All registered firms such as securities / futures companies, fund management firms, financial advisory companies and corporate finance firms will need to be licensed by the SFC to conduct regulated activities. Each licensed corporation requires at least 2 Responsible Officers (RO). How do you become an RO and what are the duties and liabilities for ROs?
Duties and Liabilities of Responsible Officers Under the SFO
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- Appointment of a responsible officer – who is eligible? What prior businesses / experiences would be required and RO? What is meant by “fit & proper”?
- Application for licence and usual conditions imposed on ROs
- Exemptions from requirements, e.g. exam requirements, residency requirements, etc.
- Grounds for rejection of an RO
- Functions and duties of an RO under the SFO
- Codes of Conduct applicable to an RO
- Interaction with the SFC’s Manager-in-Charge regime
- Potential misconduct of an RO under the SFO
- Personal misconduct
- Supervisory failures
- Internal controls of the licensed corporation
- Potential liability for ROs, e.g. disciplinary (suspension of licence/ fines) / civil / criminal
- Regulatory approach to ROs and their role
- RO’s role in investigations:
- Structuring an internal investigation
- Self reporting to regulators
- Responding to regulatory inquiries
- Money laundering – suspicious transaction reporting and liability of ROs
Registration Conditions
To view our registration conditions click here.