Paper 6 - Regulation of Asset Management

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Published by:
Hong Kong Securities Institute
Hong Kong Securities Institute 2005
24/F, Wing On Centre, 111 Connaught Road Central, Hong Kong
Telephone: (852) 3120-6100
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All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted,
in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior
permission of the copyright owner.
ISBN: 988-97716-9-1
HK$30.00
Disclaimer
This is an educational booklet only and does not provide legal advice or expert advice in whatsoever form.
Every effort has been made to ensure its accuracy, however, no responsibility for loss occasioned to any
person acting or refraining from action as a result of any materials in this publication will be accepted by the
publisher and/or individual contributors.
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++
#NN/2(UEJGOGUOWUVDGTGIKUVGTGFYKVJVJG/CPFCVQT[2TQXKFGPV(WPF5EJGOGU#WVJQTKV[
/2(#
+++
6JG/2(#KUTGURQPUKDNGHQTNKEGPUKPIKPXGUVOGPVOCPCIGTUQH/2(UEJGOGU
+8
6JG /2(# JCU KUUWGF C %QFG QP /2( +PXGUVOGPV (WPFU YJKEJ UGVU QWV VJG FGVCKNGF
TGSWKTGOGPVUKPTGNCVKQPVQVJGCRRTQXCNQHEQPUVKVWGPVHWPF
UCPFRQQNGFKPXGUVOGPVHWPF
U
KP/2(UEJGOGU
#
+++CPF+++QPN[
$
+++CPF+8QPN[
%
++++CPF+8QPN[
&
+++++CPF+8QPN[
3WGUVKQP
9JKEJ10'QHVJGHQNNQYKPIKUCEQTGKPXGUVOGPVTGSWKTGOGPVQHCPCWVJQTKUGFEQNNGEVKXGKPXGUVOGPV
UEJGOG
%+5
QVJGT VJCP C URGEKCNKUGF UEJGOG WPFGT VJG %QFG QP 7PKV 6TWUVU CPF /WVWCN (WPFU
%76/(!
#
#%+5KUPQVRGTOKVVGFVQYTKVGWPEQXGTGFQRVKQPU
$
#%+5KUPQVRGTOKVVGFVQJQNFWPNKUVGFUJCTGU
%
#%+5KURGTOKVVGFVQKPXGUVWRVQQHKVUPGVCUUGVXCNWG
0#8KPIQXGTPOGPVDQPFU
&
#%+5KUPQVRGTOKVVGFVQJGFIGKPHKPCPEKCNHWVWTGUEQPVTCEVU


3WGUVKQP
7PFGT VJG %QFG QP 7PKV 6TWUVU CPF /WVWCN (WPFU
%76/( VJG QHHGTKPI FQEWOGPVU QH IWCTCPVGGF
HWPFUOWUVKPENWFGKPHQTOCVKQPTGNCVKPIVQYJKEJQHVJGHQNNQYKPI!
+
6JGPCOGQHVJGIWCTCPVQTCPFFGVCKNGFKPHQTOCVKQPCDQWVKV
++
#UVCVGOGPVVJCVVJGIWCTCPVQTKUCEQORCP[KPEQTRQTCVGFWPFGTVJG%QORCPKGU1TFKPCPEG
+++
6GTOU QH VJG IWCTCPVGG EQPFKVKQPU HQT GNKIKDKNKV[ CPF EKTEWOUVCPEGU HQT XCTKCVKQP QT
VGTOKPCVKQPQHVJGIWCTCPVGG
+8
#PKNNWUVTCVKQPQTFGUETKRVKQPVQFGOQPUVTCVGVJGIWCTCPVGGOGEJCPKUO
#
+CPF+8QPN[
$
++CPF+++QPN[
%
++++CPF+8QPN[
&
++++++CPF+8
3WGUVKQP
9JKEJ 10' QH VJG HQNNQYKPI UVCVGOGPVU %144'%6.; FGHKPGU CUUGV OCPCIGOGPV WPFGT VJG
5GEWTKVKGUCPF(WVWTGU1TFKPCPEG
5(1!
#
#UUGV OCPCIGOGPV OGCPU VJG RTQXKUKQP D[ C RGTUQP

QVJGT VJCP D[ VJQUG GZENWFGF
ECVGIQTKGUQHCUGTXKEGQHOCPCIKPICRQTVHQNKQQHUGEWTKVKGUQTHWVWTGUEQPVTCEVUHQTCPQVJGT
RGTUQP
$
#UUGV OCPCIGOGPV OGCPU VJG RTQXKUKQP D[ C RGTUQP QH C UGTXKEG EQPEGTPKPI FKURQUCN CPF
CESWKUKVKQPQHWPKVVTWUVUCPFOWVWCNHWPFU
%
#UUGVOCPCIGOGPVOGCPUVJGRTQXKUKQPD[CRGTUQPQHCUGTXKEGEQPEGTPKPIFKUVTKDWVKQPQH
CWVJQTKUGFCPFWPCWVJQTKUGFHWPFUVQKPXGUVQTU
&
#UUGV OCPCIGOGPV OGCPU VJG RTQXKUKQP D[ C RGTUQP QH C UGTXKEG EQPEGTPKPI OCMKPI QT
QHHGTKPIVQOCMGCPCITGGOGPVYKVJCPQVJGTRGTUQPVQGPVGTKPVQCEWUVQFKCPCTTCPIGOGPV

