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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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  • 让每一所乡村学校都“美”得有特点、“优”得有亮点 2019-03-25
  • 人民日报社黑龙江分社 2019-03-25
  • 美元短线拉升 随后回吐涨幅 2019-03-19
  • 人民网专访中国中小企业协会副会长、一带一路工作委员会主任商世伟 2019-03-19
  • 候选企业:神州优车集团 2019-03-17
  • 广西百色贫困山区经济社会发展现状调研报告 2019-03-17
  • 邻邦扫描:自卫队训练情报员讲中文 越军列装二手韩国战舰 2019-03-10
  • 欧宝将会在今年推出全新GT概念车 2019-03-08
  • 你轻信老伴四两枕边话?[微笑] 2019-03-08
  • 以保法治反腐公信力,以保中国社会普正义。 2019-03-06
  • 新时代 新担当 新作为 2019-03-06
  • 2017地方领导留言板APP2.0 2019-03-05
  • 《魔兽世界》怀旧服开荒时间最长的三大团队副本 2019-03-03
  • 新闻中心给记者留下美好记忆 2019-02-28
  • 中国和巴基斯坦将合拍电影《天路》 2019-02-28