A Quick Guide to Hong Kong's Financial System and Services

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A Quick Guide to Hong Kong's Financial System and Services
A Quick Guide
 to Hong Kong’s Financial System
 and Services

The Investor Education Centre is supported by the financial regulators
A Quick Guide to Hong Kong's Financial System and Services
1

                                                         Contents
                                                         Financial Regulatory System    2

                                                         Markets and Products           8

                                                         Investing and Trading         18

                                                         Safeguards                    22

                                                         Getting Useful Information    28

About IEC
Established in November 2012 and supported by the
four financial regulators in Hong Kong, the Investor
Education Centre is a dedicated organisation with the
mission of improving financial literacy in Hong Kong.
It aims to better equip the general public with skills
and knowledge to make informed financial decisions
and manage their money wisely through the provision
of comprehensive, credible and impartial financial
information, tools and education resources.
A Quick Guide to Hong Kong's Financial System and Services
3

Financial
Regulatory
System
             As an international financial centre, Hong Kong offers a sound
             regulatory framework and a raft of safeguards to financial
             consumers. Understanding how our markets and market
             players work is essential before you make decisions on how to
             plan and manage your money here.

             The Financial Services and the Treasury Bureau of
             the Hong Kong Special Administrative Region Government
             works closely with market regulators and participants to
             strengthen Hong Kong’s role as an international financial
             centre, asset management centre and offshore renminbi (RMB)
             business centre.

             The four financial regulators are the Hong Kong Monetary
             Authority (HKMA), the Mandatory Provident Fund Schemes
             Authority (MPFA), the Office of the Commissioner of Insurance
             (OCI) and the Securities and Futures Commission (SFC).
             They oversee the banking, the Mandatory Provident Fund
             (MPF), insurance as well as securities and futures industries
             respectively, and help maintain the financial stability of Hong
             Kong.

             As part of Hong Kong’s overall regulatory infrastructure for the
             financial services industries, the Investor Education Centre’s
             role in financial education is complementary to the work of the
             regulators.
A Quick Guide to Hong Kong's Financial System and Services
4                                                                                                                                       5

    Financial Regulators

    Hong Kong Monetary Authority                                    Office of the Commissioner of Insurance

     The HKMA was established on 1 April 1993 by merging              Empowered by the Insurance Companies Ordinance, the
     the Office of the Exchange Fund with the Office of               OCI protects the interests of policyholders and promotes
     the Commissioner of Banking. Its main functions and              the general stability of the insurance industry. Its work is to
     responsibilities are governed by the Exchange Fund               authorise and supervise insurers, and regulate insurance
     Ordinance and the Banking Ordinance. The HKMA reports            intermediaries through a self-regulatory system.
     to the Financial Secretary and is the government authority
     responsible for maintaining monetary and banking stability.

                                                                    Securities and Futures Commission

    Mandatory Provident Fund Schemes Authority                        Established in 1989, the SFC is an independent statutory
                                                                      body set up to regulate the securities and futures markets.
     The MPFA is a statutory body set up in 1998 under the            With its powers derived from the Securities and Futures
     Mandatory Provident Fund Schemes Ordinance to assist Hong        Ordinance and a subsidiary legislation, it maintains
     Kong’s workforce to accumulate savings for their retirement,     and promotes the fairness, efficiency, competitiveness,
     through regulating and supervising privately managed MPF         transparency and orderliness of the securities and futures
     schemes and overseeing the operation of occupational             industry, and offers protection and education to the public
     retirement (ORSO) schemes.                                       investing in financial products. Its investor education
                                                                      mandate has been transferred to the Investor Education
                                                                      Centre.
A Quick Guide to Hong Kong's Financial System and Services
6
6                                                                                                                                                              7

    Regulation of Financial Markets, Products and Intermedi aries in Hong Kong

    Securities and Futures                  Hong Kong Monetary                     Mandatory Provident Fund              Office of the Commissioner
    Commission                              Authority                              Schemes Authority                     of Insurance

