FUND MANAGER CODE OF CONDUCT
First Edition
pursuant to the Securities and Futures Ordinance (Cap. 571)演唱会门票怎么买
April 2003
Securities and Futures Commission
Hong Kong
TABLE OF CONTENTS
Page INTRODUCTION1
I.ORGANISATION AND STRUCTURE
1.Organisation and Management Structure2
2.Staff Ethics5 II.FUND MANAGEMENT
3.Fund Management7
4.Custody10
5.Operations10 III.DEALING WITH CLIENTS
6.Dealing with Clients13
7.Marketing Activities15
8.Fees and Expens15
APPENDIX 1酱瓜
Minimum Content of Discretionary Client Agreement17
FUND MANAGER CODE OF CONDUCT
HONG KONG
INTRODUCTION
Persons to whom this Code applies
This Code ts out conduct requirements for persons licend by or registered with the Securities and Futures Commission (SFC) who business involves the discretionary management of collective investment schemes (whether authorid or unauthorid) (Fund Managers). The guidelines apply to all licend or registered persons acting as Fund Managers, including, as appropriate, their reprentatives.
Interpretation
For the purpos of this Code, a registered person means a “registered institution”and, except where the context otherwi requires, includes a “relevant individual” as defined in ction 20(10) of the Banking Ordinance (Cap. 155), and “registered” shall be construed accordingly. A reference in this Code to “reprentatives” has the same meaning as ction 167 of the Securities and Futures Ordinance.
Purpo of this Code
This Code aims, firstly, to supplement codes and guidelines applicable to all categories of licend o
r registered person with guidance in respect of the minimum standards of conduct specifically applicable to Fund Managers. It does not replace any legislative provisions, codes or guidelines issued by the SFC. Secondly, it highlights existing requirements applicable to Fund Managers. Further reference should however be made to the legislation, codes and guidelines, and in the ca of any inconsistency, the more stringent applicable provision will be applied. This Code does not have the force of law and should not be interpreted in a way that would override the provisions of any law.
Effect of breach of this Code
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Breach of any of the requirements of this Code will, in the abnce of extenuating circumstances, reflect adverly on the fitness and properness of a Fund Manager and may result in disciplinary action. When considering a person’s failure to comply with this Code, SFC staff will adopt a pragmatic approach taking into account all relevant circumstances, including the size of the corporation, and any compensatory measures implemented by nior management.
I.ORGANISATION AND STRUCTURE
1.Organisation and Management Structure美女中学生
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Incorporation and Registration
1.1 A Fund Manager should ensure that its business is properly incorporated and
that any person it employs or appoints to conduct business is properly licend or registered in accordance with all applicable statutory requirements.
Organisation and Resources
1.2 A Fund Manager should maintain:
(a)financial resources in accordance with all applicable statutory
requirements;
(b)sufficient human and technical resources and experience for the proper
performance of its duties. This would be expected to vary depending
on the amount of asts under management by the corporation, and the
type and nature of the asts and markets in which the corporation
invests. The functions of the corporation including fund management,
operations, compliance and audit should only be performed by
qualified and experienced persons, who should receive appropriate
training on an ongoing basis;
(c)satisfactory internal controls and written compliance procedures which
address all applicable regulatory requirements;
(d)satisfactory risk management procedures commensurate with its
business;
(e)adequate professional indemnity insurance cover commensurate with
its business.
Functional Separation
1.3Where a Fund Manager is part of a group of companies which undertake other
延边红十financial activities such as advising on corporate finance, banking or broking, it should ensure there is an effective system of functional barriers (Chine Walls) in place to prevent the flow of information that may be confidential and/or price nsitive between the different areas of operations. There should be physical paration between the activities and the different persons it employs or appoints to conduct business unless this is impossible given the size of the corporation, together with written procedures to document the controls. If physical paration is impossible, the corporation should prohibit dealing in price nsitive or confidential information.
Segregation of Duties
1.4 A Fund Manager should ensure that key duties and functions are appropriately
gregated, unless this is impossible given the size of the corporation. In particular:
(a)front office functions (which include making investment decisions,
marketing and dealing in collective investment schemes, and placing
orders to deal with brokers) should be physically gregated from back
office functions (which include receiving broker confirmations, ttling
trades, accounting and reconciliation, valuing client portfolios and
reporting to clients) and should be carried out by different staff with
parate reporting lines;
(b)compliance and audit functions should if possible, be parated from
each other, and have parate reporting lines from other functions;
(c)the investment decision making process should be clearly delineated
from the dealing process.
Note: A central dealing function is encouraged but is not mandatory.
Responsibilities of Management
“Senior management” means the Managing Director of a corporation or its Board of Directors, Chief
Executive Officer or other nior operating management personnel in a position of authority over the corporation’s business decisions.
1.5The nior management of a Fund Manager should:
(a)be principally responsible for compliance by the Fund Manager with
all relevant requirements under this Code, as well as the nurturing of a
good compliance culture within the corporation;
(b)maintain clear reporting lines with supervisory and reporting
responsibilities assigned to qualified and experienced persons;
(c)ensure that all persons performing functions on behalf of the
corporation are provided adequate and up-to-date information about
the corporation’s policies and procedures applicable to them;
好听的英文女名(d)ensure that the performance of Fund Managers in managing client
accounts is reviewed, on at least an annual basis.
Compliance
1.6.1 A Fund Manager should:
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