Since the SFC published its circular and FAQs on the Manager-In-Charge of Core Functions (MIC) regime on 16 December 2016, we have issued three client alerts on the MIC regime. In this our fourth and final alert in the MIC series, we list out the various things licensed companies need to consider on an on-going basis after making the initial submission.
Consider the effect on the MICs if there …
SFC notification events
Firms need to notify the SFC within seven business days if any of the information submitted to the SFC changes, such as:
Where a replacement MIC is being appointed, the SFC should be notified of the departure of the outgoing MIC within seven business days of the post being vacated and should be notified of the new MIC within seven business days of the new appointment. You will need to provide information about the new MIC and an updated organisational chart at that stage.
If any of an MIC’s reports resign, there is no need to submit an updated organisational chart to the SFC, unless the person is not replaced or unless the job title of the replacement is different from that previously notified to the SFC.
As a reminder, the key dates for the implementation of the new regime are:
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