Last year, the HKMA and SFC issued a joint circular on a streamlined approach for suitability obligations in relation to Sophisticated Professional Investors (SPIs). In response to member feedback, PWMA collaborated with both regulators to create an industry-led FAQ to assist our members in operationalizing the SPI scheme.

We recently hosted an information session in conjunction with the Hong Kong Securities and Investment Institute (HKSI) to discuss some key considerations when implementing the Circular. We were very fortunate to have esteemed speakers Richard Mak, Yolenda Yu, and Tom Jenkins each speak from a different industry perspective, with our CEO Vivien Khoo moderating the discussion.

Highlights from the session included:
– Key aspects of the SPI regime
– Considerations for institutions, such as client experience, competitive advantage, and necessary controls and processes
– The importance of maintaining an agile compliance framework
– Benefits and challenges faced by institutions, including cost-effectiveness

Thank you to our members for attending this session; we look forward to seeing you at our future events!