{"id":863,"date":"2020-08-27T11:47:22","date_gmt":"2020-08-27T03:47:22","guid":{"rendered":"http:\/\/project-pwma-uat.ltworkshop.com\/?post_type=ecf_faqs&#038;p=863"},"modified":"2021-04-13T20:19:39","modified_gmt":"2021-04-13T12:19:39","slug":"to-whom-is-the-ecf-applied-to","status":"publish","type":"ecf_faqs","link":"https:\/\/www.pwma.org.hk\/en\/ecf_faqs\/to-whom-is-the-ecf-applied-to\/","title":{"rendered":"To whom is the ECF applied to?"},"content":{"rendered":"\n<p>The ECF applies to PWM industry practitioners (Relevant Practitioners) engaged by PWM institutions in customer-facing roles making personalized or customized solicitations or recommendations to customers in the provision of securities dealing and advisory service and\/or portfolio management service.<\/p>\n\n\n\n<p>For the purpose of the ECF, PWM institutions refer to the following:<\/p>\n\n\n\n<ul><li>(a) Private banks or authorized institutions with dedicated unit(s) that maintain a personalized relationship with private banking customers, and provide personalized banking services, dealing, advisory and\/or portfolio management services to these customers; and <\/li><li>(b) SFC-licensed corporations with dedicated units(s) that maintain a personalized relationship with private banking customers, and provide dealing, advisory, and\/or asset \/ portfolio management services to clients who fall under the definition of private banking customers*.<\/li><\/ul>\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":129,"template":"","categories":[29],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.pwma.org.hk\/en\/wp-json\/wp\/v2\/ecf_faqs\/863"}],"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=863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pwma.org.hk\/en\/wp-json\/wp\/v2\/categories?post=863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}