SIX Financial Information is expanding its vast regulatory coverage to include the Securities and Futures Commission (SFC) authorized products for Hong Kong clients.
In recognizing the great challenge that the industry is facing and given the expertise in the regulations area, SIX Financial Information is using its reference data infrastructure to support the industry with compliance in Hong Kong. The SFC stipulates that financial institutions worldwide are only allowed to market authorized products to the Hong Kong public.
As of this year, financial institutions need to report the product transactions to Hong Kong Monetary Authority (HKMA) twice annually. The compliance challenge that institutions are facing, is to ensure accuracy when comparing and identifying their portfolio instrument transactions to the published SFC list, which is currently a manual and cumbersome process.
“As the HKMA increases its investor protection efforts, accuracy will become critical for financial institutions. Through our automated service, client advisors, asset servicingoperations and compliance officers are always informed of the latest status of authorized products. This allows them to be more effective in servicing their client, while being compliant,” said Harald Rudolph, Senior Product Manager, SIX Financial Information.
The service offered by SIX streamlines the latest entity and securities data - including the regulatory markings - directly to the financial institutions core banking software. By cross-referencing the SFC authorized products with many other local or international identifiers, including the ISIN or Legal Entity Identifier (LEI), SIX is able to provide an easy to integrate solution for any institution. As a result, client advisors are able to immediately see the specific products that can be marketed by querying their core banking system.
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