5CORNG3WGUVKQPU
3WGUVKQP
6JG5GEWTKVKGUCPF(WVWTGU1TFKPCPEG
5(1RTQXKFGUHQTVJGKORNGOGPVCVKQPQHVJGNKEGPUKPITGIKOG
YKVJYJKEJQHVJGHQNNQYKPIHGCVWTGU!
+
6JG 5GEWTKVKGU CPF (WVWTGU %QOOKUUKQP

5(% YKNN KUUWG VYQ V[RGU QH NKEGPEG QPG VQ
EQTRQTCVKQPUCPFVJGQVJGTVQKPFKXKFWCNU
++
9JGPCRRTQRTKCVGVJG5(%YKNNKUUWGOQTGVJCPQPGNKEGPEGVQCPKPFKXKFWCNUWEJVJCVJGUJG
OC[EQPFWEVOQTGVJCPQPGTGIWNCVGFCEVKXKV[QPDGJCNHQHFKHHGTGPVRTKPEKRCNU
+++
#NKEGPUGFEQTRQTCVKQPOWUVJCXGCVNGCUVQPGTGURQPUKDNGQHHKEGTCXCKNCDNGVQUWRGTXKUGVJG
TGNCVGFTGIWNCVGFCEVKXKV[CVCNNVKOGU
+8
6JG 5(% OC[ ITCPV VGORQTCT[ NKEGPEGU VQ QXGTUGCU EQTRQTCVKQPU YJKEJ EQPFWEV CUUGV
OCPCIGOGPVCEVKXKVKGUKP*QPI-QPIHQTCRGTKQFPQVGZEGGFKPIOQPVJU
#
+CPF++QPN[
$
+CPF+++QPN[
%
+++++CPF+8QPN[
&
++++++CPF+8


3WGUVKQP
9JKEJ QH VJG HQNNQYKPI UVCVGOGPVU TGICTFKPI TGURQPUKDNG QHHKEGTU QH C EQTRQTCVKQP NKEGPUGF HQT VJG
6[RG
CUUGVOCPCIGOGPVTGIWNCVGFCEVKXKV[CTG%144'%6!
+
#EQTRQTCVKQPNKEGPUGFHQTVJG6[RGTGIWNCVGFCEVKXKV[UJCNNPQVEQPFWEVVJGCEVKXKV[WPNGUU
KVJCUCVNGCUVVYQKPFKXKFWCNUCRRTQXGFCUTGURQPUKDNGQHHKEGTUD[VJG5GEWTKVKGUCPF(WVWTGU
%QOOKUUKQP
5(%
++
#EQTRQTCVKQPNKEGPUGFHQTVJG6[RGTGIWNCVGFCEVKXKV[UJCNNPQVEQPFWEVVJGCEVKXKV[WPNGUU
KVJCUCVCNNVKOGUCVNGCUVQPGTGURQPUKDNGQHHKEGTCXCKNCDNGVQUWRGTXKUGVJGTGIWNCVGFCEVKXKV[
+++
6JG5(%KUWPNKMGN[VQCRRTQXGOQTGVJCPVJTGGKPFKXKFWCNUVQCEVCUTGURQPUKDNGQHHKEGTUQHC
EQTRQTCVKQPNKEGPUGFHQTVJG6[RGTGIWNCVGFCEVKXKV[
+8
6JG5(%KUWPNKMGN[VQCRRTQXGCPQPTGUKFGPVQH*QPI-QPIVQCEVCUCTGURQPUKDNGQHHKEGTQH
CEQTRQTCVKQPNKEGPUGFHQTVJG6[RGTGIWNCVGFCEVKXKV[
#
+CPF++QPN[
$
+++CPF+8QPN[
%
+++CPF+++QPN[
&
++++++CPF+8
3WGUVKQP
9JKEJ 10' QH VJG HQNNQYKPI KU CEEGRVCDNG VQ VJG 5GEWTKVKGU CPF (WVWTGU %QOOKUUKQP
5(% CU C
VTWUVGGEWUVQFKCPQHCP5(%CWVJQTK\GFEQNNGEVKXGKPXGUVOGPVUEJGOG
%+5!
#
#UWDUKFKCT[QHCTGIKUVGTGFVTWUVEQORCP[
$
#VTWUVEQORCP[YJKEJKUCUWDUKFKCT[QHCDCPMNKEGPUGFWPFGTVJG$CPMKPI1TFKPCPEG
%
#EQORCP[KPEQTRQTCVGFQWVUKFG*QPI-QPICPFTGIKUVGTGFWPFGTVJG%QORCPKGU1TFKPCPEG
&
# EQTRQTCVKQP NKEGPUGF HQT VJG 6[RG TGIWNCVGF CEVKXKV[ WPFGT VJG 5GEWTKVKGU CPF (WVWTGU
1TFKPCPEG
5(1