    Regulates and authorises publicly       Regulates and supervises banks and     Regulates and supervises MPF          Authorises and supervises insurance
    offered investment products and         deposit-taking companies               schemes / trustees                    companies
    their offering documents eg unlisted
                                            Regulates intermediaries ie banks      Acts as the registrar of the ORSO     Regulates intermediaries ie
    investment products and listed
                                            and bank staff who are registered      schemes                               insurance agents and brokers
    exchange-traded funds (ETFs) and
                                            with the SFC for carrying on                                                 through overseeing self-regulatory
    real-estate investment trusts (REITs)                                          Registers MPF intermediaries who
                                            businesses in securities and futures                                         organisations
    offered to the public in Hong Kong                                             are regulated by the HKMA, OCI
                                                                                   and SFC for carrying on business in
    Licenses and supervises
                                                                                   banking, insurance and securities
    intermediaries eg brokers,
                                                                                   respectively
    investment advisers and fund houses
    Directly regulates takeovers and
    mergers of listed companies
    Oversees market operator ie Hong
    Kong Exchanges and Clearing
    Limited which regulates listed
    companies and listed structured
    products
9

Markets    Hong Kong has an integrated network of institutions and
           markets providing wide-ranging products and services

and        to consumers and investors. Its financial markets are
           characterised by

Products     a high degree of liquidity with effective and transparent
             regulations
             minimum intervention by the government
             a low and simple tax policy that allows room for business
             initiatives
             a strong emphasis on the rule of law and fair market
             a stable currency regime with the exchange rate of the
             Hong Kong dollar to the US dollar kept at about HKD7.8
             against USD1
             no exchange controls and restrictions on capital inflows
             and outflows
10                                                                                                                                                                 11

     Markets                                                                            Products and services                    Key points to note

     Hong Kong Exchanges and Clearing Limited (HKEx) operates the securities
     and derivatives markets in Hong Kong and is the frontline regulator of listed     Banking
     companies. Its stock exchange regulates listed issuers and administers
     listing, trading and clearing rules.                                              Consumers can apply for credit            Avoid over-borrowing.
                                                                                       cards and borrow loans from banks.        Keep loan payments to a level
     Financial institutions such as banks, fund managers, brokerages and               Through opening savings, current,         you can comfortably repay.
     insurance companies offer a wide range of banking, investment and                 time deposits, non-HKD, integrated        Stay on track with your credit
     insurance products which include funds and investment-linked assurance            and investment accounts, they can         commitments.
     schemes (ILAS).                                                                   transfer money, receive interest and
     Some institutions also provide trading and settlement services.                   conduct transactions of financial
                                                                                       products.
     The staff of banks and brokerages, insurance agents, insurance brokers, and
     investment advisers act as intermediaries to sell, distribute and advise on the   Insurance
     financial products.
                                                                                       A full product range comprises life       Ensure that you understand
                                                                                       insurance policies (including ILAS),      the risks of investing in ILAS.
                                                                                       and non-life insurance policies           ILAS are generally designed
                                                                                       (including medical, critical illness,     for consumers who have a
                                                                                       accident, home, travel and motor) to      long-term investment horizon
                                                                                       cater for your needs.                     and a dual objective of
                                                                                                                                 investment and estate
                                                                                       ILAS is a long-term investment-cum-       planning; intend and are able
                                                                                       life insurance product, with its policy   to pay the premiums for the
                                                                                       value determined by the insurer           whole policy term; and accept
                                                                                       based on the performance of the           that their death benefits under
                                                                                       “underlying or reference funds”.          the ILAS are subject to
                                                                                       The insurer, not the policyholder,        investment risks.
                                                                                       owns ILAS’s underlying assets.
12                                                                                                                                                           13

      Products and services                   Key points to note                 Products and services                    Key points to note

