According to the SFC's latest Quarterly Report, more than 50% of the issues identified during routine inspections conducted in Q3 of 2013 were breaches of the SFC Code of Conduct or internal control weaknesses. The SFC continues to take enforcement action against licensed corporations for internal control failures. The highest fine imposed on a licensed corporation over the past year for internal control failures was HK$24 million. In addition, the licences of some ROs were revoked or suspended for failing to fulfil their own RO obligations.
Key tips for a successful inspection:
Licensed corporations should regularly re-evaluate their internal control systems to keep pace with changing rules and regulations.
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