Circular to Intermediaries Arrangements for the launch of the Hong Kong Investor Identification Regime

The Securities and Futures Commission, SFC, has issued a circular in connection with the upcoming new Hong Kong Investor Identification Regime (HKIDR) which will come into force on March 20, 2023. Specifically, the circular reminds intermediaries that they must ensure compliance with all regulatory obligations under the corresponding provisions of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission and the rules of the Hong Kong Stock Exchange (SEHK) by that date including the following: relevant intermediaries must
– have obtained client consent for the „collection, storage, processing and use of personal data“ prior to submitting any data to the SEHK;
– have collected and updated their client identification data (CID) and must have assigned a new Broker-to-Client Assigned Number (BCAN);
– have submitted the corresponding BCAN-CID mapping files to the exchange; and
– assign to each client order, regardless whether they be for on- or off-exchange trades, the new BCAN.
If in-scope intermediaries have not yet submitted the mapping files, they must do so as soon as possible. In case of non-submission by above noted due date, clients will not be able to trade on the Hong Kong Stock Exchange on that day and thereafter.
Finally, the SFC informs of an upcoming „Post Release Test (PRT) for the upgraded Orion Trading Platform – Securities Market (OTP-C) and the Orion Central Gateway – Securities Market (OCG-C) from 9:00am to 12:10pm on 18 March 2023 (Saturday)“ for in-scope intermediaries that are exchange participants during which system readiness will be tested. Non-exchange participant clients of such intermediaries may also participate in the test.
Further updates will soon follow, so the SFC.