Hong Kong

New client identification procedure for registered persons

Steve Roder, KPMG Hong Kong, steve.roder@kpmg.com.hk

On 28 June 2002, the Securities and Futures Commission (“SFC”) released an additional alternative client identification procedure designed to help registered persons verify the identity of new clients who wish to open accounts in non-face-to-face situations. The new procedure takes immediate effect and is provided for in an amendment to the Code of Conduct for Persons Registered with the Securities and Futures Commission.