{"id":859,"date":"2020-08-08T13:10:00","date_gmt":"2020-08-08T05:10:00","guid":{"rendered":"http:\/\/project-pwma-uat.ltworkshop.com\/?post_type=ecf_faqs&#038;p=859"},"modified":"2021-04-13T20:19:35","modified_gmt":"2021-04-13T12:19:35","slug":"which-organization-is-considered-a-pwm-institution-does-pwma-have-a-list-of-such-institutions","status":"publish","type":"ecf_faqs","link":"https:\/\/www.pwma.org.hk\/en\/ecf_faqs\/which-organization-is-considered-a-pwm-institution-does-pwma-have-a-list-of-such-institutions\/","title":{"rendered":"Which organization is considered a PWM institution? Does PWMA have a list of such institutions?"},"content":{"rendered":"\n<p>A private bank, or an authorized institution\/SFC-licensed corporation with a dedicated unit(s) that maintains a personalized relationship with private banking customers*, and provides personalized banking services, dealing, advisory and\/or portfolio management services to these customers is considered a PWM institution for the purpose of ECF.<\/p>\n\n\n\n<p>PWM institutions include, but are not limited to, member institutions of PWMA.<\/p>\n\n\n\n<p>Nonetheless, for PWM client-facing work experience at a non-PWMA member institution to be recognized for the purpose of ECF, substantiation has to be provided to demonstrate that the institution (or a unit of the institution) is or was dedicated to serve private banking customers during the period of experience.<\/p>\n\n\n\n<p class=\"has-small-font-size\">* A \u201cprivate banking customer\u201d refers to a customer who maintains a personalized relationship with the PWM institution and receives personalized banking services, dealing, advisory or asset \/ portfolio management services from the PWM institution, and has:<br>a) at least USD3 million or its equivalent in any other currency in investable assets; or<br>b) at least USD1 million or its equivalent in any other currency in investable assets under the PWM institution\u2019s management.<\/p>\n\n\n\n<p class=\"has-small-font-size\">Investable assets comprise securities, deposits and certificates of deposits. The amount may be calculated on a relationship basis covering (i) individual accounts; (ii) joint accounts with associates; and (iii) personal investment companies wholly-owned by the individual or jointly owned with associates. Associate means the spouse or any child of that individual.<\/p>\n","protected":false},"featured_media":0,"parent":0,"menu_order":25,"template":"","categories":[28],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.pwma.org.hk\/en\/wp-json\/wp\/v2\/ecf_faqs\/859"}],"collection":[{"href":"https:\/\/www.pwma.org.hk\/en\/wp-json\/wp\/v2\/ecf_faqs"}],"about":[{"href":"https:\/\/www.pwma.org.hk\/en\/wp-json\/wp\/v2\/types\/ecf_faqs"}],"wp:attachment":[{"href":"https:\/\/www.pwma.org.hk\/en\/wp-json\/wp\/v2\/media?parent=859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pwma.org.hk\/en\/wp-json\/wp\/v2\/categories?post=859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}