The Securities and Futures Commission’s (SFC) new client suitability clause comes into effect today, despite lingering uncertainties relating to the definition of ‘solicitation’ and how the rules apply to ‘execution-only’ accounts at private banks, lawyers tell Asian Private Banker. After 18 months of preparations, legal experts believe that all the repapering and training needed for the smooth implementation of the…
New suitability requirements enforced with questions unanswered, say lawyers
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