What is SFC licensed?
A licence is issued by the SFC under Part V of the SFO only to allow the holder to carry on business in a regulated activity, or to perform a regulated function in relation to a regulated activity carried on as a business, in Hong Kong.
Who does the SFC regulate?
The Securities and Futures Commission (SFC) is an independent statutory body set up in 1989 to regulate Hong Kong’s securities and futures markets.
How do I get a Type 9 license in Hong Kong?
In order to obtain a license, the following steps will be carried out:
- Gathering of relevant KYC documents for initial verification.
- Incorporation of a HK company.
- Preparation of relevant documents (business plans, manuals and procedures, etc.)
- Arranging a local office, local employees.
What is the difference between licensed corporation and registered institution?
As mentioned earlier, licensed corporations are referring to organisations that carry out regulated activities such as securities firms, asset management companies, etc. which are non-banks and non-authorized financial institutions; while registered institutions are banks that conduct securities business.
How do I submit annual return to SFC?
Effective 11 April 2019, all licensed corporations must submit their annual returns (and notifications) electronically through the Online Portal. Paper submission will not be accepted, unless the SFC’s prior consent is obtained under an exceptional circumstance.
What is a licensed corporation in Hong Kong?
Is SFC under HKMA?
1 The SFC is responsible for granting or refusing applications by AIs to be registered to carry on a regulated activity. All such applications received by the SFC will be referred to the HKMA for consideration. (b) any relevant rules, codes, guidelines or guidance made or published by the SFC under the SFO. 6.1.
What does the SFC do?
The SFC administers the licensing requirements and conducts ongoing supervision of licensed intermediaries. We set the standards of conduct for intermediaries, including, among others, the requirement that recommendations made are suitable for their prospective clients.
How can I become a responsible officer in Hong Kong?
In addition to the general requirements of a licensed representative, the SFC states that a Responsible Officer has to fulfil four basic elements which relate to:
- academic / industry qualification;
- industry experience;
- management experience; and.
- regulatory knowledge.
What FRR reporting?
Reporting (FRR) VALOORES’ in’FRR solution equips multi-jurisdiction institutions with a Business Process Management vehicle, a Data Governance and Analytics platform, a report designer to adapt to regulations as they metamorphose and a universal dashboard engine to monitor activities.
How do I get asset management license?
Documents required for an AMC
- For a Private Limited Company – Memorandum of Association, Articles of Association, Scheme of Investment.
- Directors Identification Number (DIN).
- KYC (Know Your Client Documents).
- Proof of Identity- Passport.
- Proof of Address (Aadhar Card).
- PAN Card.
- Aadhar Card.
Is SFC part of Government?
Operationally independent of the Government of the Hong Kong Special Administrative Region, we are funded mainly by transaction levies and licensing fees.
How can the SFC revoke or suspend my licence?
9.4.1 The SFC has the power to revoke or suspend your licence (in related to all or certain regulated activity(ies)) under section 195(1)(c) of the SFO, if you do not carry on all or some of the regulated activity(ies) for which you are licensed. 9.4.2 In any event, if you intend to cease to carry on any regulated activities,
When did Type 12 Schedule 5 come into effect?
The new Type 12, Part 1, Schedule 5 added by the Securities and Futures (Amendment) Ordinance 2014 came into operation on 1 September 2016, in so far as it relates to paragraph (c) of the new definition of excluded services in Part 2 of Schedule 5.
What is the paid-up capital requirement for SFC 9 and 10 licenses?
Where such corporation is not subject to such licensing condition (i.e. where it holds client assets), the paid-up capital requirement for a holder of an SFC Type 4, 5, 6 (if it does not act as a sponsor), 9 and 10 licenses is HK$5,000,000.