Duties and Liabilities of Responsible Officers under the SFO

*Please note this course will be conducted in Cantonese*

All registered firms such as securities / futures companies, fund management firms, financial advisory companies and corporate finance firms will need to be licenced by the SFC to conduct regulated activities. Each licenced corporation requires 2 Responsible Officers (RO). How do you become an RO and what are the duties and liabilities for ROs?

Detailed Information

Highlights of the course include:

  • Appointment of a responsible officer – who is eligible? What prior businesses / industry experiences would be required for RO? What do you mean by “fit & proper”?
  • Application for licence and usual conditions imposed on ROs
  • Exemptions of 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
  • SFC investigation process and disciplinary action
  • Potential misconduct of an RO under the SFO
    • Personal misconduct
    • Supervisory failures
    • Internal controls of the licenced corporation
  • Potential liability for ROs, e.g. disciplinary (suspension of licence/ fines) / civil / criminal
  • Recent major SFC cases against ROs
  • Important lessons RO can learn and bear in mind from these cases
  • Case study

Registration Conditions

To view our registration conditions click here.