New Regime for Sponsors

5 Oct 2006



The new regime set out under the Guidelines for Sponsors and Compliance Advisers (Sponsor Guidelines) will become effective on 1 January 2007 (Note 1). The SFC would like to remind existing intermediaries licensed or registered for Type 6 regulated activity that do not intend to act as sponsors or compliance advisers to indicate their intentions to the SFC by tomorrow (6 October 2006). They may complete and return the reply slip attached to a circular that was sent to them last month (Note 2).

Intermediaries that intend to act as sponsors or compliance advisers from 1 January 2007 should submit the required information for the SFC’s assessment as soon as practicable.

Ends

Notes:

1. The Sponsor Guidelines, outlining the specific eligibility and ongoing requirements for corporate finance advisory firms wishing to act as sponsors and compliance advisers, was published as part of the Fit and Proper Guidelines on 1 September 2006.

2. On 5 September 2006, the SFC issued a press release and circulars to assist the industry to prepare for the new regime and what existing intermediaries licensed or registered for Type 6 regulated activity should do in view of the new regime. The SFC also published on its website a set of frequently asked questions to clarify and elaborate certain issues in relation to the Sponsor Guidelines. The press release, circulars and frequently asked questions can be downloaded from the SFC website.

3. Intermediaries include licensed corporations or registered institutions under the Securities and Futures Ordinance.




Page last updated : 1 Aug 2012