In January 2017, the SFC released a circular on clarifications to its current regime on senior management, expectations as to Board obligations of licensed firms and setting out new requirements in relation to licensing of senior management. The circular effectively introduces a Hong Kong manager in charge regime. Initially all firms will need to provide the SFC with information on their organizational structure and managers from 18th April 2017 to 17th July 2017. By 16th October 2017 any MICs who are not already ROs and are required to be under the new rules must have applied for approval.
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