     Investment
     Stocks                                                                     Funds
     When you invest in Hong Kong’s stock     Watch out market risk, interest   Funds must be authorised by the SFC       SFC authorisation is not a
     market, it is important to understand    rate risk, global and             before they can be offered to the         recommendation or
     the risks and know your limits.          macroeconomic risk,               Hong Kong public.                         endorsement of a product nor
     While you might make gains,              business risk, uncertainties                                                does it guarantee the
     you could also lose.                     about corporate earnings          To be authorised, funds must meet         commercial merits of a
                                              and mis-governance,               the requirements in the SFC               product or its performance.
                                              trading suspension and            Handbook for Unit Trusts and Mutual       An unauthorised fund is not
                                              liquidity risk.                   Funds, Investment-Linked Assurance        subject to the regulation of the
                                                                                Schemes and Unlisted Structured           SFC, its structures and
                                                                                Investment Products, covering             operations may not be
     Bonds                                                                      investment restrictions, fund manager /   governed by any rules or
     A bond is a public or private debt       Bonds carry credit risk,          custodian / trustee eligibility,          regulations in Hong Kong
     instrument issued for fund-raising       interest rate risk,               information disclosure and                and the offering document
     purpose. The range of product            exchange rate risk,               operational matters.                      may not have been vetted by
     offerings, the open access for issuers   liquidity risk, inflation risk    Unauthorised funds can be distributed     Hong Kong’s authorities.
     and investors, and the increasing        and event risk.                   privately to professional investors and
     significance of offshore RMB bond        High-yield bonds and bonds        the onus is on the fund manager to
     issuances are conducive to               with special features bear        ensure that laws are not contravened.
     developing Hong Kong into an             additional risks.
     international bond market.
14                                                                                                                                                      15

      Products and services                      Key points to note                 Products and services                   Key points to note

     ETFs                                                                          Structured products
     An exchange traded fund (ETF) tracks,       Tracking errors arising from      A structured product is an investment
     replicates or corresponds to the            charges and index changes,        product embedded with a derivative
     performance of an underlying index or       counterparty risk and             under which the return is typically
     benchmark which can be on a stock           currency risk.                    linked to the performance of the
     market, a specific segment of a stock                                         reference underlying eg securities,
     market, a group of stock markets                                              index; they may be listed or unlisted.
     or on bonds or commodities.
                                                                                   Listed structured products in Hong       Risks related to listed
     In some cases, an ETF tracks an index                                         Kong include derivative warrants and     structured products are
     of a market where access is restricted                                        callable bull/bear contracts (CBBC).     explained on the HKEx
     (such as the China A-share market                                                                                      website.
     and the Indian market), thus giving
     investors indirect access to that market.                                     Unlisted structured products are         Related risks include
                                                                                   traded over the counter at banks and       the product may not
                                                                                   brokerages, and include                    be principal-protected.
     Leveraged forex                                                               equity-linked investments (ELI),           its maximum potential
     Leveraged foreign exchange (forex)          Leveraged forex may bring         equity-linked deposits (ELD) and           gain may be capped.
     contract is a “geared” investment           substantial profits, but also     currency- linked investment products.      issuer credit risk.
     in which you invest in one currency         equally, substantial losses, in
     on margin in the expectation that its       a short period of time.
     exchange rate against another               It is only suitable for the
     currency will rise or fall. Whether you     disciplined investor who can
     make a profit or suffer a loss depends      afford the loss when the
     on the difference between the               currency moves against the
     exchange rates at which you open            expectation.
     and close your position.
16                                                                                                                                                                                       17

       Products and services                                        Key points to note

     Derivatives
     A derivative is a financial                                    Issuer credit risk, absence of      Buying property
     contract whose value derives from                              collaterals, gearing risk, expiry
     the performance of an underlying                               consideration, extraordinary        People who consider migrating to Hong Kong through the Capital
     asset. Hong Kong’s exchange traded                             price movements, liquidity risk     Investment Entrant Scheme (CIES) administered by the Immigration
     derivatives include options and futures                        and market risk.                    Department should note that property is no longer a permissible asset
     contracts1.                                                                                        under the CIES although it is a highly popular investment avenue for
                                                                                                        consumers.

