Jurisdiction - Hong Kong
Hong Kong – SFC Licensing And Compliance Hints.

27 April, 2013


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



Licensing short-cuts for representatives: If someone prefers not to wait eight weeks to get a representative licence, for example because they need to start regulated activities as soon as they join a licensed corporation, they can apply for a provisional licence at the same time, in which case they would usually get SFC approval to commence regulated activity within about a week. The process is simple. You just need to check the right box on the cover page of the SFC Form 3 and pay an additional HK$800 (on top of the normal representative licence application fee).


As the name suggests, the first licence is only "provisional", and should be replaced by a "full/normal" licence after the SFC has finished assessing the main application (which could take another seven weeks). A provisional licence will be revoked if the SFC decides for any reason not to issue a "full/normal" licence to the person.


If the person has not passed HKSI Paper 1 by the time their provisional licence application is filed, they can ask the SFC to impose a licensing condition which allows them six months to pass the exam.


There is no provisional licence arrangement for responsible officer applicants.


Let's talk about CPT: As the first quarter of 2013 is already behind us, it is time to remind all licensed individuals to plan ahead to meet their 2013 CPT requirements in order to avoid a year-end rush. Internal training can be counted for these purposes provided it meets the SFC's requirements which are set out in the Guidelines on Continuous Professional Training.



For further information, please contact:


Rebecca Yip, Deacons

[email protected]


Lavita Pong, Deacons

[email protected]


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