Hong Kong: Changes to the competence and training requirements for personnel of financial intermediaries

In brief

The Securities and Futures Commission (SFC) recently released its Consultation Conclusions ("Conclusions") on Proposed Enhancements to the Competency Framework for Intermediaries and Individual Practitioners.1 Changes to the existing Guidelines on Competence ("Competence Guidelines") and Guidelines on Continuous Professional Training ("CPT Guidelines") (together, the "Guidelines") will take effect in January 2022. These changes impact the competence and ongoing training requirements for new and existing Responsible Officers (ROs) and Licensed Representatives (LRs) of Licensed Corporations (LCs), as well as Executive Officers (EOs) and Relevant Individuals (Rels) of Registered Institutions (RIs). There will also be enhanced competence requirements for individuals who advise on matters or transactions falling within the ambit of the Codes on Takeovers and Mergers and Share Buy-backs ("Takeovers Codes").


Key changes

The existing Competence Guidelines and CPT Guidelines have been in place for more than 18 years. They are being updated by the SFC in view of the changing regulatory landscape, evolving financial markets and the development of new financial products.

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1 https://apps.sfc.hk/edistributionWeb/api/consultation/conclusion?refNo=20CP8&lang=EN


Contact Information
Aaron Dauber
Registered Foreign Lawyer/Knowledge Lawyer
Hong Kong

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