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Hong Kong – SFC Licensing And Compliance Hints.

30 December, 2013

 

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

 

Up The Wall – The SFC has recently restored two frequently asked questions about the need to display the company’s licensing certificate in a prominent place. Licensing certificates are hardly artworks and usually do not go well with stylishly decorated reception areas. However, they still need to be placed somewhere they can easily be seen by clients (and the SFC). Therefore, hanging them on the wall in the pantry will not usually be a good idea.

 

Semi-Annual FRR – For licensed companies that are only required to submit FRRs semi-annually, the next submission will be due on 21 January 2014. Don’t forget also to fill in a Form 12. With the holiday season coming up, please make sure an RO / authorised signatory will be around / accessible and have their e-Certificates with them.

 

On-Site Inspections – We are often asked “Is the SFC conducting inspections on licensed companies more frequently?” The figures below from the SFC’s website do not indicate any significant increase in the number of inspections.

 

  Quarter ended
30/6
Quarter ended
31/3
Quarter ended
31/12
Quarter ended
30/9
Risk-based, on-site inspections conducted 72 (in 2013) 49 (in 2013) 77 (in 2012) 73 (in 2012)
72 (in 2012) 36 (in 2012) 59 (in 2011) 87 (in 2011)

 

Deacons

 

For further information, please contact:

 

Rebecca Yip, Deacons

[email protected]

 

Deacons Regulatory & Compliance Practice Profile in Hong Kong

 

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