Hong Kong – SFC Requires Client Asset Protection Letters to be in Place by August 2020

The SFC issued a circular which requires the adoption of a standardised acknowledgement letter to be entered into between intermediaries and authorised institutions (AIs) with respect to deposit or securities accounts that are client or trust accounts, in order to strengthen the safeguarding of client assets. The letters are now required to be in place before depositing any client money or securities into any new client asset accounts, and the SFC has granted a transition period ending on 31 Ju