SFC requires submission of MIC acknowledgement records via WINGS
The Securities and Futures Commission (SFC) now requires licensed firms to submit signed Manager-in-Charge (MIC) acknowledgement records via WINGS for both corporate licence applications and notifications for new MIC appointments.
While the requirement for MICs to formally acknowledge their appointments has been in place since the MIC regime’s inception in 2017, firms were previously only required to keep MIC acknowledgement records internally. A recent update to the application forms and information profile under the WINGS platform now makes the submission of the signed MIC acknowledgement records a compulsory part of the licence application and notification process.
This move underscores the SFC’s continued focus on the accountability of senior management and its expectation that MICs are fully aware of their appointment and obligations. As members of senior management, MICs are expected to bear primary responsibility for ensuring their firm’s adherence to appropriate standards of conduct and proper procedures.
This also serves as a reminder for licensed firms to review their MIC documentation. A common gap identified during compliance health checks is that records are often incomplete or outdated. For instance, management structure papers may lack the required details on roles, responsibilities or reporting lines, or signed MIC acknowledgement letters may be missing from files. Maintaining such records is an SFC requirement, not merely an administrative formality.
2025 CPT reminder
With the final quarter of 2025 approaching, it is a reminder that all licensed individuals must complete their CPT requirements by 31 December 2025:
- Licensed Representatives: 10 total CPT hours (min. 5 hours on regulated activities, 2 hours on ethics/compliance).
- Responsible Officers: 12 total CPT hours (min. 5 hours on regulated activities, 2 hours on ethics/compliance, and 2 hours on regulatory compliance).
Licensed firms are recommended to proactively remind their licensees to complete their annual CPT requirements. Firms must also implement a robust process for collecting and verifying proof of attendance (e.g. attendance certificates or emails). All CPT attendance records should be kept for a minimum of three years.
