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SFC’s Managers in Charge Regime: Deadline for Compliance Draws Near

  • Hong Kong
  • Other

09-06-2017

The circular and FAQ document published by the SFC on 16 December 2016 introduced the MIC regime (“MICR”) to heighten the accountability of senior managers in licensed corporations. Details of the MICR can be found in our previous briefing.

The deadline for submitting the management structure information with Managers-In-Charge (“MICs”) details via the Securities and Futures Commission (“SFC”) Online Portal is fast approaching on 17 July 2017. The deadline for application of MICs for approval as Responsible Officers is 16 October 2017.

Licensed entities should have identified their MICs and be finalising their reviews of existing management and governance structures. Given the challenging deadlines for compliance with the MICR, firms should ensure that their internal projects are on track to be complete in time for the filing deadline. Where necessary, licensed entities should be considering how to revise their management structure in light of the SFC’s requirements.

Eversheds is well placed to advise in relation to the MICR.

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