On 14 Mar 2025, the HKMA issued a circular consolidating guidance on the selling of accumulators, which supersedes seven prior circulars issued between 2010 and 2018. The new circular replaces all previous regulatory guidance on accumulator sales, including provisions covering rationale, private banking customer sales, FX accumulators, RMB-linked deposits, and structured product distribution. This update streamlines the HKMA's regulatory framework for accumulator-related activities.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Previous Guidance Superseded
On 14 Mar 2025, the Hong Kong Monetary Authority (HKMA) issued a circular providing consolidated guidance on the selling of accumulators, which supersedes seven previous circulars issued between 2010 and 2018. The superseded circulars include the HKMA’s 22 December 2010 guidance on 'Selling of Accumulators', 31 October 2011 guidance on 'Rationale for Selling of Accumulators', 12 June 2012 guidance on 'Selling of Investment Products to Private Banking Customers', 7 March 2014 guidance on 'Foreign Exchange Accumulators (“FX accumulators”) and Non-leveraged Renminbi (“RMB”)-Linked Deposits', 8 April 2016 feedback on 'Feedback from recent reviews of the selling of investment products', 23 February 2017 guidance on 'Guidance on selling of investment products and handling of client securities', and 8 February 2018 guidance on 'Distribution of Fixed Income and Structure Products'.
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