SFC licensing and compliance hints – Dec 2014

Semi-annual FRRs: Licensed companies that are only required to submit FRRs semi-annually should make their next submissions by 21 January 2015. This time a Form 12 will also be required. With the holiday season coming up, please make sure an RO/authorised signatory is available, and has their e-Certificate to hand, in connection with the review and submission of the return.

Two ROs need to be operationally active and not just named: Licensed corporations are required to have at least two named ROs for each regulated activity who are substantially operationally involved in participating in and supervising the regulated business. Otherwise, the corporation will have no option but to stop the regulated business until it has two SFC approved ROs who are operationally active. We typically recommend clients to have at least three ROs per regulated activity to avoid any disruptions to the business caused by the departure of an RO.