For a single client with a private banking securities trading account, a retail banking securities trading account and a joint securities trading account maintained at a bank which is an RRI, shall a single BCAN be assigned to all three accounts under the same client?
A:
If an RRI maintains multiple securities trading accounts for the same client, it can opt to assign the same BCAN or different BCANs to the different accounts of this client.
However, a joint securities trading account (e.g. jointly held by Mr. and Mrs. Chan) is not of the same client as a securities trading account held by Mr. Chan himself. Hence a separate BCAN should be assigned to that joint account for identification. In the case of a joint account, an RRI is required to assign a BCAN to the account and not to the account holders. The BCAN of a joint account should be distinct from any BCAN assigned to any joint account holder who holds a securities trading account with the RRI in his sole name. The BCAN-CID Mapping File containing the CID of all holders of that joint account should be submitted by the RRI to SEHK under the BCAN assigned to the joint securities trading account.
Q2 :
If a client has a securities trading account with an RRI and has another securities trading account with another RRI, does the client have two BCANs? Do the two RRIs need to check with each other for using the same BCAN for the same client?
A:
Yes, a client’s BCAN with one RRI can be different from his/her BCAN with another RRI. RRIs do not have to check with one another to assign the same BCAN number to the same client. Each RRI may adopt its own generation logic in assigning BCANs as long as a unique set of BCANs is assigned to its own clients and the BCANs comply with the requirements set out in the HKEX Information Paper.
Last update: 26 Nov 2021
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