0000003029 00000 n Available for Enrolment and Not Yet Full Search. Such a person may be unlicensed but should preferably have sufficient authority and is familiar with the overall affairs of the group. These help us improve our services by providing analytical data on how users use this site.Consent (i) to the processing of your personal data for the purposes specified in our advising on securities) license together for the business purpose. ‘SINGLE LICENCE’ REGIME.
In addition, if you are an executive director4 of that corporation, you also need to be approved as a responsible officer (section 125(1)(a) of the SFO). In some situations, an updated organisational chart may also be required for submission to the SFC together with the notification of that change.For details on MICs and the relevant requirements, please see the Fitness and properness of proposed licensed corporation and proposed ROsFurther to competence, the SFC requires all licensed persons to be fit and proper and will assess, inter alia, in respect of any applicant:An applicant for a licence to carry out regulated activity has to demonstrate to the SFC that it has proper business structure, good internal control systems and qualified personnel to ensure that proper management of risks that it will encounter in carrying on its proposed business as detailed in its business plan. The LE Regulatory Papers (i.e. Managing assets belonging to third parties would constitute “asset management” and attract a licensing requirement.This exemption should not be applied to a corporation advising its group company in respect of that group company’s client assets.
The Securities and Futures Commission (SFC) has recently published a consultation paper (Consultation) that proposes refinements to the scope of regulated activities and new conduct requirements relating to over-the-counter (OTC) derivatives.These changes are intended to take effect on or before the commencement of the Hong Kong licensing regime for OTC derivative-related activities. Again, the duration required for preparation will depend on the preparedness and responsiveness of the client and normally this would take approximately 3 to 4 weeks. xref h�b```b``Y���� �� ʀ �l@���1�����9M���#6�SY�O (�L[��6�^`Zh#�d�Shk������ }�-1�O2�+F�:%>?1�[��B�e For more information on Managers-In-Charge of Core Functions, please see the “Senior management” subsection below.An individual who carries on one or more regulated activities on behalf of a licensed corporation is required to apply for approval as a “licensed representative” accredited to that corporation. whose name is entered in the register maintained by the Monetary Authority under section 20 of the Banking Ordinance (Cap.
Some of these include:For a corporation to be licensed to carry out regulated activities in Hong Kong, section 116 (2) of the SFO requires that it has to be either a company incorporated in Hong Kong or an overseas company registered under Part 16 of the CO having a principal place of business in Hong Kong (i.e. We recommend that the proposed licensed corporation set up a complaints register to record all complaints made and how they were resolved.Licensed corporations are primarily responsible for designing and implementing a continuous education programme best suited to the training needs of the licensed representatives they engage. You are licensed for Type 1 regulated activity (dealing in securities) and you wish to carry out Type 4 (advising on securities), Type 6 (advising on corporate finance) and/or Type 9 (asset management) regulated activity. Please see the The senior management of a licensed corporation includes:These three roles are not mutually exclusive. © 2019 Sleek Hong Kong Limited | Tower No.
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