On April 4, 2023, the Hong Kong Monetary Authority HKMA issued a circular as regards the „Cessation of Phase 2 of the Temporary Facilitative Measures (TFM)“. Specifically, the HKMA informs authorized institutions and insurance companies about the cessation of specific measures that were introduced in 2020 in light of the COVID-19 pandemic. The measures provided for a non-face-to-face distribution of certain long-term insurance products and the ease on requirements regarding the fact sheet explanation and signing. The clarification about selling such products to vulnerable clients was not affected.
Effective May 1, 2023, these TFMs are ultimately revoked.
Other Features
banks
insurance
marketing
sales documents
Date Published: 2023-04-04
Regulatory Framework: Insurance Ordinance, Banking Ordinance
Regulatory Type: circular
Consultation on legislative proposal to implement regulatory regime for stablecoin ...
ID 26568
With the growing market and rising role of stablecoins in the industry, FSTB and HKMA have ...
Managing cyber risk associated with third-party service providers (PDF File, 176.9 ...
ID 26481
With the rise in digitalisation in the banking industry, the usage of third-party service ...
Dubai Financial Services Authority and Hong Kong Monetary Authority join efforts to ...
ID 26372
The Hong Kong Monetary Authority (HKMA) has issued a press release to inform that the Duba ...
Sale and Distribution of Green and Sustainable Investment Products (PDF File, 335.1 ...
ID 26034
In view of the growing interest in ESG-related products and services, the Hong Kong Moneta ...