Oversight February 2018 - Hong Kong's Manager in Charge regime
The implications of the Hong Kong Securities and Futures Commission’s Manager in Charge regime and concludes with key points for licensed corporations.
Hong Kong’s Securities and Futures Commission (the SFC) issued a circular to introduce measures to heighten the accountability of senior management of licensed corporations (the Circular). The Circular tracks a similar measure introduced in the UK in March 2016, the Senior Managers Regime (SMR), and reflects an established global trend towards enhanced scrutiny of individual conduct in regulatory enforcement. The circular became fully operational on 17 October 2017 following a six month transition period. See our previous briefing on the SFC Manager in Charge regime.
In this note we explain the likely implications and conclude with our three key points for licensed corporations.
