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In May, the PWMA Regulatory Committee asked consultants from KPMG to brief members and facilitate a discussion on the latest developments and industry practices in relation to best execution in light of circulars issued by the Hong Kong Monetary Authority and the Securities and Futures Commission earlier this year.

The circulars set out guidance on the standards of conduct and internal controls in delivering best execution, many of which are similar or the same as those prescribed by MiFID II. The roundtable was well received, given that best execution, while hotly discussed within investment banks, is sometimes less well understand within the private wealth management context.