The new Securities and Futures Commission (SFC) Manager-In-Charge regime will come into force on 18 April 2017. The regime will apply to all licensed corporations and will introduce measures to heighten the accountability of the senior management of these firms.
Corporate licence applicants and existing licensed corporations will have to submit up-to-date management structure information and organisational charts to the SFC. All existing licensed corporations should submit the required information by 17 July 2017. In addition, their Managers-In-Charge of the overall management oversight and key business line functions who are not already responsible officers should have applied for approval to become responsible officers by 16 October 2017.
The SFC has published over 40 frequently asked questions to provide more guidance to the industry on the measures.