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T5 Topic 5: Business conduct and client relations (summary) (了解制定操守…

- - - - (a) 證券交易的風險
        這是指股票價格可能出現突然的大幅波動，可能會招致損失。
        (b) 期貨及期權交易的風險
        這是指因為作出小額買賣（以保證金作出）而引致的額外風險
        (c) 買賣創業板股份的風險
        這是指創業板股份波動性高、往績紀錄較短及需要就有關股份尋求專業意見。
        (d) 在香港以外地方收取或持有的客戶資產的風險
        這是指海外及香港法律可能有所不同，在海外收取或持有的資產可能不會受到香港法律的保障。
        (e) 提供將客戶的證券抵押品再質押的授權書的風險
        這是指向持牌人或註冊人提供授權書，容許其將客戶的證券抵押品再質押以取得財務通融，如持牌人或註冊人失責，客戶可能會損失其證券。
        (f) 提供代存郵件或將郵件轉交第三方的授權書的風險
        這項聲明指出客戶須盡速收取所有帳戶的成交單據及結單，以便偵察任何錯誤或差異。
        (g) 保證金買賣的風險
        這是指客戶所蒙受的損失可能超過其保證金款項並被要求存入更多款項，以及如客戶未能繳付追繳保證金，則持牌人或註冊人可能會變賣抵押品的風險。
        (h) 槓桿式外匯交易的風險這是指與上文保證金買賣類似的風險。
        
        (a) Risk of securities trading
        This refers to the possible sudden dramatic movements in the prices of stocks which may result in losses.
        (b) Risk of trading futures and options
        This refers to extra exposure due to trading in small amounts failing which the position may be liquidated at a loss, leaving the client liable for the deficit.
        (c) Risk of trading Growth Enterprise Market (“GEM”) stocks
        This refers to the high volatility of GEM stocks, their shorter track record and the need to seek professional advice.
        (d) Risks attaching to client assets received or held outside Hong Kong
        This refers to the possible differences between overseas laws and those of Hong Kong, where assets received or held overseas may not have protection under Hong Kong law.
        (e) Risk of providing an authority to re-pledge clients’ securities collateral
        This refers to the risks of needing to renew such authorities annually . If the licensed or registered person defaults, the client could lose his securities.
        (f) Risk of providing an authority to hold mail or to direct mail to third parties
        This points out the need for the client to collect all contract notes and statements of account promptly in order to detect any mistakes or differences.
        (g) Risk of margin trading
        This refers to the dangers of the client losing more than his margin deposits and being called upon to make more deposits and to the possibility of the licensed or registered person liquidating the collateral if the client fails to meet a margin call. The placement of “stop-loss” orders may not be effective in limiting loss due to market conditions. The statement asks the client to consider the suitability of margin financing carefully in the light of his financial position and investment objectives.
        (h) Risk of leveraged foreign exchange trading (“LFET”)
        This refers to risks similar to those relating to margin trading above
- - - - 1complies with the client mandate
      - 2obtain prior written permission for personal dealings for not more than five trading days.
      - 3must hold personal investments for at least 30 days unless prior written approval is obtained
- - - - nine general principles: honesty and fairness, diligence, capabilities, information about clients and for clients, conflicts of interest, compliance, client assets and the responsibility of senior management
        
        1誠實及公平
        
        陳述和提供的資料，應要準確及沒有誤導成份,費用應公平合理,Invitations and advertisements must be true,防止賄賂條例(provisions of the Prevention of Bribery
        Ordinance (“PBO”) )
        
        2勤勉盡責diligence
        
        “prompt execution”,“best execution”,“prompt and fair allocation”advice and recommendations
        should be based on thorough analysis
        
        3 能力
        
        持牌人或註冊人 “應具備及有效地運用其所需的資源和程序，以便適當地進行其
        業務活動 ”should have and employ effectively the resources and
        procedures
        
        適當的職員, supervision of the staff ,satisfactory internal control procedures內部監控程序(system)
        
        4：有關客戶的資料
        
        (a) 認識你的客戶； (b) 客戶協議；及 (c) 委託帳戶
        
        KYC
        
        (a) true and full identity;
        (b) financial situation or strength;
        (c) investment experience; and
        (d) investment objectives.
        
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        一般原則 5：為客戶提供資料
        
        “與客戶進行交易時，應充分披露有關的重要資料 ”
        
        牌人或註冊人的資料background
        
        g contact details, services , and the identity and status of employees , which company the individual contact is acting for, where a financial services group is concerned; audited financial statements and information on corporate actions,.
        
        transaction related information needs to be disclosed to a client
        
        (a) the capacity (principal or agent) in which a licensed or registered person is acting; (
        b) any affiliation of the licensed or registered person with the product issuer;
        (c) disclosure of monetary and non-monetary benefits (as discussed in section 2.30 above);
        a(d) any terms and conditions in generic terms under which the client may receive a discount of fees and charges from a licensed or registered person.
        
