Under the new Securities and Futures Ordinance (SFO), Exempt Dealers and Exempt Investment Advisers under the Securities Ordinance, not being authorised financial institutions, will be deemed to be licensed corporations during the two-year transitional period following the commencement of the SFO. After the transitional period, they will need to obtain a licence if they wish to continue to operate any SFC regulated activities. The SFC has recently surveyed them on their future plan.

Please see the full survey report .