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Leaflets on the ICC and Investor Compensation Fund
The Investor Compensation Company Limited ("ICC") today unveils a new leaflet to explain the how the investors who suffer pecuniary losses in the event of licensed intermediary or authorized financial institutions default can lodge a claim, and what level of security can they receive.
The leaflet explains in plain language the definition of default, when an investor can lodge a claim, the calculation of compensation amount and documentations required to accompany a claim etc. The leaflets are printed in both Chinese and English separately. Only one page is used and it is 21 x 9.5 cm in area, which is cater for licensed intermediaries and authorized financial institutions to mail to their clients together with documents like monthly statements.
The Investor Compensation Fund was established under the Securities and Futures Ordinance on 1 April 2003. Its purpose is to make compensation to investors who suffer pecuniary losses as a result of intermediary default. The default must be related to exchange-traded products in Hong Kong. All intermediaries licensed for dealing in securities or futures contracts, or margin financing, or authorized financial institution (for example banks) are covered.
The leaflet is available to the public for free at the ICC office, the SFC office and the Consumer Advice Centres of the Consumer Council. The investing public can also ask their brokerages for leaflets. Licensed intermediaries and authorized financial institutions are welcome to request copies for distribution by calling the ICC¡¦s Market Communications and PR department.