Robo Advisers In SFC Crosshairs
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Hong Kong’s Securities and Futures Commission (SFC) will probably write new regulation on robo advisory and online trading platforms after the conclusion of a consultation on the sector.
The regulator issued a consultation paper in May 2017 seeking guidelines on advisory platforms and online distribution. At the core of the conclusions released by the SFC are recommendations for increased transparency and additional restrictions.
Expansion Hindered
There will also be further conditions on how online platforms sell products, with some requiring a local operating license, a factor that could impair further growth in the industry.
«We hope that the clarifications and guidance will facilitate the growth of online platforms, giving investors greater choice of products and advice,» said Ashley Alder, chief executive of the commission.
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Author: SFC
Source: Finews
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