A NEW code of conduct bringing investment advisers and dealers into line with international operating principles has been released by the Securities and Futures Commission.
The code is the latest move in a number of SFC initiatives aimed at establishing acceptable business principles in line with those already in place in 51 other countries.
All those registered with the SFC under the Securities Ordinance and the Commodities Trading Ordinance will be required to comply with the code, which will ultimately determine whether a person is a fit and proper operator.
The code is designed to provide guidance to investment advisers, registered dealers, dealing partnerships, dealer's representatives, commodity trading advisers, investment advisers' partnerships, investment representatives, and commodity trading adviser's representatives.
Towry Law compliance director John Bridel welcomed the code as a vehicle for greater protection for investors, but said there were several areas where there was still room for improvement.
In particular, Mr Bridel said the code, in its present form, lacked a clause that would protect clients' money.