        (a) 持牌人或註冊人以何種身份（主事人或代理人）行事
        (b) 持牌人或註冊人與產品發行人的任何聯繫
        (c) 披露有關金錢收益及非金錢收益的資料（於上文第 2.30 節探討）；及
        (d) 概括地說明持牌人或註冊人向該客戶提供費用及收費折扣的任何條款及細則
        
        (a) the capacity (principal or agent) in which a licensed or registered person is acting;
        (b) any affiliation of the licensed or registered person with the product issuer;
        (c) disclosure of monetary and non-monetary benefits (as discussed in section 2.30 above); and
        (d) any terms and conditions in generic terms under which the client may receive a discount of fees and charges from a licensed or registered person.
        
        General Principle 6 – conflicts of interest
        一般原則 6：利益衝突
        
        a )兩名客戶之間或
        客戶與持牌人或註冊人或其職員。
        b)註冊人應公平地並按照其收到交易指示的先後次序處理客戶的交易指示. 客戶的交易指示應較獲得優先處理
        c ) Withdrawal from business 如果不在做這個生意必須立刻通知客戶
        d)a client exercises his right under a cooling-off mechanism incorporated in an
        investment product
        
        When handling client orders, a licensed or registered person will also acquire client information of a non-public nature. This information should not be used for the benefit of the licensed or registered person or its staff, and the Code of Conduct requires a licensed or registered person to ensure that neither it nor its employees deal (whether for the benefit of the licensed or registered person, its employee or a client): (a) ahead of transactions pending for other clients (“front running”); or (b) on the basis of having non-public information which is likely to affect the price of the instruments when it is publicly released. 剛在處理客戶的交易的時候就會向客戶要求非公開性質的隱私資料,而這些資料不應該被用於謀取其他利益, 第二個就是不能利用公司的非公開性質的資料取締役 “front running”
        
        Rebates, soft dollars and connected transactions
        這些都有可能導致利益衝突而導致持牌人不為客戶提
        供適當的服務
        
        分析員
        
        分析員的報酬不應與投資銀行交易直接掛鈎
        
        General Principle 7 – compliance
        一般原則 7：遵守法規
        
        Licensed or registered persons should comply with all the regulatory requirements so as to
        promote the best interests of clients and the integrity of the market.(SFC/ Financial Dispute Resolution Scheme (“FDRS”),)
        
        Financial Dispute Resolution Scheme (“FDRS”)金融糾紛調解中心有限公司（ “調解中心 ”） like SFC
        
        Employee dealings僱員的交易
        
        若無僱員的主事人的書面同意，持牌人或註冊人不得在知情的情況下，把
        其他持牌人或註冊人的僱員作為客戶
        
        對僱員的行為負責
        
        操守準則》規定，持牌人或註冊人應就其僱員及代理人在處理其業務時的作為負責一般法律責任。
        
        向證監會作出
        匯報 if 持牌人 or 客戶或其僱員或代理人涉嫌嚴重地違反
        
        General Principle 8 – client assets
        一般原則 8：客戶資產
        
        持牌人或註冊人應確保將客戶資產盡快加
        以記帳及獲得充分的保障
        
        General Principle 9 – responsibility of senior management
        一般原則 9：高級管理層的責任senior management
        
        持牌人或註冊人的高級管理層 “應承擔的首要責任，是確保商號能夠維持適當的
        操守標準及遵守恰當的程序 ”
        thus 高級管理層應了解持牌人的：
        
        (a) the nature of the business;
        b) its internal control systems and procedures; (
        c) its risk management policies;
        (id) the extent of their own authority and responsibilities;
        
        who will be senior management?
        
        As regards licensed corporations, the SFC regards the following persons as being senior management:
        (a) all directors of the corporation (including any shadow director);
        (b) the persons appointed as responsible officers of the corporation; and
        (c) each individual who undertakes and is principally responsible for (either alone or together with others) any one or more of the eight MICs, which are as follows:
        (i) overall management oversight;
        (ii) key business line;
        (iii) operational control and review;
        (iv) risk management; (v) finance and accounting;
        (vi) information technology;
        (vii) compliance; and (viii)anti-money laundering and counter-terrorist financing
        
        majorly 3 categries of Professional investors 專業投資者定義為就其知識、經驗及財務資源而言
        
        1 Institutional PIs 機構專業投資者
        -exchange companies
        -licensed corporations or registered institutions and similar investment service providers regulated overseas
        -authorised financial institutions (“AFIs”) and similar overseas institutions
        -insurers authorised
        -CISs authorised in Hong Kong
        -regulated overseas counterparts
        -governments, central banks and multilateral agencies
        
        2 Corporate PIs法團專業投資者
        -trustee companies responsible for total assets of not less than HK$40 million獲委託總資產不少於hk40m
        -擁有不少於 800萬港元
        -wholly owned by
        one of the foregoing or by an Individual PI
        
        3Individual PIs
        
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