     RMB products                                                                                       Hong Kong has no foreign-ownership restrictions on the sale of
     A renminbi (RMB) product is a generic                          RMB is a restricted currency        residential, office, commercial or industrial property. Starting in late 2012,
     term which may include a wide                                  and subject to exchange             non-permanent residents and companies must pay a 15% Buyer’s Stamp
     range of investment products issued,                           controls.                           Duty when buying properties in Hong Kong.
     denominated or traded in RMB, or                               RMB may not always
                                                                                                        Qualified estate agents in Hong Kong are licensed by the Estate Agents
     may have exposure to RMB-linked                                appreciate.
                                                                                                        Authority (www.eaa.org.hk).
     assets or investments.                                         You may not always receive
                                                                    RMB upon product
     There are different types of RMB                               redemption/sale.
     investment products which may have                             Secondary market may not be
     limited or no RMB-related underlying                           liquid or there may not be an
     investments and investors may be                               active secondary market for
     exposed to the currency risks of RMB                           the product.
     as well as other market risks.                                 Onshore RMB (CNY) and
                                                                    offshore RMB (CNH) represent
                                                                    the same currency but are
                                                                    traded in different and
                                                                    separate markets which
                                                                    operate independently. RMB
                                                                    products traded in Hong
                                                                    Kong are typically valued at
                                                                    CNH, not CNY. CNH/CNY may
                                                                    trade at different prices.

     1. For detailed product information, please visit sections Frequently Asked Questions and
        Understanding Risks of Structured Products of the HKEx website.
19

Investing   Get prepared

and         Before you invest and trade, you should plan and do your homework.

            First of all, you should assess your financial needs and financial situation,

Trading     set the investment objectives and investment horizon, and find out your
            risk tolerance level taking into account your investment experience and
            knowledge and other personal circumstances.

            Then, understand the nature and risks of the financial products, identify those
            that suit your personal circumstances and determine the weights of different
            asset classes in your investment portfolio.

            Choose an intermediary
            If you use an intermediary to buy investment products, procure insurance
            policies, trade securities or get investment advice, remember to first shop
            around to compare the services provided and the fees charged.

            Besides, make sure the intermediary you use is properly licensed to conduct
            the regulated activity, and help the intermediary fully understand your
            circumstances and needs.

            You should check the licensing status of an intermediary from the register of
            his or her respective financial regulator (please refer to the table on pages 30
            and 31 for details).
20                                                                                                                                                                   21

