SFC compliance and licensing hints – Jun 2018

Does the SFC need to know if ……

a licensed company moves offices?Yes and in fact a licensed company needs to get the SFC’s prior approval before it can move into new office premises. This includes expanding the office to include a neighboring unit. SFC approval is required for the premises where records relating to the regulated activities are kept, whether in soft or hard form.

the company has set up a new branch in Hong Kong? Yes and the licensed company also needs the SFC’s prior approval for a new branch. Records relating to the regulated activities may be kept at the branch which requires SFC approval.

the company decides to change company secretary? Depends. If the company secretary only keeps the statutory books and records and does not keep any records relating to the company’s regulated business, the SFC will not need to be notified. However, if the address of the company’s official registered office changes as a result of switching company secretary, this will need to be notified to the SFC.

Six more months to meet 2018 CPT requirement

We are almost half way through 2018 which means that all licensed individuals have six more months in which to fulfil their 2018 CPT requirement. It is always a good idea to plan ahead in order to avoid a year-end rush.