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    HKMA Circular on Management Accountability at Registered Institutions

    October 16, 2017

    HKMA issued guidance on management accountability, at Registered Institutions, for conducting or supervising the conduct of businesses that constitute regulated activities. The guidance is set out in the form of a list of frequently asked questions.

    Under the guidance, relevant information on individual chief executives, alternate chief executives, directors, and section 72B managers principally responsible for the regulated activities business should be submitted to the HKMA and the SFC. In addition, an organization chart depicting the Registered Institution’s management and governance structure relevant to its regulated activities business should be provided. To allow sufficient time for preparatory work, Registered Institutions are provided with six months for preparation and are expected to submit the required information by April 16, 2018. For applications of registration as a Registered Institution or addition of regulated activities, applicants should also submit the required information to the HKMA in support of their applications, starting from the same date.

    This guidance should be read in conjunction with Supervisory Policy Manual (SPM) module SB-1 “Supervision of regulated activities of SFC-registered authorized institutions,” along with SPM modules CG-1 “Corporate governance of locally-incorporated authorized institutions” and CG-2 “Systems of control for the appointment of managers.”

     

    Keywords: Asia Pacific, Hong Kong, Banking, Business Conduct, Management Accountability, Guidance, Corporate Governance, HKMA

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