5CORNG3WGUVKQPU
3WGUVKQP
9JKEJ QH VJG HQNNQYKPI TGSWKTGOGPVU CRRN[ VQ OCPCIGOGPV EQORCPKGU CRRQKPVGF D[ CWVJQTK\GF
EQNNGEVKXGKPXGUVOGPVUEJGOGU
%+5
GZEGRVHQTUGNHOCPCIGFUEJGOGU!
+
6JG[OWUVDGGPICIGFRTKPEKRCNN[KPVJGDWUKPGUUQHHWPFOCPCIGOGPV
++
6JG[OWUVDGKPEQTRQTCVGFWPFGTVJG%QORCPKGU1TFKPCPEG
+++
6JG[OWUVJCXGCVNGCUVQPGFKTGEVQTYKVJUQOGGZRGTKGPEGKPVJGHKPCPEKCNOCTMGVKP*QPI
-QPI
+8
6JG[OWUVJCXGKUUWGFCPFRCKFWRECRKVCNCPFECRKVCNTGUGTXGUQHCVNGCUVQH*-OKNNKQPQT
KVUHQTGKIPEWTTGPE[GSWKXCNGPV
#
+CPF+8QPN[
$
++CPF+++QPN[
%
++++CPF+8QPN[
&
++++++CPF+8
3WGUVKQP
9JKEJ10'QHVJGHQNNQYKPIUVCVGOGPVUTGNCVKPIVQVJG5GEWTKVKGUCPF(WVWTGU
%NKGPV/QPG[4WNGU
VJG4WNGUKU%144'%6!
#
6JG4WNGUFQPQVCRRN[VQHWPFUWDUETKRVKQPOQPG[JGNFD[NKEGPUGFEQTRQTCVKQPU
$
6JG4WNGUFQPQVCRRN[VQCUUQEKCVGFGPVKVKGUQHEQTRQTCVKQPUNKEGPUGFHQTVJG6[RG
CUUGV
OCPCIGOGPVTGIWNCVGFCEVKXKV[
%
(WPF OCPCIGTU CTG GPVKVNGF VQ TGVCKP KPVGTGUV TGEGKXGF QP ENKGPV OQPG[ JGNF KP UGITGICVGF
CEEQWPV
UWPFGTVJG4WNGUWPNGUUQVJGTYKUGCITGGF
&
(WPFUWDUETKRVKQPOQPG[JGNFD[CNKEGPUGFEQTRQTCVKQPKUUWDLGEVVQVJG4WNGUCPFYKNNJCXG
VQDGFGRQUKVGFKPCUGITGICVGFCEEQWPVKHJGNFHQTOQTGVJCPVYQDWUKPGUUFC[UCHVGTTGEGKRV


3WGUVKQP
9JKEJ 10' QH VJG HQNNQYKPI UVCVGOGPVU TGNCVKPI VQ VJG 5GEWTKVKGU CPF (WVWTGU
%QPVTCEV 0QVGU
5VCVGOGPVUQH#EEQWPVCPF4GEGKRVU4WNGU
VJG4WNGUKU%144'%6!
#
6JG 4WNGU CRRN[ VQ NKEGPUGF CUUGV OCPCIGTU CPF VJGKT CUUQEKCVGF GPVKVKGU CU TGICTFU VJG
EQPFWEVQHCUUGVOCPCIGOGPVCPFVJG[OWUVEQORN[YKVJCNNRTQXKUKQPUUVCVGFKPVJG4WNGU
$
6JG4WNGUFQPQVCRRN[VQNKEGPUGFCUUGVOCPCIGTUCPFVJGKTCUUQEKCVGFGPVKVKGUCPFVJG[CTG
PQVQDNKIGFVQEQORN[YKVJCP[QHVJGRTQXKUKQPU
%
.KEGPUGFCUUGVOCPCIGTUCPFVJGKTCUUQEKCVGFGPVKVKGUCTGGZGORVHTQOVJGCRRNKECVKQPQHVJG
4WNGUCUTGICTFUVJGEQPFWEVQHCUUGVOCPCIGOGPVGZEGRVVJCVVJG[CTGTGSWKTGFVQUGTXG
TGEGKRVUCPFOQPVJN[UVCVGOGPVUQHCEEQWPV
&
6JG4WNGUQPN[CRRN[VQEQTRQTCVKQPUNKEGPUGFHQTVJG6[RG
FGCNKPIKPUGEWTKVKGU6[RG
FGCNKPI KP HWVWTGU EQPVTCEVU 6[RG

NGXGTCIGF HQTGKIP GZEJCPIG VTCFKPI CPF 6[RG
UGEWTKVKGUOCTIKPHKPCPEKPITGIWNCVGFCEVKXKVKGU
3WGUVKQP
+P CEEQTFCPEG YKVJ VJG (WPF /CPCIGT %QFG QH %QPFWEV
(/%% C &KUETGVKQPCT[ %NKGPV #ITGGOGPV
UJQWNFCUCOKPKOWOEQPVCKPYJKEJQHVJGHQNNQYKPIFGVCKNU!
+
&GVCKNUQHEWUVQF[CTTCPIGOGPVU
++
&GVCKNUQHRGTKQFKETGRQTVKPIVQDGOCFGVQVJGENKGPV
+++
&GVCKNUQHHGGURC[CDNGD[VJGENKGPVCPFVQYJQORC[CDNG
+8
&GVCKNUQHHWNNVKOGKPXGUVOGPVCFXKUGTUCPFVJGKTGZRGTKGPEGKPOCPCIKPITGRWVCDNGWPKVVTWUVU
CPFQTOWVWCNHWPFU
#
+CPF+8QPN[
$
+++CPF+++QPN[
%
+++++CPF+8QPN[
&
++++++CPF+8

