Member Article

In November 2004, the Securites and Futures Commission (SFC) published its Consultation Conclusions and Guidelines on Good Disclosure of Securities Services and Related Fees and Charges (Guidelines). The Guidelines, which came into effect on 1 January 2005, supplement the existing Code of Conduct. The Guidelines apply in respect of disclosure of fees and charges on services related to Hong Kong listed securities but do not apply to services rendered to Professional Investors as defined in the Securities and Futures Ordinance (SFO). The Guidelines recommend disclosure of securities-related fees and charges under the following six standardised categories: a) Trade-related services; b) Scrip handling and settlement-related services; c) Information services; d) Account maintenance; e) Nominee services and corporate actions; and f) Financing and other services.