Hong Kong’s New Requirements for “Senior Management” of Fund Managers and Other Licensed Corporations

March 22, 2017

The Securities and Futures Commission of Hong Kong recently introduced the “Senior Management Accountability Regime,” which requires SFC-licensed corporations to: reassess their management structure; appoint at least one individual as “Manager-In-Charge” (MIC) for each of eight “core functions;” and notify the SFC as to the names of each MIC. The SFC is now able to easily identify and take action against individuals who are responsible for the core function in which any misconduct occurred.

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