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    SFC licensing for Hong Kong fund managers

    Charltons has broad experience in assisting Hong Kong fund managers on Securities and Futures Commission (SFC) licensing approval criteria and application procedures. We can offer SFC licensing advice on a range of areas. Our multi-disciplinary lawyers have a deep understanding of the business environment in which fund managers operate. We can advise on whether (and what type of) SFC licence is required in a particular case, capital requirements, whether the experience and qualifications of proposed “responsible officers” are sufficient, and identify other SFC licensing advice issues that may arise during the application process. We will also coordinate the licensing application process, including assisting corporations to draft business plans and compliance and operations manuals, working with clients to respond to queries raised by the SFC, and preparing applications for exemptions or waivers from particular licensing requirements. We have particular experience of the SFC’s expedited licensing procedures for hedge fund managers serving only professional investors.

    Charltons also offers practical advice on day-to-day SFO and SFC compliance and regulatory issues as well as assisting licensed corporations by preparing or reviewing compliance manuals, developing compliance programmes and training personnel. We also offer advice on the SFC managers-in-charge of core functions regime and we offer SFC compliance retainer services.

    In cooperation with Boase Cohen & Collins, Charltons can assist clients in relation to SFC investigations, enforcement and disciplinary matters. Our experience includes advising SFC licensed corporations on misconduct by employees and advising distributors and other financial intermediaries on potential unauthorized selling of investment products and carrying on “regulated activities” without proper licensing.

    Charltons regularly drafts submissions on proposed changes to securities laws in Hong Kong on behalf of interested parties and industry groups. Julia Charlton also serves on a number of committees of regulatory and industry bodies, including the Hong Kong Securities Institute and the SFC’s Takeovers Panel and Takeover Appeals Panel.

     

    We set out below some relevant facts relating to the licensing of Hong Kong fund managers:

    • Hong Kong fund managers are required to obtain a type 9 (asset management) licence from the SFC
    • type 9 Hong Kong fund managers are exempt from the requirement from obtaining a type 1 (dealing in securities) and/or tpe 2 (dealing in futures contracts) regulated activity provided that these activities are carried out wholly incidental to its asset management business, i.e. it would be applicable to Hong Kong fund managers who place trade orders to dealers in the course of managing their clients’ portfolios of securities and/or futures contracts
    • an entity is not required to be licensed to carry out type 9 regulated activity if the relevant services are provided to its wholly owned subsidiary, holding company which holds all its issued shares, or other wholly owned subsidiaries of that holding company, provided that relevant services to such group companies are provided in respect of their own assets and not assets of their clients
    • in terms of capital requirements, the paid-up share capital and minimum liquid capital that must be maintained in respect of Hong Kong fund managers which holds client assets is HK$5 millliion and HK$3 million respectively. If the fund manager does not hold client assets, only liquid capital of HK$100,000 is required
    • the fund manager must have at least two responsible officers who are fit and proper and has the requisite competence to supervise the asset management activities of the fund manager.
    • in terms of competence, a proposed responsible officer would be assessed from the perspective of his/her academic or industry qualifications, industry experience, management experience and local regulatory knowledge
    • in terms of fit and properness, a proposed responsible officer would be assessed from the perspectives of financial status or solvency, ability to supervise the regulated activities competently, honestly and fairly as well as his reputation, character, reliability and financial integrity

    Charltons has extensive experience in advising and assisting Hong Kong fund managers on fund structures as well as obtaining of license to carry out asset management activities in Hong Kong. We can assist with SFC licensing advice and on issues regarding SFC compliance. The SFC is the Hong Kong securities regulator.

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  • 庆祝中国人民解放军建军90周年大会在京隆重举行 2019-07-02
  • 匹夫有责之一百一十二—道义大义的博客—强国博客—人民网 2019-06-28
  • 李盈莹又演砸了?42扣10中表现还不如一边缘主攻 2019-06-04
  • 洪崖洞、长江索道、李子坝轻轨站……这些网红景点21年前的模样你知道吗? 2019-06-04
  • 苹果高管驳斥iPhone计划报废说 iOS 12就是证据 2019-05-07
  • 热门楼盘趁势而入迎热销 红六月正式上线 ——凤凰网房产天津 2019-04-29
  • 国家税务总局:国地税改革进入具体实施操作阶段 2019-04-28
  • 习近平关于生态环境保护的十个精妙论述 2019-04-28
  • 生态环境部严厉打击转移倾倒固体废物及危险废物 2019-04-27
  • 马克思的每个人全面而自由发展,是人的最高需求层次理论。 2019-04-22
  • 空调还装墙壁上?聪明人都是往这里装,好看又省地 ——凤凰网房产 2019-04-22
  • 这下就真的更加坐实你的老蚕了,所有网友都是见证!想赖都赖不掉了。 2019-04-20
  • 空姐,到底要不要漂亮?-光明时评 2019-04-18
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  • [视频]《乡村振兴战略大家谈》第六集4分钟精编版 2019-04-12
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