Page 759 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

 Whilst some VA Arrangements are commonly labelled or marketed as
“deposits” or “savings” products, they are not regulated and are not the same

as bank deposits. Investors are not afforded with any form of protection.

 A vast majority of VA platforms offering VA Arrangements are unregulated.

There may be a lack of transparency in their operations. Their fitness and

properness, including their financial soundness and competence, are not

subject to any regulation, such as prudential regulation. Particularly, if a

VA platform or the counterparty to which the VA deposited by investors are

on-lent ceases operation, collapses, or is hacked or exposed to fraud,

investors may not be able to get back their VA from their accounts and may

risk losing their entire investment held on the platform.

 VA are exposed to heightened risks including insufficient liquidity, high
price volatility, opaque pricing, potential market manipulation, hacking and

fraud and may lose all value.

 Some VA Arrangements could amount to a collective investment scheme
(CIS) (Note 3) as defined under the Securities and Futures Ordinance (SFO)

if the participating investors do not have day-to-day control over the

management of their VA and the VA are pooled and/or managed as a whole

by the operator to generate returns for investors. Such VA Arrangements may

be unauthorised CIS (Note 4) and may be highly risky. The product will

not have been vetted nor its offer and marketing materials reviewed by the

SFC. Investors will have no protection under the SFO.

Investors are urged to be wary of the potential high risks associated with VA

Arrangements, and if they cannot fully understand them and bear the potential

significant or total losses, they should not make an investment.

The SFC also wishes to remind parties engaging in these VA Arrangements that
certain arrangements could amount to a CIS as described above.

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