5CORNG3WGUVKQPU
3WGUVKQP
7PFGTVJG(WPF/CPCIGT%QFGQH%QPFWEV
(/%%YJGTGC(WPF/CPCIGTRCTVKEKRCVGUKPCPKPKVKCN
RWDNKEQHHGTKPI
+21QPDGJCNHQHENKGPVUKVUJQWNFGPUWTGYJKEJQHVJGHQNNQYKPI!
+
+VUENKGPVUJCXGTGCFVJGRTQURGEVWU
++
2TGHGTGPVKCNCNNQECVKQPUCTGRTQJKDKVGF
+++
4GCUQPUHQTCNNCNNQECVKQPUCTGFQEWOGPVGF
+8
5VQEMTGEGKXGFKPVJGQHHGTKPIOWUVDGHCKTN[CPFGSWKVCDN[CNNQECVGFCOQPIUVENKGPVU
#
+CPF+++QPN[
$
+++CPF+8QPN[
%
+++++CPF+8QPN[
&
++++++CPF+8
3WGUVKQP
#(WPF/CPCIGT/#;016TGVCKPYJKEJQHVJGHQNNQYKPIIQQFUCPFUGTXKEGUHTQOCDTQMGTQTFGCNGTKP
TGVWTPHQTFKTGEVKPIDWUKPGUUVQUWEJRGTUQPU!
+
%WUVQFKCP5GTXKEGU
++
/GODGTUJKRHGGU
+++
&KTGEVOQPG[RC[OGPV
+8
)GPGTCNQHHKEGGSWKROGPV
#
+++CPF+8QPN[
$
+++CPF+++QPN[
%
+++CPF+8QPN[
&
+++++CPF+8QPN[


3WGUVKQP
9JKEJ10'QHVJGHQNNQYKPIRTQXKUKQPUTGNCVKPIVQETQUUVTCFGUKUKPENWFGFKPVJG(WPF/CPCIGT%QFG
QH%QPFWEV
(/%%!
#
%TQUUVTCFGUDGVYGGPENKGPVCEEQWPVUUJQWNFPQTOCNN[DGRTQJKDKVGF
$
%TQUUVTCFGUDGVYGGPJQWUGCEEQWPVUCPFCEEQWPVUQHUVCHHCTGVQVCNN[RTQJKDKVGF
%
%TQUUVTCFGUDGVYGGPCEEQWPVUQHUVCHHCPFENKGPVUOC[DGRGTOKVVGFKHVJGVTCFGUCTGKPVJG
DGUVKPVGTGUVUQHDQVJRCTVKGU
&
%TQUUVTCFGUDGVYGGPJQWUGCEEQWPVUCPFENKGPVCEEQWPVUUJQWNFQPN[DGRGTOKVVGFYKVJVJG
RTKQT YTKVVGP EQPUGPV QH VJG ENKGPV VQ YJQO CP[ CEVWCN QT RQVGPVKCN EQPHNKEVU QH KPVGTGUV
UJQWNFDGFKUENQUGF
3WGUVKQP
9JKEJ 10' QH VJG HQNNQYKPI UVCVGOGPVU %144'%6.; FGUETKDGU VJG %QFG QH %QPFWEV HQT 2GTUQPU
.KEGPUGFD[QT4GIKUVGTGFYKVJVJG5GEWTKVKGUCPF(WVWTGU%QOOKUUKQP
VJG%QFGQH%QPFWEV!
#
6JG%QFGQH%QPFWEVKUVJGRTKPEKRCNEQFGQHVJG5GEWTKVKGUCPF(WVWTGU%QOOKUUKQP
5(%
CPFKHVJGTGKUCP[KPEQPUKUVGPE[DGVYGGPVJGRTQXKUKQPUQHVJG%QFGQH%QPFWEVCPFQVJGT
EQFGUKUUWGFD[VJG5(%VJG%QFGQH%QPFWEVUJCNNCNYC[URTGXCKN
$
6JG%QFGQH%QPFWEVFQGUPQVCRRN[VQCNKEGPUGFEQTRQTCVKQPYJKEJCEVUKPVJGECRCEKV[QHC
OCPCIGOGPVEQORCP[KPTGNCVKQPVQVJGFKUETGVKQPCT[OCPCIGOGPVQHEQNNGEVKXGKPXGUVOGPV
UEJGOGU
%+5
YJGVJGTCWVJQTKUGFQTWPCWVJQTKUGF
%
#HCKNWTGQPVJGRCTVQHCPKPVGTOGFKCT[QTCTGRTGUGPVCVKXGQHCPKPVGTOGFKCT[VQEQORN[YKVJ
VJG%QFGQH%QPFWEVUJCNND[KVUGNHTGPFGTKVQTJKONKCDNGVQLWFKEKCNQTQVJGTRTQEGGFKPIU
&
6JG %QFG QH %QPFWEV FQGU PQV EQXGT CP[ FKUVTKDWVKQP CEVKXKVKGU QH HWPF OCPCIGTU YJKEJ
CEVKXKVKGUCTGEQXGTGFD[VJG(WPF/CPCIGT%QFGQH%QPFWEV
(/%%

