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Licensing System of Securities and Futures Commission

Understanding the requirements and exemptions

Introduction to Licensing System

  • Chapter three discussed the need to apply for a license for regulated activities
  • Licensing system of Securities and Futures Ordinance
  • Types of regulated activities and single license regime
  • Who can obtain licenses or registrations

Registered Institutions

  • Authorized financial institutions engaged in regulated activities
  • Registration required for authorized financial institutions
  • Registered Institution: Authorized financial institution approved by Hong Kong Monetary Authority
  • Engaged in activities regulated by Securities and Futures Commission

Exemptions for Authorized Financial Institutions

  • Special circumstances exempting Authorized Financial Institutions
  • Type three or type eight regulated activities exemption from registration requirements
  • No need to become a registered institution

Conditions for Individual Engagement

  • Conditions for individuals to engage in regulated activities for registered institutions
  • Name in the register maintained by Hong Kong Monetary Authority
  • Recognition as a recognized person
  • Involvement with a specific registered institution
  • Engaging in a certain type of regulated activity

Responsible Officers for Registered Institutions

  • Responsible officers in registered institutions
  • Appointment by the registered institution
  • Approval and supervision by the Hong Kong Monetary Authority
  • Supervisory functions and responsibilities for regulated activities
  • Nomination and application process for responsible officers

Licensing and Registration Requirements

  • Other requirements for licensing and registration
  • Permission for licensed persons to conduct certain regulated activities
  • Temporary and provisional licenses
  • Approval for substantial shareholders
  • Fit and proper guidelines for eligibility

Conditions Imposed on Licenses

  • Imposing conditions on licenses
  • Limitations on client servicing and business conduct
  • Protection of retail investors
  • Restrictions on certain titles by unlicensed persons
  • Imposing limitations on licensed corporations

Responsibilities of the Board

  • Board's responsibility for conduct, operations, and financial soundness
  • Board's involvement in license applications
  • Submission of data and confirmation of information

Licensed Representative's Resignation

  • Notification requirement for licensed representative's resignation
  • Notify the Securities and Futures Commission within seven days
  • License transfer to another licensed company
  • Revocation of license after 180 days without new employment

Temporary and Provisional Licenses

  • Temporary licenses for corporations principally conducting business overseas
  • Limited validity and total duration
  • Allowed regulated activities
  • Provisional licenses for individuals or corporations applying for formal licenses
  • Validity until final decision by the Securities and Futures Commission

Restrictions on Title Usage

  • Title restrictions for unlicensed persons
  • Prohibition of using certain titles without a license
  • Prevention of misrepresentation and false claims
  • Reputational and trust-building measures

Fit and Proper Guidelines

  • Requirements for fit and proper individuals and institutions
  • Financial status, competence, and capability
  • Character and integrity assessment
  • Ongoing monitoring and compliance
  • Importance of meeting fit and proper criteria

Sponsor Guidelines

  • Additional competence requirements for sponsors and compliance advisors
  • Appointment of principles for supervision
  • Minimum capital requirement
  • Continuous professional training for individuals
  • Regulatory compliance for sponsors and compliance advisors

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