Seminar: New Suitability Requirements for Offline Sale of Complex Products (April 8, 2019)
Described by the Securities and Futures Commission (“SFC”) as the “cornerstone of investor protection”, suitability obligations continue to evolve both in terms of the standard of conduct required to comply but also in terms of the cost of failure to comply. With fines in one case tabulated at HK$5 million per failure to comply and both the SFC and the Hong Kong Monetary Authority (“HKMA”) ever keen to promote these obligations, it has never been more important for persons licensed or registered with the SFC to ensure compliance. Arguably, the introduction of new requirements to ensure the suitability of so-called “complex products” represents another step in denying investors the freedom to make their own choices, absolving investors of responsibility for their own choices and imposing advisory duties upon market players whose business models may be non-advisory in nature. These requirements appear to seek to use regulatory means to counter a judicial system that has tended to be less sympathetic to claims of mis-selling.
Please join us for the lunch time seminar as we provide our perspective on the evolving requirements of the suitability obligations and review how regulated firms can minimize the risk of claims of mis-selling in carrying out their business and how they should respond to allegations of mis-selling.
Timothy Loh, Managing Partner
Mr. Loh has extensive experience advising SFC regulated firms on all aspects of the conduct of their business and representing such firms not only in proceedings commenced by the SFC alleging misconduct but also in court and arbitral proceedings commenced by clients.
Gavin Cumming, Partner
Mr. Cumming has extensive experience in the formation and operation of both unauthorised private equity funds and hedge funds, and authorised retail collective investment schemes. He regularly works with asset managers in connection with the establishment of their asset management operations in Hong Kong.
|Time||Monday, April, 08, 2019 | 12:30pm|
|Ending Time||Monday, April, 08, 2019 | 2:00pm|
|Maximum Number of Seats||10|
|Price per Person||HK$750.00|
|Venue||Timothy Loh LLP|