 Proposals to Enhance Asset Management Regulation and Point-of-Sale Transparency The Securities and Futures Commission (the "SFC") in late November 2016 issued a consultation paper on its Proposals to Enhance Asset Management Regulation and Point-of-Sale Transparency. Under the consultation, the SFC proposed changes to the SFC's Fund Manager Code of Conduct ("FMCC") and the Code of Conduct for Persons Licensed by or Registered with the SFC (the "Code of Conduct"). The main changes the SFC has considered included the following: • under the FMCC, the proposed amendments were mainly for securities lending and repurchase agreements, custody of fund assets, liquidity risk management, and disclosure of leverage by fund managers; • as for the Code of Conduct, the proposed amendments were to address the potential conflicts of interest in the sale of investment products and to enhance disclosure at the point-of-sale by: ° restricting an intermediary from representing itself as "independent" or using any term(s) with a similar inference if the intermediary received commission or other monetary or non-monetary benefits or it had links or other legal or economic relationships with product issuers which were likely to impair its independence; and ° requiring an intermediary to disclose the range and maximum dollar amount of any monetary benefits received or receivable that were not quantifiable prior to or at the point of sale. With the assistance of its Investment Products and Financial Services Committee, the Law Society has reviewed the consultation paper. It acknowledged the policy objectives underlining the proposal (ie, to enhance Hong Kong's position as a major international asset management centre, and thus it was important to ensure that the related regulations were properly benchmarked to evolving international standards). Further comments were provided. The detailed submission of the Law Society on this consultation can be found at: http://www.hklawsoc.org.hk/pub_e/news/ submissions/20170224.pdf. 12 www.hk-lawyer.org •  April 2017

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