HKMA creates new class of customer to aid private banks

Norman Chan, CEO of the HKMA, announced in a speech on 12 June that the HKMA was going to create a new class of customer to ease the process by which private banks could provide products and services to Hong Kong account holders.

The new rules were then sent out to banks in a circular issued that day.

It will be interesting to see if the SFC also adopts a similar additional tier of investor.  There has recently been some considerable public criticism of the HKMA and the SFC in relation to allegations of an uneven regulatory playing field between bank (HKMA regulated) and securities firms (SFC regulated).