On 05 Dec 2025, the SFC and HKMA launched the 2025 joint product survey to gather data on intermediaries' sales of non-exchange-traded investment products to non-professional investors. The survey requires Reporting Intermediaries to submit structured questionnaires via WINGS by March 2026, with data used solely for anonymised industry analysis and regulatory oversight purposes.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Purpose and Scope of the Survey
On 05 Dec 2025, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) announced the launch of the 2025 joint product survey to collect data on intermediaries' selling activities for non-exchange-traded investment products. The survey targets licensed corporations (LCs) and registered institutions (RIs) licensed for Type 1 (dealing in securities) or Type 4 (advising on securities) activities (collectively 'Reporting Intermediaries'), covering sales to non-institutional professional investors or certain exempted corporate professional investors during 1 January to 31 December 2025.
Survey Questionnaire Structure
The survey questionnaire comprises three parts: Part A requires all Reporting Intermediaries to provide contact details and confirm whether they sold reportable products to In-scope Clients during the reporting period. Part B, applicable to intermediaries who sold such products, requests transaction amounts by product type, top issuers, and client types. Part C, mandatory for LCs with HK$11 billion+ or RIs with HK$30 billion+ in transaction volumes, gathers detailed data on investor types and top five products sold.
Reporting Timeline and Confidentiality
Reporting Intermediaries must submit completed questionnaires via WINGS by specified deadlines: Part A only by 16 January 2026, Parts A and B by 27 February 2026, and all parts by 6 March 2026. All collected information will be treated confidentially and used solely for anonymised, aggregated statistics; results from the 2024 survey are publicly available on the SFC website.
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