Hong Kong Investor Identification Regime

The SFC has announced its decision to proceed with the implementation of the Hong Kong Investor Identification Regime (HKIDR) at trading level for the securities market in Hong Kong and the Over-the-counter Securities Transactions Reporting Regime (OTCR), which will be in effect from March 20 and September 25, 2023 respectively. Want to know how the HKIDR works and what impact it will have on investors?

Key points

A unique identification code - Broker-to-Client Assigned Number (“BCAN”) will be assigned to each Relevant Client under HKIDR.

Customers are required to give the consent of the disclosure and transfer of their Client Identification Data (CID)* and Broker-to-Client Assigned Number (BCAN) to the Stock Exchange of Hong Kong (SEHK) before submitting any buy orders and stock transfer-in.

Customers are only eligible to trade upon the assignment of BCAN number

All customers in a joint relationship will have to provide their consent in order for buy orders and stock transfer-in to proceed.

If you/your joint holder(s) have not provided the Hong Kong Investor Identification Regime Client Consent or your BCAN has not yet been registered successfully before the monthly execution day, your Regular Saving Plan(s) will be terminated.

* Client Identification Data (“CID”): Client’s full name on identity document (“ID”), ID’s issuing jurisdiction, ID type and ID number

The consent form can be submitted to us in one of the following ways at your earliest convenience:

Consent submission Demo

Log in Citibank Online, then select "Setting & More"
Click "Investment", then select "HK Investor Identification Regime & Over-the-counter Securities Transactions Reporting Regime Client Consent"
Please read the Consent details carefully, then click the box and click "Confirm"
You have submitted the Consent successfully

Consent submission Demo

Log in Citi Mobile^® App and select "Setting and more"
Select "Investments"
Tap "HKIDR and OTCR Client Consent"
Please read the Consent details carefully, then click the box and click "Confirm"
You have submitted the Consent successfully

FAQ

When will be the Hong Kong Investor Identification Regime (HKIDR) implemented?

The HKIDR will be launched on March 20, 2023.
What are the impacts to clients after the implementation of HKIDR?

With the implementation of HKIDR, clients are required to give the consent of the disclosure and transfer of their Client Identification Data (CID) and Broker-to-Client Assigned Number (BCAN) to the Stock Exchange of Hong Kong (SEHK) before submitting any buy orders of securities. If clients haven’t provided such consent after HKIDR launched, then clients’ outstanding buy order instructions (including those with good-till-date beyond HKIDR launch date) will not be able to proceed.
What kind of personal data are required under the Hong Kong Stock Investor ID Model?
What kind of personal data are required under the Hong Kong Stock Investor ID Model?
- Full name as shown on his or her identity document
- ID Issuing country/region
- ID Type
- ID Number
Are clients required to provide the HKIDR and OTCR Client Consent when they open Hong Kong Stock accounts in Citibank?

Yes.
If a client has both single name & joint name stock accounts in the Bank, does he/she need to provide customer consent on processing of CID for each stock account?

Not necessary. You are only required to provide your consent on processing of CID once. But please note that unless another joint account holder has also provided the consent on processing of CID, otherwise, you cannot place buy order instructions via this joint securities account.
What are the impacts if clients do not provide the HKIDR and OTCR Client Consent?

If the client does not provide the consent, under the HKIDR, his/her Broker-to-Client Assigned Number (BCAN) and Client Identification Data (CID) will not be submitted to SEHK and he/she could only conduct sell orders or trades in respect of existing holdings of a listed security (but not buy orders or trades). Similarly, under OTCR, without the consent provided, his/her CID will not be submitted to the SFC and he/she is allowed the transfers of shares out of and withdrawals of physical share certificates from the account, but not the transfers of shares or deposits of physical share certificates into his/her account.
How can a client update the HKIDR and OTCR Client Consent?

The consent can be updated via Citibank online banking and Citi mobile app.
How long does it take for BCAN registration?

Once client submits the consent, it takes around T+1 Hong Kong Stock trading days to complete the BCAN registration.

For more details regarding Investor ID Model for Hong Kong Stock trading, please refer to HKEX website.