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The Securities and Futures Commission (SFC),a Hong Kong regulator, issued a statement today addressing licensing application problems. It also provided an update on the implementation of its Manager-In-Charge (MIC) regime.
In its bulletin, the SFC noted that there had been substantial increases in the number of licensed corporations and individuals. Over the past five years, the number of licensed corporations has risen at an annual compound rate of 7 percent, with licensed individuals increasing at a 3 percent annual compound rate.
The regulator noted that they have had to decline an increasing number of applications for licences in this ... (read more)