Hong Kong Tightens Controls over Sales of ILAS Products
24 July 2013
Mayer Brown JSM Legal Update
Hong Kong regulators have tightened regulatory controls over the sale of Investment-Linked Assurance Schemes (ILAS) by imposing further requirements including commission disclosure, Key Facts Statement and customer's declaration, as well as post-sale controls. These new requirements are aimed at enhancing customers' understanding of the risks and features of ILAS in an attempt to better protect customers.