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HKMA warns banks against investment fund churning

HKMA Asian Private Banker
The Hong Kong Monetary Authority

The Hong Kong Monetary Authority has urged banks to refrain from recommending that clients conduct frequent trades in investment funds that make “little or no economic sense” and to properly design their incentive systems to deter improper risk-taking and misconduct. Hong Kong’s bank regulator sent a circular to all registered institutions (RIs) — banks which are regulated under the Securities…

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