How do I get access to both US and HK stock trading?
Once you apply and get approved for a trading account, you will automatically get access to both US and HK stocks in one account.
How long does it take for my account to be approved?
Once you complete and submit your account opening application, we will review the application within 1-3 working days. We'll reach out in case we need supplementary information. When your application is successfully approved, you'll receive a system notification and e-mail so make sure to monitor your messages closely!
What is a proof of address?
A proof of address is a document certifying your residential address. This can be a utility bill, a credit card statement, a bank statement, or a government issued letter, etc. It should include the issuing party, your full name, address, and the issue date within the last 3 months.
What is my Taxpayer Identification Number (TIN)?
To ensure accuracy of your tax information, we request for your taxpayer identification number. If you are a tax residence of Hong Kong, your TIN would would be your Hong Kong ID card number. For other areas, please fill in according to your taxpayer information. It will be your Hong Kong Identity card number. For other regions, please fill in according to your taxpayer information。
What is Client Standing Authorization?
The standing authorization of the customer is the authorization obtained by the Hong Kong brokerage from the customer in order to comply with the customer money and customer securities rules under the Securities and Futures Ordinance. Common examples of using authorization are as follows:
• When you buy stocks, authorize us to deliver the money from your account to the seller at the time of settlement;
• When you sell stocks, authorize us to deliver the stocks from your account to the buyer at the time of settlement;
• For overseas market transactions, authorize us to transfer money to an overseas securities broker for trading purposes, or transfer money from an overseas securities account to your account after settlement;
• or margin accounts, authorize us to pledge shares to the banks of Hong Kong to obtain the amount of margin if necessary (not applicable to cash accounts)
Who needs to sign this?
All clients who open an account with Fiduciary Securities need to confirm and agree to the standing authorization before account opening.
How long is the standing authorization valid for?
The standing authorization is valid for one year. We will send you a renewal notice to your account opening mailbox before the expiration of the standing authorization.
Why was my application rejected?
We evaluate multiple factors before granting an account. If you application was rejected, please check the system notification to understand why the rejection occured. Please modify your account application and submit again. If you have any questions, please contact online customer service.
About consent letter
According to section 12.2 of The Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission, a licensed person or employee of a licensed company must provide Consent Letter before opening an account.
Issuing Agency
The consent letter is normally prepared and issued by the Employer or the Administration and Human Resources Department or Compliance Department. For details, please contact your company.
What should be in the content of the consent letter
• Your personal information (name, nationality, ID number, etc.)
• Information about your company (company name, etc.)
• Conditions for opening an account (e.g. whether the company allows you to open an account and any special requirements, etc.)
• Original seal of the company
• The document must be valid for three months
Introduction to FATCA (Foreign Account Tax Compliance Act)
FATCA is a US-made tax law that went into effect in 2014.
FATCA is designed to prevent US taxpayers from using offshore financial accounts to avoid complying with US tax obligations. Fiduciary Securities is legally responsible for identifying its clients and reporting their information to the IRS.
Which clients are affected?
All clients are required to complete either a W-8 form to confirm their non-US tax identity or a W-9 form to confirm their US tax identity. Only US account holders' information will be reported.
What are the clients' responsibilities?
All customers fill out the appropriate form at the time of opening an account to confirm their US tax identity and then reconfirm their US tax identity every 3 years. If there is any change during these 3 years, the customer should update the US tax status with Fiduciary Securities as soon as possible. In addition, according to the relevant filing instructions issued by the IRS, a non-US person is subject to withholding tax in respect of certain receipts originating in the United States, and a non-US person may claim tax relief for the certain non-US person only through W-8.
Introduction to CRS (Common Reporting Standards)
In support of the principle of reciprocity, governments around the world are introducing new data collection and reporting requirements for financial institutions, known as CRS. If you are not obliged to pay tax in Hong Kong, Fiduciary Securities may be required to report this situation and your account details to the Hong Kong Inland Revenue Department. These data will be transmitted to tax authorities in other countries or regions.
Which clients are affected?
All customers. Asset value is not a factor in determining whether a customer needs to report. Regardless of the high or low value of assets, Fiduciary Securities is also responsible for collecting the specified data and transmitting it to the Inland Revenue Department of Hong Kong.
Introduction of the Hong Kong Investor Identification Regime (HKIDR)
To enhance the market surveillance capabilities and maintain market integrity, the Securities and Futures Commission has introduced the Investor Identification Regime at trading level for the securities market in Hong Kong.
To comply with the HKIDR obligations, all relevant SFC licensed corporations and registered institutions are required to assign a Broker-Client-Assigned-Number to each client of theirs with capabilities to trade securities on the SEHK.
From the 20th of March 2023, RRIs are required to provide the SEHK with the clients’ identification data and the corresponding BCAN. All SEHK securities orders will be tagged with the BCAN number to enable the SEHK & SFC to identify the end beneficiary.
What client identification data (“CID”) is provided to SEHK?
Client identification data ("CID") of individual clients refer to client identity information, including name in English and/or Chinese as shown on the Identity Document(s)("ID"), ID issuing country/jurisdiction(s), ID type(s) and ID number(s).
CID of institutional or corporate clients includes the name of the legal entity, place of registration, type and number of registration documents.