Aggregated News From Investment Management Regulators

SFC signs new MoU with the Insurance Authority

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The Securities and Futures Commission (SFC) and the Insurance Authority (IA) announced today that they have entered into a new Memorandum of Understanding (MoU) following the introduction of the direct regulatory regime of insurance intermediaries (Note 1).

The new MoU, which covers referral of cases for attention, joint inspections and investigations, and sharing of information pertaining to products and relevant entities or key persons, will enhance the effectiveness for both organisations in discharging their regulatory responsibilities.

“This new MoU will cement our ties and enhance regulatory cooperation and effectiveness as we perform our respective regulatory functions.  It will also facilitate the supervision and oversight of entities or financial groups of regulatory interest to the SFC and the IA,” said Mr Ashley Alder, the SFC’s Chief Executive Officer.

The IA’s Chief Executive Officer, Mr Clement Cheung, said, “We welcome the signing of this new MoU which will deepen mutual cooperation and coordination, optimising deployment of limited resources and lessening the compliance burden by reducing duplicated efforts.”

Notes:

  1. The new MoU replaces the MoU between the SFC and the IA signed in 2005.

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Regulator Information

Abbreviation: SFC
Jurisdiction: Hong Kong

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