On 16 December 2016, the Securities and Futures Commission issued a circular which introduces new measures to heighten the individual accountability of senior management of licensed corporations (LCs), through the designation of one or more Managers in Charge (MICs) of certain core functions. Our e-bulletin of 19 December 2016 on the new MIC Regime, including implementation deadlines, can be located here.

As senior management, legal and compliance work towards appointing MICs ahead of the 17 July 2017 deadline, it is important that HR teams are engaged early on so that any consequential changes to HR processes can be implemented in parallel. In our recent e-bulletin (which can be located here), we recap the deliverables for compliance with the MIC regime, and provide a non-exhaustive list of action items for HR to consider as the LC works towards implementation.