The SFO requires appointment of Responsible Officers (ROs) for each licensed corporation. ROs bear significant responsibilities and duties, and it is essential that every RO and licensed corporation understands what these are, along with the serious consequences if these responsibilities and duties are not fulfilled. We will, by reference to real life examples, provide an overview of the RO regime, the key duties and responsibilities of ROs and the pitfalls that ROs need to avoid.
Highlights of the course include:
- Appointment of a responsible officer: Who is eligible and what requirements must be satisfied?
- Making and processing of the application: Procedure, timeline and potential objections from the SFC
- Duties of a RO: The rules and the expectations
- Liabilities of a RO: The sources of liabilities and consequences. We will in particular discuss real life examples of action taken against ROs and the key issues which ROs ought to be aware of
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