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SECURITIES AND FUTURES COMMISSION 8th Floor, Chater House, 8 Connaught Road Central, Hong Kong 香港 中環干諾道中八號遮打大廈八樓 (These FAQs have been replaced by an updated version issued on 23 December 2016) Our Ref: SFO/IS/003/2007 8 May 2007 Circular to All Licensed Corporations Questions and Answers on Suitability Obligations Paragraph 5.2 of the Code of Conduct 1, which imposes suitability obligations on licensed and registered persons, states the following: “Having regard to information about the client of which the licensed or registered person is or should be aware through the exercise of due diligence, the licensed or registered person should, when making a recommendation or solicitation, ensure the suitability of the recommendation or solicitation for that client is reasonable in all the circumstances.” In order to assist the licensed and registered persons who are engaged in financial planning and wealth management business activities relating to provision of investment advice, making of recommendations and/or solicitation (hereinafter referred to as “Investment Advisers” (“IAs”)) to comply with the abovementioned provision, the SFC has today posted on its website (www.sfc.hk) a list of questions and answers on the suitability obligations of the IAs (“FAQ”). A copy of the FAQ is attached to this circular. IAs should note that, in addition to the requirements in the Code of Conduct and Internal Control Guidelines 2 , the SFC will take into account compliance with guidance in the FAQ to determine whether a licensed or registered person is fit an