5CORNG3WGUVKQPU
3WGUVKQP
7PFGTVJG5GEWTKVKGUCPF(WVWTGU1TFKPCPEG
5(1YJKEJQHVJGHQNNQYKPICTGURGEKHKGFCURTQHGUUKQPCN
KPXGUVQTU!
+
%QNNGEVKXGKPXGUVOGPVUEJGOGU
%+5CWVJQTK\GFKP*QPI-QPICPFVJGKTQRGTCVQTU
++
0QPRTQHKVOCMKPIRTQHGUUKQPCNQTICPKUCVKQPUURGEKHKGFKP5EJGFWNGQHVJG5(1
+++
%QOOWPKV[CPFYGNHCTGQTICPKUCVKQPUGUVCDNKUJGFWPFGTVJGNCYUQH*QPI-QPI
+8
+PUWTGTUCWVJQTK\GFWPFGTVJG+PUWTCPEG%QORCPKGU1TFKPCPEG
#
+CPF+8QPN[
$
++CPF+++QPN[
%
+++CPF+8QPN[
&
++++++CPF+8
3WGUVKQP
6JG5GEWTKVKGUCPF(WVWTGU
2TQHGUUKQPCN+PXGUVQT4WNGUGZVGPFVJGENCUUGUQHRTQHGUUKQPCNKPXGUVQTU
URGEKHKECNN[FGHKPGFKPVJG5GEWTKVKGUCPF(WVWTGU1TFKPCPEG
5(1VQKPENWFGYJKEJQHVJGHQNNQYKPI!
+
6TWUVGGEQORCPKGUCPFVJGKTYJQNN[QYPGFUWDUKFKCTKGU
++
+PFKXKFWCNUNKEGPUGFCUTGRTGUGPVCVKXGUWPFGTVJG5(1
+++
+PFKXKFWCNUJCXKPICRQTVHQNKQQHPQVNGUUVJCP*-OKNNKQP
+8
%QTRQTCVKQPUJCXKPIVQVCNCUUGVUQHPQVNGUUVJCP*-OKNNKQP
#
+CPF++QPN[
$
+++CPF+8QPN[
%
++++CPF+8QPN[
&
++++++CPF+8


3WGUVKQP
7PFGTVJG/CPCIGOGPV5WRGTXKUKQPCPF+PVGTPCN%QPVTQN)WKFGNKPGU
+%)KUUWGFD[VJG5GEWTKVKGUCPF
(WVWTGU %QOOKUUKQP
5(% NKEGPUGF EQTRQTCVKQPU UJQWNF UGV QWV FGCNKPI RQNKEKGU CPF RTCEVKEGU VQ
KPENWFGYJKEJQHVJGHQNNQYKPIOCVVGTU!
+
2GTUQPUCWVJQTK\GFVQFGCN
++
+PUVTWOGPVUCPFEQPVTCEVUVQDGFGCNVKP
+++
%QPHKTOCVKQPCPFUGVVNGOGPVRTQEGFWTGU
+8
4GOWPGTCVKQPQHFGCNKPIUVCHH
#
+CPF+8QPN[
$
++CPF+++QPN[
%
+++CPF+++QPN[
&
++++++CPF+8

5CORNG3WGUVKQPU
3WGUVKQP
7PFGTVJG/CPCIGOGPV5WRGTXKUKQPCPF+PVGTPCN%QPVTQN)WKFGNKPGU
+%)KUUWGFD[VJG5GEWTKVKGUCPF
(WVWTGU%QOOKUUKQP
5(%YJKEJQHVJGHQNNQYKPICTGHGCVWTGUQHIQQFKPHQTOCVKQPOCPCIGOGPV!
+
2QNKEKGUUJQWNFDGGUVCDNKUJGFVQVTCPUHQTOTGEQTFUKPRCRGTHQTOKPVQGNGEVTQPKEHQTOQPC
TGIWNCTDCUKU
++
'NGEVTQPKE FCVC RTQEGUUKPI

'&2 U[UVGOU UJQWNF DG QRGTCVGF KP C UGEWTG CPF EQPVTQNNGF
GPXKTQPOGPV
+++
4GEQTF TGVGPVKQP RQNKEKGU UJQWNF DG GUVCDNKUJGF VQ GPUWTG VJCV CNN NGICN CPF TGIWNCVQT[
TGSWKTGOGPVUCTGEQORNKGFYKVJ
+8
6JG FGUKIP URGEKHKECVKQPU QH VJG KPHQTOCVKQP OCPCIGOGPV U[UVGOU UJQWNF DG TGIWNCTN[
TGXKGYGF
#
+CPF+8QPN[
$
+++CPF+++QPN[
%
+++++CPF+8QPN[
&
++++++CPF+8
3WGUVKQP
9JKEJ 10' QH VJG HQNNQYKPI UVCVGOGPVU %144'%6.; FGUETKDGU VJG IGPGTCN RTKPEKRNG HQT RQTVHQNKQ
XCNWCVKQPUD[HWPFOCPCIGTUWPFGTVJG(WPF/CPCIGT%QFGQH%QPFWEV
(/%%!
#
.KUVGFUGEWTKVKGUUJQWNFDGXCNWGFD[RTKEGEQPHKTOCVKQPUHTQOOCTMGVOCMGTU
$
7PKVU QT UJCTGU KP EQNNGEVKXG KPXGUVOGPV UEJGOGU

%+5 UJQWNF DG EQPUKUVGPVN[ XCNWGF D[
TGHGTGPEGVQVJGNCVGUVSWQVGFRTKEGU
%
.KUVGFUGEWTKVKGUVJCVJCXGDGGPUWURGPFGFHTQOVTCFKPIUJQWNFDGXCNWGFD[TGHGTGPEGVQVJG
ENQUKPIRTKEGUQHVJGNCUVVTCFKPIFC[
&
7PNKUVGFUGEWTKVKGUUJQWNFDGXCNWGFD[TGHGTGPEGVQTGIWNCTCRRTCKUCNTGRQTVUKUUWGFD[VJGKT
KUUWGTU


