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Specific Approval Criteria for Licensed Corporations
1:06.8
To be licensed as a corporation under the Securities and Futures Ordinance, SFO, an applicant must meet several specific approval criteria that reflect both structural and supervisory readiness. First, the entity must be properly incorporated, either as a Hong Kong company or as an overseas company registered with the company's registry in Hong Kong. Beyond legal formation, the corporation must demonstrate competence through a sound business structure, robust internal controls, and qualified personnel capable of managing risk effectively. Regulatory oversight is also a key focus. Each regulated activity must be supervised by at least two responsible officers, one of whom must be an executive director. Additionally, the firm must establish a clear senior management framework, including directors, responsible officers, and managers in charge of core functions, MICs. These requirements underscore the Securities and Futures Commission's emphasis on governance and operational integrity as essential foundations for licensed financial institutions.
Setting Up an Asset Management Business in Hong Kong
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