Jurisdiction - Hong Kong
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Hong Kong – SFC Routine Inspection Update.

27 April, 2013

 

Legal News & Analysis – Asia Pacific – Hong Kong – Regulatory & Compliance

 

Board meetings: The SFC has not provided any general guidance as to the frequency of board meetings or what should be discussed at board level. However we usually suggest licensed corporations hold board meetings at least semi-annually. In terms of what boards should consider, the template for the SFC's recent "Business Activities and Control Practices Survey" is a useful tool. It refers to the following items: Review / approve the business and strategic plan; Monitor and manage key business risks; Supervise the performance of the senior management and responsible officers; Monitor the licensed corporation's financial performance; Monitor the effectiveness of internal control system; Monitor the licensed corporation's compliance status with applicable laws, regulations and policies.

 

 

For further information, please contact:

 

Nick Chiu, Deacons

nick.chiu@deacons.com.hk

 

 

 

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