Hong Kong SFC Licensing And Compliance Hints – September 2024.
New additions to SFC’s Quick reference guides (Guides) to licensing requirements
The SFC added two new topics to their Guides to licensing requirements on 2 September 2024 (link). One deals with visiting professionals conducting regulated activities whilst in Hong Kong, and the other deals with former licensees re-entering the industry and seeking to be relicensed with the SFC.
Both Guides offer helpful reminders to the industry. In particular, overseas professionals visiting Hong Kong to conduct regulated activities can apply for either a temporary licence or permanent licence as an itinerant professional, depending on the scope of activities to be carried out in Hong Kong and the frequency of visits. The Guide contains a simple comparative table highlighting the differences between the two types of licences.
The second Guide explains the options available for former licensees re-entering the industry to satisfy the SFC’s competency requirements when re-applying for an SFC licence. It covers individuals re-applying for a licence within three years as well as those re-applying between three and eight years of previously being licensed. Any former licensee wishing to re-apply for a licence should also make reference to the FAQs issued by the SFC on Competence requirements for individuals (link). An individual who has been out of the industry for a considerable period of time should consider whether it is worth resitting the necessary exams rather than having to complete an extensive number of CPT hours (which could be up to 40 hours) prior to being able to submit a licensing application to the SFC.
We regularly advise clients on SFC licensing, potential exemptions from licensing and how to meet the competence requirements.
Fulfillment of 2024 CPT Obligations
As the last quarter of 2024 is just around the corner, it’s time to remind all licensed individuals to stocktake of their 2024 CPT obligations. Appropriate internal training can be counted as CPT hours provided it meets the SFC’s requirements as set out in the Guidelines on Continuous Professional Training. Alternatively, please reach out to us if you are interested in receiving interactive tailored CPT training for busy professionals, including overseas ROs.