3WGUVKQP
7PFGT VJG %QFG QP 7PKV 6TWUVU CPF /WVWCN (WPFU
%76/( YJKEJ 10' QH VJG HQNNQYKPI +5 016 C
IGPGTCNQDNKICVKQPQHCVTWUVGGEWUVQFKCPQHEQNNGEVKXGKPXGUVOGPVUEJGOGU
%+5!
#
+V OWUV VCMG ECTG VQ GPUWTG VJCV UWDUETKRVKQP OQPKGU JCXG DGGP RCKF RTKQT VQ KUUWKPI QH
WPKVUJCTGEGTVKHKECVGU
$
+VOWUVVCMGEWUVQF[QHQTEQPVTQNCNNVJGRTQRGTV[QHVJG%+5CPFJQNFKVKPVTWUVHQTJQNFGTU
QTVJGUEJGOGKPCEEQTFCPEGYKVJVJGEQPUVKVWVKXGFQEWOGPVUQHVJG%+5
%
+VOWUVRTGRCTGVJGCPPWCNCEEQWPVUCPFTGRQTVUQHVJG%+5CPFUGPFVJGOVQCNNTGIKUVGTGF
JQNFGTUYKVJKPOQPVJUQHVJGHKPCPEKCN[GCTGPF
&
+VOWUVECTT[QWVVJGKPXGUVOGPVKPUVTWEVKQPUQHVJGOCPCIGOGPVEQORCP[QHVJG%+5WPNGUU
VJG[EQPHNKEVYKVJVJGRTQXKUKQPUQHVJGQHHGTKPIFQEWOGPVQTEQPUVKVWVKXGFQEWOGPVUQHVJG
%+5QTVJG%76/(
3WGUVKQP
7PFGTVJG%QFGQP7PKV6TWUVUCPF/WVWCN(WPFU
%76/(VJGTGRTGUGPVCVKXGCRRQKPVGFD[CPQP
*QPI-QPIDCUGFEQNNGEVKXGKPXGUVOGPVUEJGOG
%+5OWUVDGCWVJQTK\GFVQECTT[QWVYJKEJQHVJG
HQNNQYKPIHWPEVKQPU!
+
6QFGEKFGVJGKPXGUVOGPVRQNKE[UWKVCDNGHQTVJGQDLGEVKXGUQHVJG%+5
++
6QTGEGKXGCRRNKECVKQPUCPFOQPG[HQTWPKVUUJCTGUHTQORGTUQPUKP*QPI-QPI
+++
6QTGRTGUGPVVJG%+5CPFVJGOCPCIGOGPVEQORCP[KPCNNOCVVGTUTGNCVKPIVQVJGWPKVUUJCTGU
UQNFQTTGFGGOGFKP*QPI-QPI
+8
6Q CEEGRV PQVKEGU CPF EQTTGURQPFGPEG YJKEJ JQNFGTU OC[ YCPV VQ UGTXG QP VJG %+5
VTWUVGGEWUVQFKCPQTOCPCIGOGPVEQORCP[
#
+CPF+++QPN[
$
++CPF+8QPN[
%
+++CPF+++QPN[
&
+++++CPF+8QPN[

5CORNG3WGUVKQPU
3WGUVKQP
7PFGTVJG%QFGQH%QPFWEVHQT/2(+PVGTOGFKCTKGUYJKEJQHVJGHQNNQYKPICTGQDNKICVKQPUQHCP/2(
EQTRQTCVGKPVGTOGFKCT[!
+
+VUJQWNFTGRQTVCP[OCVGTKCNPQPEQORNKCPEGQTOKUEQPFWEVVQVJG/CPFCVQT[2TQXKFGPV(WPF
5EJGOGU#WVJQTKV[
/2(#CPFQVJGTCRRTQRTKCVGTGIWNCVQTU
++
+VUJQWNFMGGRCTGIKUVGTQHKPFKXKFWCNUYJQCTGCNNQYGFVQCEVQPKVUDGJCNHVQUGNNQTCFXKUG
QP/2(UEJGOGU
+++
+VUJQWNFNQFIGCPCPPWCNTGVWTPYKVJKPVJGTGSWKTGFVKOGNKOKVYKVJVJG/2(#
+8
+V UJQWNF MGGR EQPVTQN QH CPF CEEQWPV HQT VJG /2( ECTFU KUUWGF VQ KVU KPFKXKFWCN /2(
KPVGTOGFKCTKGU
#
+CPF+++QPN[
$
+++CPF+8QPN[
%
+++++CPF+8QPN[
&
++++++CPF+8