     Trading procedures
     You should take the following important steps to trade or buy financial          If you are from mainland China and are buying a life insurance policy, you
     products.                                                                        should physically visit Hong Kong to procure the policy. You should also
                                                                                      produce evidence of the date of entry.
                                                                                      Different insurers may have other different requirements for their clients.
     Open an investment account and trade
       You can open a securities account with a brokerage by providing a valid        Always answer all of the insurer’s questions honestly and to the best of
       identification document (eg passport), an address proof (eg water or           your knowledge. If you do not disclose truthful and accurate details, your
       electricity bill issued within the last three months), and other documents     policy may be terminated, or any future claim could be rejected.
       as required by the intermediary.
       A bank account may also allow you to make investments eg trading
       of stocks and funds. You should identify yourself to the bank with
       documents eg passport, and proof of address in your home country.
                                                                                    Monitor continuously
       With the account ready, you can trade on the exchange or over-the-
                                                                                    Keep track of your investments. Pay attention to contract notes, monthly
       counter depending on the nature of your investment.
                                                                                    statements and any other reports provided by the intermediary or product
       When signing a client agreement with the intermediary,
                                                                                    issuer.
          read the details carefully including the services provided,
          remuneration eg commission, brokerage fees and any other
          charges, and the risk disclosure statements.
          if you deal in margin trading, check the details of margin
          requirements, interest charges, margin calls, and under what
                                                                                    Investing overseas through a Hong Kong
          circumstances your positions may be closed without your prior             intermediary
          consent.
       In Hong Kong, certain taxes such as withholding tax, capital gains tax         You should check with the intermediary
       and dividend tax do not apply.
                                                                                        whether it has appointed any counterpart in that jurisdiction to execute
     Purchase insurance policies                                                        the trades, and ask the intermediary for the details of the counterpart
                                                                                        beforehand such as the regulation, if any, it is subject to;
       You can buy insurance protection from an insurance agent or broker in            the relevant execution and settlement arrangements, as well as
       person in Hong Kong.                                                             the obligations and responsibilities of each party involved in your
         Produce a valid travel document and provide a postal address for               transactions; and
         future correspondence.                                                         any additional risks of conducting transactions and safekeeping your
         If you buy a life insurance policy, you may need to conduct a body             assets overseas, among other things.
         check in Hong Kong. If your policy involves periodic premium
         payment, you need to be aware of the available payment channels.             Always read carefully the client agreement, risk disclosure statement and/or
                                                                                      offering documents, etc before making investment decisions.
23

Safeguards

             Protection
             Misconduct may give rise to losses of consumers and disrupt the markets.
             Financial regulators strive to promote market fairness, protect investors and
             minimise crime through combating offences such as insider dealing, market
             manipulation, unlicensed activities and money laundering.

             The Hong Kong Police Force and the Independent Commission Against
             Corruption fight commercial fraud and corruption respectively.

             Issuers of authorised investment products should disclose adequate and
             accurate information in the offering documents including the Product Key
             Facts Statement, to help you make informed decisions.

             Intermediaries eg staff of banks, brokerages, insurance agents and brokers,
             and investment advisers should explain to you clearly a product’s features
             and risks.

             Having regarded to the information collected through the “know your client”
             or “financial needs and risk profile assessment” process, an intermediary is
             required, when making a recommendation, to ensure that the suitability of the
             recommendation for that client is reasonable in all circumstances.

             The intermediary must tell you any benefits he or she would receive from
             a product issuer and his or her trading profit made from a back-to-back
             transaction, his or her capacity in the transaction and affiliation, if any, with
             the issuer, and generic terms and conditions under which you may receive a
             discount of fees and charges.

             If you have no knowledge of derivatives but intend to invest in a derivative
             product even without any solicitation or recommendation from the
             intermediary, the intermediary must still explain to you the relevant risks or
             advise you if the investment is suitable for you, depending on whether the
             derivative product is listed.
24                                                                                                                                                           25

     Enquiries and complaints
     If you have query about a product or service purchased, you should                What                       Where                    How
     first of all contact the financial institution eg its complaints officer (if
     you want to file a complaint). If you are not satisfied with its response,
     approach the related regulator or self-regulatory body.                         Insurance companies,       Office of the            (852) 2867 2565
                                                                                     agents or brokers          Commissioner of          iamail@oci.gov.hk
                                                                                                                Insurance                www.oci.gov.hk
       What                         Where                        How                 Conduct of insurance       Insurance Agents         (852) 2520 1868
                                                                                     agents                     Registration Board set   hkfi@hkfi.org.hk
     Publicly offered            Securities and Futures       (852) 2231 1222                                   up under The             www.hkfi.org.hk
     investment products,        Commission                   complaint@sfc.hk                                  Hong Kong Federation
     SFC licensees, and                                       www.sfc.hk                                        of Insurers
     suspected market
     misconduct and                                                                  Conduct of insurance       The Hong Kong            (852) 2882 9943
     breaches of                                                                     brokers                    Confederation of         info@hkcib.org
     Takeovers Code                                                                                             Insurance Brokers        www.hkcib.org

