Overview of the Hong Kong Licensing Regime
By Jeffrey Cheung and Alan Cheung
The Securities and Futures Commission (SFC) is responsible for administering the Securities and Futures Ordinance (SFO), which governs the securities and futures market in Hong Kong.
Under the SFO, the following 10 activities constitute regulated activities that require licensing unless specifically exempted:
- Type 1: dealing in securities
- Type 2: dealing in futures contracts
- Type 3: leveraged foreign exchange trading
- Type 4: advising on securities
- Type 5: advising on futures contracts
- Type 6: advising on corporate finance
- Type 7: providing automated trading services
- Type 8: securities margin financing
- Type 9: asset management
- Type 10: providing credit rating services
Examples of the above regulated activities can be found on the SFC’s website. Any individual or firm who carries on, or holds himself or itself as carrying on, a business in or from Hong Kong in any of the above regulated activities shall be appropriately licensed with the SFC, notwithstanding that the activity itself is being carried on from a place outside of and to the public in Hong Kong…
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