FAQ - One-off Exemption (Grandfathering)

One-off Exemption (Grandfathering)

  1. What is the coverage of other customer-facing functions in the financial service industry?


    Customer-facing functions refers to those roles such as Relationship Manager or Investment Advisor  which make customized solicitations or recommendations to clients in the provision of securities dealing and advisory services and/or portfolio management services. Please refer to the definition of Relevant Practitioners for the detail of the key roles.

    Financial services industry refers to investment banking, corporate banking, retail banking, asset management companies, brokerage firms, hedge funds, private equity funds etc.

    Credit card companies, credit unions, insurance companies, consumer finance companies, and firms providing audit, consulting, financial advisory, tax or related services to financial institutions will not be considered as within the financial services industry for the purpose of grandfathering applications.