Consent for Hong Kong Securities Trading
Hong Kong Investor Identification Regime (“HKIDR”), Over-the-counter Securities Transactions Reporting Regime (“OTCR”) and Fast Interface for New Issuance (“FINI”) FAQ

Section 1: How to provide consent?

Where can I provide my consent?

You may provide your consent through the following channels.

Channels Wealth Management Accounts Securities Account
DBS iBanking ✓ ✓
DBS digibank HK ✓ ✓
Automated Phone Banking ✓
Return Physical Form to Branch (for DBS Account and DBS Treasures clients) ✓ ✓

How do I provide my consent via DBS digibank HK?

Where can I check my BCAN registration status?

You can log in to DBS digibank HK app to view your Broker-to-Client Assigned Number ("BCAN”) registration status.

  • For Wealth Management Accounts, you may refer to the “Investment Account Management” section at the bottom of the Invest tab.
  • For Securities Account, you may refer to the Invest tab.
Please note it takes at least 4 to 5 business days to complete the BCAN registration. You may continue to purchase HK stocks after the BCAN registration is completed.  

Section 2: What is HKIDR, OTCR& FINI?

What is Hong Kong Investor Identification Regime (“HKIDR”) ?

Securities and Futures Commission (“SFC”) has announced the implementation of an investor identification regime for the securities market in Hong Kong (HKIDR) which is effective on 20 March 2023. HKIDR is implemented at trading level for the securities listed or traded on the trading system used by the Stock Exchange of Hong Kong (“SEHK”).

Under HKIDR, the Bank has to:
  • collect Client Identification Data (“CID”) from clients;
  • assign to each of the clients a unique Broker-to-Client Assigned Number (“BCAN”); and
  • submit client’s CID along with the BCAN to the SEHK and/or SFC.
You are required to provide express consent to continue to enjoy related Hong Kong Securities Trading services.

What is Broker-to-Client Assigned Number (“BCAN”)?

Under HKIDR, the Bank has to assign each of the clients a BCAN for their account with the Bank. The Bank will only process a BCAN registration after receiving the consent from the client.

What is Client Identification Data (“CID”)? What kind of personal data is required under the HKIDR?

CID refers to the following information in relation to a client to whom a BCAN is assigned.

Personal data required under HKIDR
 
Individual Client Corporate Client
1. Full name as shown on the identity document 1. Full name as shown on the identity document
2. Identity document’s issuing country or jurisdiction 2. Identity document’s issuing country or jurisdiction
3. Identity document type (order of priority: (1) HKID card*; (2) national identification document; (3) passport) 3. Identity document type (order of priority: (1) Legal Entity Identifier registration document; (2) certificate of incorporation; (3) business registration certificate; (4) other equivalent documents)
4. Identity document number on the identity document. 4. Identity document number on the identity document.

*Mandatory CID for Hong Kong residents

What is Over-The-Counter Securities Transactions Reporting Regime (“OTCR”)?

The SFC has announced the implementation of the Over-The-Counter Securities Transactions Reporting Regime (“OTCR”).
OTCR transactions refers to:
 
  • transfers of shares made in connection with an OTC securities transaction (i.e. a transaction not recorded by SEHK) in respect of which stamp duty is chargeable in Hong Kong, except where the transaction is granted stamp duty relief (whether in full or in part) from the Inland Revenue Department, or the transfer of shares is made in accordance with the terms of a structured product or a derivative, or for the conversion of depository receipt into shares or vice versa
  • deposits and withdrawals of physical share certificates
Under the OTCR, the Bank has to: (1) report the CID of clients, including the transferee and/or transferor of shares, to the SFC when the Bank, whether as principal or agent for clients, makes the relevant transfer; or (2) report the CID of clients to the SFC when the Bank, whether as principal or agent for clients, deposits or withdraws physical share certificates.

What is Fast Interface for New Issuance (“FINI”)?

The Hong Kong Exchanges and Clearing Limited (“HKEX”) intends to introduce a new Initial Public Offering (“IPO”) settlement platform – FINI. Submission of required personal information (i.e. CID) will become mandatory for investors who subscribe for shares in either the public offer tranche (eIPO or “e-White” channels) or the international offer tranche of a Hong Kong IPO via FINI after the launch. The Bank will submit BCAN of clients to Hong Kong Securities Clearing Limited for eIPO.

When will the HKIDR be launched?

20 March 2023.

When will the OTCR be launched?

25 September 2023.

When will FINI be launched?

22 November 2023.

Section 3: What is Consent for Hong Kong Securities Trading?

Why do I need to provide consent after the implementation of HKIDR?

You are required to provide express consent to continue to enjoy related Hong Kong Securities Trading services after HKIDR comes into effect on 20 March 2023.

Is the HKIDR applicable to Securities Trading of all markets offered by the Bank?

The HKIDR is applicable to the Hong Kong market only.

What will happen if I do not provide consent or disagree with the consent?

After the implementation of HKIDR, failure to provide consent, or if you disagree with the consent, will mean that the Bank will not, or will no longer, be able to carry out your buy orders of securities.

After the implementation of OTCR, transfer-in of shares and deposit of physical share certificates to account(s) with us will not be accepted either, and you would only be able to sell or transfer out your existing holdings or withdraw physical share certificates, if any.

After the implementation of FINI, if you disagree or fail to provide consent, the Bank will not be able to provide the eIPO subscription service to you

.

Are the HKIDR, FINI and OTCR applicable to me?

The HKIDR and OTCR are applicable to any client who would like to carry out related Hong Kong Securities Trading services (which include purchase of securities, transfer-in of shares and deposit of physical share certificates to account(s)).

FINI is applicable to all client subscriptions for eIPO through the Bank.

Section 4: Other frequently asked questions

I have multiple accounts. Do I need to provide separate consents for each account?

Your consent will be applicable to all of your account(s) with the Bank and any subsequent account(s) to be opened. However, for joint accounts, all account holders have to provide their consents.

I have provided consent for HKIDR*, do I have to provide separate consent for OTCR or FINI?  

No, your consent is applicable for HKIDR, OTCR and FINI.

I have provided my consent for Shanghai-Hong Kong Stock Connect / Shenzhen-Hong Kong Stock Connect, do I have to provide a separate consent for HKIDR*?

Yes, you have to provide a separate consent for HKIDR*.

I have a joint account, are all account holders required to provide their consents?

All account holders have to provide their consents for the BCAN registration.

Can I withdraw my consent?

Yes, you can withdraw your consent via DBS iBanking or DBS digibank HK or return the form to any of our branches. Your personal data may continue to be stored, processed, used, disclosed, or transferred for the above purposes after such purported withdrawal of consent.

For further enquiry, who should I contact?

For DBS Treasures, DBS Treasures Private Client and DBS Private Bank clients, please contact your Relationship Manager.
For DBS Account client, please visit DBS digibot or any of our branches.

Will I be notified after submitting my consent?

No notification will be sent to you after you submitted your consent. You may access DBS digibank HK to enquire your submission status.

For Wealth Management Accounts, you may refer to the “Investment Account Management” section at the bottom of the Invest tab. For Securities Account, you may refer to the Invest tab.

*Equivalent to the Consent for Hong Kong Investor Identification Regime, Over-the-counter Securities Transaction Reporting Regime and Fast Interface for New Issuance.

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