3WGUVKQP
9JKEJQHVJGHQNNQYKPIUVCVGOGPVU%144'%6.;FGUETKDGVJG/CTMGV/KUEQPFWEV6TKDWPCN
//6!
+
6JG OGODGTU QH VJG //6 CTG CRRQKPVGF D[ VJG %JCKTOCP QH VJG 5GEWTKVKGU CPF (WVWTGU
%QOOKUUKQP
5(%
++
6JG//6CRRNKGUVJG DCNCPEGQHRTQDCDKNKVKGU VGUVKPTGXKGYKPIGXKFGPEG
+++
6JG//6JCUVJGRQYGTVQKORQUGCPKORTKUQPOGPVQTFGTQPCPQHHGPFGTHQTCRGTKQFQHWR
VQOQPVJU
+8
6JG//6JCUVJGRQYGTVQIKXGCPQTFGTFKUSWCNKH[KPICPQHHGPFGTHTQOCEVKPICUCFKTGEVQT
QHCEQORCP[HQTWRVQ[GCTU
#
+CPF++QPN[
$
++CPF+8QPN[
%
++++CPF+8QPN[
&
+++++CPF+8QPN[
3WGUVKQP
9JKEJQHVJGHQNNQYKPICTGOCTMGVOKUEQPFWEVCEVKXKVKGUWPFGTVJG5GEWTKVKGUCPF(WVWTGU1TFKPCPEG
5(1!
+
(CNUGVTCFKPI
++
2TKEGTKIIKPI
+++
%QTRQTCVGOKUIQXGTPCPEG
+8
+PUKFGTFGCNKPI
#
+CPF+8QPN[
$
++CPF+++QPN[
%
+++CPF+8QPN[
&
++++++CPF+8

5CORNG3WGUVKQPU
3WGUVKQP
9JKEJQHVJGHQNNQYKPIRGQRNGYQWNF/156.+-'.;DGEQPUKFGTGFCUEQOOKVVKPIOCTMGVOKUEQPFWEV
WPFGTVJG5GEWTKVKGUCPF(WVWTGU1TFKPCPEG
5(1!
+
/T.GG/T.GGKUCPGORNQ[GGQHC*QPI-QPINKUVGFEQORCP[:*GURGEWNCVGUKPUJCTGU
QHEQORCP[:HQTVJGRWTRQUGQHOCMKPICRTQHKV
++
/T 9QPI /T 9QPI TGUKFGU KP *QPI -QPI CPF KU KPFKTGEVN[ KPXQNXGF KP ETGCVKPI C HCNUG
CRRGCTCPEG QH CEVKXG VTCFKPI QH C *QPI -QPI UGEWTKV[ YJKEJ KU CNUQ NKUVGF QP VJG .QPFQP
5VQEM'ZEJCPIG
.5'
+++
/T%JCP/T%JCPKUCFKTGEVQTQHC*QPI-QPINKUVGFEQORCP[;%QPHKFGPVKCNKPHQTOCVKQP
QHEQORCP[;UWIIGUVUVJCVVJGUJCTGRTKEGQHVJGEQORCP[YKNNTKUG*GCFXKUGUJKUHTKGPF
VQDW[UJCTGUKPEQORCP[;HQTVJGRWTRQUGQHOCMKPICRTQHKV
+8
/T*Q/T*QQRGTCVGUCRTKPVKPIJQWUGCPFKPJKUQTFKPCT[EQWTUGQHDWUKPGUUCUCRTKPVGT
JGTGRTQFWEGUHCNUGKPHQTOCVKQPCDQWVC*QPI-QPINKUVGFEQORCP[<6JGHCNUGKPHQTOCVKQP
KUNKMGN[VQKPFWEGKPXGUVQTUVQDW[UJCTGUQHEQORCP[<
#
+CPF+8QPN[
$
++CPF+++QPN[
%
++++CPF+8QPN[
&
++++++CPF+8


3WGUVKQP
9JKEJQHVJGHQNNQYKPIUVCVGOGPVUTGICTFKPIWPUQNKEKVGFECNNUCTG%144'%6!
+
7PUQNKEKVGFECNNUQHHGTKPIVQOCMGCITGGOGPVUVQDW[QTUGNNHKPCPEKCNRTQFWEVUTGIWNCVGFD[
VJG 5GEWTKVKGU CPF (WVWTGU %QOOKUUKQP
5(% CTG IGPGTCNN[ RTQJKDKVGF WPFGT VJG 5GEWTKVKGU
CPF(WVWTGU1TFKPCPEG
5(1
++
7PUQNKEKVGF ECNNU OCFG QP RGTUQPU YJQ CTG RTQHGUUKQPCN CEEQWPVCPVU CEVKPI KP VJGKT
RTQHGUUKQPCNECRCEKVKGUUJCNNPQVDGTGICTFGFCUEQPVTCXGPKPIVJGWPUQNKEKVGFECNNURTQXKUKQP
WPFGTVJG5(1
+++
6JG 5GEWTKVKGU CPF (WVWTGU

7PUQNKEKVGF %CNNU'ZENWUKQP 4WNGU UVCVG VJCV VJG RTQJKDKVKQP QP
WPUQNKEKVGF ECNNU WPFGT VJG 5(1 FQGU PQV CRRN[ VQ CP CITGGOGPV KP TGURGEV QH C EQNNGEVKXG
KPXGUVOGPVUEJGOGCWVJQTK\GFD[CPQXGTUGCUTGIWNCVQT
+8
# RGTUQP YJQ GPVGTU KPVQ CP CITGGOGPV CU C TGUWNV QH CP WPUQNKEKVGF ECNN OC[ TGUEKPF VJG
CITGGOGPVD[IKXKPIYTKVVGPPQVKEGYKVJKPCURGEKHKGFRGTKQF
#
+CPF++QPN[
$
+++CPF+8QPN[
%
+++CPF+8QPN[
&
++++++CPF+8
3WGUVKQP
9JKEJQHVJGHQNNQYKPICTGRQUUKDNGYC[UHQTCEJKGXKPIVJGQDLGEVKXGUQHIQQFEQTRQTCVGIQXGTPCPEG!
+
+FGPVKH[KPICPFRGPCNK\KPIEQTRQTCVGYTQPIFQKPIU
++
#RRQKPVKPIKPFGRGPFGPVPQPGZGEWVKXGFKTGEVQTU
+++
5GRCTCVKQPQHHWPEVKQPUDGVYGGPVJG%JCKTOCPCPFVJG%JKGH'ZGEWVKXG1HHKEGT
%'1
+8
+PUVCNNCVKQPQHUVTQPIRTQVGEVKXGUVTWEVWTGUHQTETGFKVQTU
#
+CPF+8QPN[
$
++CPF+++QPN[
%
+++CPF+++QPN[
&
++++++CPF+8