     Banks and their staff       Hong Kong Monetary           (852) 2878 1378                                   Professional Insurance   (852) 2869 8515
                                 Authority                    bankcomplaints@hkma.                              Brokers Association      info@piba.org.hk
                                                              gov.hk                                                                     www.piba.org.hk
                                                              www.hkma.gov.hk
                                                                                     MPF/ORSO schemes,          Mandatory Provident      (852) 2918 0102
                                                                                     MPF trustees, MPF          Fund Schemes             mpfa@mpfa.org.hk
                                                                                     intermediaries             Authority                www.mpfa.org.hk

                                                                                     Listed companies           Hong Kong                (852) 2840 3895
                                                                                     (listing-related matters   Exchanges and            info@hkex.com.hk
                                                                                     except for takeovers       Clearing Limited         www.hkex.com.hk
                                                                                     and mergers)
26                                                                                                                                                                  27

     Compensation                                                                   Legal redress
     The Deposit Protection Scheme protects depositors in Hong Kong, be it          If you are unsatisfied with the outcome of your complaint, you may seek
     personal or corporate should a bank fail. Up to HKD500,000 protection          legal advice and decide to take the matter to court.
     per depositor is offered for deposits, including principal and interest and       The Small Claims Tribunal for claims of up to HKD50,000
     denominated in HKD, RMB or any other currency, held with a bank member.           The District Court for claims above HKD50,000 and up to
                                                                                       HKD1,000,000
     The Investor Compensation Fund compensates retail investors’ losses
                                                                                       The Court of First Instance of the High Court of Hong Kong that has
     due to default of a Hong Kong licensed or registered intermediary or an
                                                                                       unlimited jurisdiction
     authorised financial institution in relation to products traded on the Stock
     Exchange of Hong Kong and Hong Kong Futures Exchange. The maximum
     compensation per investor as a result of a single default is HKD150,000 for         What                      Where                      How
     trading securities or futures contracts.

     The Compensation Fund compensates members of MPF schemes for                      Protection for deposits   Deposit Protection        (852) 1831 831
     losses of accrued benefits that are attributable to misfeasance or illegal                                  Scheme                    dps_enquiry@dps.org.hk
     conduct committed by MPF trustees and other persons concerned with the                                                                www.dps.org.hk
     administration of the schemes.
                                                                                       Losses due to default     Investor Compensation     (852) 2523 7382
     Resolution                                                                        of intermediaries for     Fund                      icc@hkicc.org.hk
                                                                                       exchange-traded                                     www.hkicc.org.hk
     The Financial Dispute Resolution Centre provides financial consumers with an      products in Hong Kong
     independent, affordable and transparent avenue for mediation and arbitration
     to resolve monetary disputes at or below HKD500,000 with financial                Losses due to conduct     Compensation Fund         (852) 2918 0102
     institutions which are authorised by the HKMA or licensed by/registered with      of MPF trustees and                                 mpfa@mpfa.org.hk
     the SFC.                                                                          people concerned with                               www.mpfa.org.hk
                                                                                       scheme administration
     The Insurance Claims Complaints Bureau offers the insuring public free
     service for insurance claims complaints arising from all types of personal        Mediation and             Financial Dispute         (852) 3199 5100
     insurance policies of which the total claim amount does not exceed
                                                                                       arbitration of monetary   Resolution Centre         fdrc@fdrc.org.hk
     HKD800,000.
                                                                                       disputes                                            www.fdrc.org.hk

                                                                                       Claims complaints         The Insurance Claims      (852) 2520 1868
                                                                                       about personal            Complaints Bureau         iccb@iccb.org.hk
                                                                                       insurance policies                                  www.iccb.org.hk
29

              Product information
              To find out more about a product, you should always

                read all the product offering documents or principal brochures which can
                be obtained from the issuer and/or intermediary;
                check with the issuer and/or intermediary to see whether the product is
                authorised by the SFC;
                seek professional advice from the intermediary about the product
                (including the details on its fees and charges and risks); and
                where necessary, request the issuer to provide additional information,
                which you may do via your intermediary.

