Duties and Liabilities of Responsible Officers Under the SFO

*Please note this course will be conducted in Cantonese.*

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

Detailed Information

Highlights of the course include:

  • Approval 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 a RO
  • Functions and duties of a RO under the SFO
  • Guidelines & Codes of Conduct applicable to a RO
  • Standard of conduct expected of RO
  • Manager-In-Charge (MIC) of Core Functions
  • SFC investigation process and disciplinary action
  • Potential misconduct of a RO under the SFO
    • Personal misconduct
    • Supervisory failures
    • Internal controls of the licenced corporation
  • Potential liability for ROs, e.g. disciplinary (suspension / revocation 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
  • SFC’s new regulatory approach, significant

Registration Conditions

To view our registration conditions click here.