5CORNG3WGUVKQPU
3WGUVKQP
7PFGTVJG&KUEKRNKPCT[(KPKPI)WKFGNKPGUKUUWGFD[VJG5GEWTKVKGUCPF(WVWTGU%QOOKUUKQP
5(%YJKEJ
QHVJGHQNNQYKPIHCEVQTUYKNNPQTOCNN[DGEQPUKFGTGFD[VJG5(%RTKQTVQKORQUKPICHKPGQPCNKEGPUGF
EQTRQTCVKQP!
+
9JGVJGTVJGNKEGPUGFEQTRQTCVKQPTGRQTVGFVJGEQPFWEVKPSWGUVKQPCPFEQQRGTCVGFYKVJVJG
5(%
++
9JGVJGT VJG NKEGPUGF EQTRQTCVKQP VQQM TGOGFKCN UVGRU UWEJ CU UWHHKEKGPVN[ EQORGPUCVKPI
ENKGPVU
+++
9JGVJGTVJGNKEGPUGFEQTRQTCVKQPKVUUVCHHQTTGNCVGFRCTVKGUDGPGHKVGFHTQOVJGEQPFWEVKP
SWGUVKQP
+8
9JGVJGTVJGHKPGYQWNFJCXGVJGNKMGN[GHHGEVQHLGQRCTFK\KPIVJGEQPVKPWCVKQPQHVJGNKEGPUGF
EQTRQTCVKQPKPDWUKPGUU
#
+CPF++QPN[
$
+++CPF+8QPN[
%
+++CPF+++QPN[
&
++++++CPF+8

`'PFQHVJG5CORNG3WGUVKQPU5GEVKQP`


=$NCPM2CIG?


3WGUVKQP
#PUYGT
3WGUVKQP
#PUYGT

%

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%

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&

&

#

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#

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2NGCUGTGHGTVQVJG5VWF[/CPWCNHQT2CRGT

3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
5GG6QRKERCTCITCRJUCPF
3WGUVKQP
3WGUVKQP
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
3WGUVKQP
3WGUVKQP
3WGUVKQP
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
3WGUVKQP
3WGUVKQP
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
3WGUVKQP

'ZRNCPCVKQPU
3WGUVKQP
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
3WGUVKQP
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
3WGUVKQP
3WGUVKQP
5GG6QRKERCTCITCRJ
3WGUVKQP
5GG6QRKERCTCITCRJ


=$NCPM2CIG?

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6JGVGTO %+5 KUFGHKPGFKPVJG/CPFCVQT[2TQXKFGPV(WPF5EJGOGU1TFKPCPEG

#UUGV OCPCIGOGPV OGCPU VJG RTQXKUKQP D[ C RGTUQP

6JG 5GEWTKVKGU CPF (WVWTGU %QOOKUUKQP

FGCNKPI KP HWVWTGU EQPVTCEVU 6[RG

'NGEVTQPKE FCVC RTQEGUUKPI

7PKVU QT UJCTGU KP EQNNGEVKXG KPXGUVOGPV UEJGOGU

6JG//6CRRNKGUVJG DCNCPEGQHRTQDCDKNKVKGU VGUVKPTGXKGYKPIGXKFGPEG

6JG 5GEWTKVKGU CPF (WVWTGU

Potrebbero piacerti anche

Paper 6 - Regulation of Asset Management

Caricato da

Informazioni sul documento

Copyright

Formati disponibili

Condividi questo documento

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Copyright:

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Paper 6 - Regulation of Asset Management

Caricato da

Copyright:

Formati disponibili

C

6JGVGTO %+5 KUFGHKPGFKPVJG/CPFCVQT[2TQXKFGPV(WPF5EJGOGU1TFKPCPEG

#UUGV OCPCIGOGPV OGCPU VJG RTQXKUKQP D[ C RGTUQP

6JG 5GEWTKVKGU CPF (WVWTGU %QOOKUUKQP

FGCNKPI KP HWVWTGU EQPVTCEVU  6[RG 

'NGEVTQPKE FCVC RTQEGUUKPI

7PKVU QT UJCTGU KP EQNNGEVKXG KPXGUVOGPV UEJGOGU

6JG//6CRRNKGUVJG DCNCPEGQHRTQDCDKNKVKGU VGUVKPTGXKGYKPIGXKFGPEG

6JG 5GEWTKVKGU CPF (WVWTGU

Potrebbero piacerti anche

FGCNKPI KP HWVWTGU EQPVTCEVU 6[RG

6JG//6CRRNKGUVJG DCNCPEGQHRTQDCDKNKVKGU VGUVKPTGXKGYKPIGXKFGPEG