On 28 January 2014, the Securities and Futures Commission (SFC) issued a circular to remind licensed corporations of their obligation to comply with the regulatory requirements of foreign jurisdictions where they conduct cross-border business activities.
Paragraph 12.1 of the Code of Conduct for Persons Licensed by or Registered with the SFC (Code) imposes an obligation on SFC licensees and registrants to comply with legal and regulatory requirements. The requirements cover those of any relevant regulatory authority. In the circular, the SFC highlights the following:
What steps are required? Licensed corporations should conduct enquiries into relevant local laws before conducting cross-border activities and should keep abreast of changes in relevant local laws.
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