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    HKMA and SFC to Launch Survey on Sale of Non-Exchange Traded Products

    December 06, 2019

    HKMA and Securities and Futures Commission (SFC) announced plans to jointly launch the first annual survey on the sale of non-exchange traded investment products by licensed corporations and registered institutions licensed or registered for Type 1 or 4 regulated activity. The will cover the period from January 01 to December 31, 2020. The survey covers the sale of non-exchange traded investment products, such as collective investment schemes, debt securities, structured products, swaps, and repos, to individual professional investors, certain corporate professional investors, and investors other than professional investors. Entities are expected to submit completed questionnaires to SFC electronically through Web-based INteGrated Service (WINGS) in the first quarter of 2021.

    The survey will enable SFC and the HKMA to better understand market trends, identify risks associated with the selling activities of intermediaries, and coordinate their responses to address areas of common concern. The survey questionnaire will be available in Excel format in WINGS around mid-2020. The survey questionnaire includes three parts:

    • Part A (General information)—All intermediaries should complete Part A to provide their contact information and indicate whether they sold any non-exchange traded investment products during the reporting period.
    • Part B (Information on the sale of non-exchange traded investment products)—Intermediaries which sold non-exchange traded investment products during the reporting period should complete Part B to provide an overview of their selling activities, such as the transaction amount by types of investment products, top issuers of investment products sold, and clientele
    • Part C (Supplementary information about the sale of non-exchange traded investment products)—Licensed corporations  with total transaction amounts of HKD 1 billion or above and institutions with total transaction amounts of HKD 30 billion or above during the reporting period should also complete Part C, which collects information such as the transaction amount of investment products by types of investors and details of the top five investment products sold.

    Following the launch of the survey, the biennial surveys by the SFC will no longer be carried out. HKMA will also review its survey on the sale of investment products to retail banking customers and communicate with institutions separately where appropriate. HKMA and SFC will issue another circular in late 2020 providing further information about submitting the questionnaires.

    Keywords: Asia Pacific, Hong Kong, Banking, Securities, Survey, Non-Exchange Traded Instruments, Swaps, Structured Products, HKMA

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