SFC gazettes rule changes to refine evidential requirements for proving professional investor status

9 Sep 2011



The Securities and Futures Commission (SFC) has gazetted today the Securities and Futures (Professional Investor) (Amendment) Rules 2011 (Amendment Rules) to implement proposals to refine the requirements for evidencing whether a person qualifies as a high-net-worth professional investor under the Securities and Futures (Professional Investor) Rules.

Taking a principles-based approach, the SFC’s proposals will allow firms to use appropriate methods to prove that an investor qualifies as a high-net-worth professional investor. To enable firms that wish to continue with existing practices, the current methods for proving that investors qualify as professional investors will be preserved.

The Amendment Rules will be tabled before the Legislative Council for negative vetting on 12 October 2011. The amendments are expected to come into effect by mid-December 2011.

For details, please review the gazette on line at the website of the Government Logistics Department.

The proposals were subject of a public consultation, the conclusions of which were published on 23 February 2011 (Note 1).

End

Note:
1. On 23 February 2011, the SFC published the “Consultation Conclusions on the Evidential Requirements under the Securities and Futures (Professional Investor) Rules.”




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