News & Insights

SFC licensing and compliance hints – Aug 2017

Responsible officer application deadline

If your company has any MICs for Overall Management Oversight or Key Business Lines who are not yet approved as responsible officers, it is about time to start working on their applications if you have not yet done so as the deadline for submission is 16 October 2017.

CPT reminder for 2017

We are now in the third quarter of 2017. It is time to remind all licensed individuals to check their 2017 CPT records in order to avoid a year-end rush.

Internal training can also be counted for annual CPT requirements provided it meets the SFC’s requirements as set out in the Guidelines on Continuous Professional Training. Going through recent SFC enforcement cases could be structured as an internal CPT so that licensed individuals are made aware of the SFC’s expectations while they are reminded of the regulatory requirements and the firm’s internal policies to comply those requirements.

If your company has individuals who need to take additional CPT hours to comply with conditional exemptions from taking licensing exams, this may also be a good time to check how many CPT hours they still need to collect and whether those CPT training hours need to be provided by approved CPT providers.

What is in the new Licensing Handbook

The new Licensing Handbook has given clearer guidance in relation to disclosing warning records, and spent, dismissed or expunged convictions. It also clarifies that disclosing a previously received warning letter (and its content) from the SFC to an employer does not breach the secrecy provisions in the SFO. An individual is required to disclose any spent, dismissed or expunged convictions to the SFC: as the exemptions from disclosure of convictions under the Rehabilitation of Offenders Ordinance do not apply when applying for an SFC licence.

The SFC issued a press release on 20 July 2017 concerning the conviction of an individual for failure to disclose her previous criminal convictions during her licence application. The person was fined and ordered to pay the SFC’s investigation costs.

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