Getting
Useful
Information
30                                                                                                                                                                       31

     Trading information
     Having bought a financial product, it is critical for you to keep track of its
     trading information.

                                                                                          Regulated
       What                                         Where                                                           Key information            Source
                                                                                          activities

     Listed securities and derivatives            HKEx - HKExnews                        Banks’ securities         Registration details and   “Register of Securities
     prices, disclosure of interest and                                                  business and/or other     any records of public      Staff of Authorized
     market statistics                                                                   regulated activities as   disciplinary actions       Institutions” and
                                                                                         defined under the SFO     taken by the SFC and/or    “Register of Authorized
     Bond prices and related information          HKMA - Central Moneymarkets Unit                                 HKMA                       Institutions and Local
                                                  Bond Price Bulletin                                                                         Representative Offices”
                                                                                                                                              on HKMA website
     Retail fund prices, sales and                Hong Kong Investment Funds
     redemptions, and related                     Association and individual fund        Sales, marketing and      Registration status,       “Register of MPF
     information                                  houses                                 giving advice on MPF      contact details of         Intermediaries” on MPFA
                                                                                         schemes                   intermediary and any       website
     Underlying fund prices of ILAS               Insurance companies                                              public disciplinary
                                                                                                                   actions taken by MPFA
     Interest and currency exchange               Banks
     rates                                                                               Business of selling/      Registration number,       “Register of Insurance
                                                                                         advising on insurance     appointing insurer(s)      Agents” of the Insurance
                                                                                         policies                  and expiry date of         Agents Registration
     Intermediaries information                                                                                    registration fee           Board on The Hong
                                                                                                                                              Kong Federation of
     Look up public registers maintained by regulators or self-regulatory bodies to                                                           Insurers website
     check if an intermediary is properly licensed, authorised or registered.
                                                                                                                   Member status,             Register on The Hong
      Regulated                                                                                                    membership number,         Kong Confederation
                                   Key information             Source                                              contact details and line   of Insurance Brokers
      activities
                                                                                                                   of business                website
     For example,                Licence details,          “Public Register of                                     Member number and          Register on Professional
     securities and futures      contact details of        Licensed Persons &                                      registration number,       Insurance Brokers
     dealing and advising        complaints officer        Registered Institutions” on                             contact details and line   Association website
     and leveraged forex         and any records of        SFC website                                             of business
     as defined under            public disciplinary
     the Securities              actions taken by
     and Futures                 the SFC
     Ordinance (SFO)
32

     What to check from home

     If you are a national of a country or region outside
     Hong Kong, you should check with relevant
     authorities in your home country or region whether
     any requirements are imposed on you for investing
     overseas such as capital gain tax, currency
     conversion restrictions or foreign exchange controls
     or any other legal restrictions.

                                                            This publication is intended to provide a general overview for information and educational purposes only
                                                            and is not a comprehensive treatment of the subject matter. The information is provided generally without
                                                            considering specific circumstances and should not be regarded as a substitute for professional advice. The
                                                            Investor Education Centre (“IEC”) has not advised on, passed on the merit of, endorsed or recommended
                                                            any of the products/services or types of products/services referred to in this publication. Readers should
                                                            seek professional advice if they consider necessary.

                                                            Examples and case studies provided in this publication are for educational purposes only.
Email:       info@hkiec.hk
Website:      www.hkiec.hk
The Investor Education Centre (“IEC”)
is the owner of the copyright and other
intellectual property rights in this publication.
This publication (in whole or in part) may
not be reproduced or distributed, or used
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