The Hong Kong Monetary Authority (the HKMA) has issued a circular to registered institutions (RIs) drawing their attention to the circulars recently published by the Securities and Futures Commission (the SFC), namely: (i) circular on extended deadlines for implementation of regulatory expectations and reminder of order recording requirements under COVID-19 pandemic (the Order Recording Circular) and (ii) circular on licensing related matters in light of the COVID-19 pandemic (the SFC FAQs). To read our blog post on the SFC FAQs, please click here.
The HKMA has expressed that it will adopt the same level of regulatory flexibility as the SFC (see Q1 to Q3 of the SFC FAQs) to help Relevant Individuals (ReIs) (including Executive Officers (EOs)) of RIs to fulfil their licensing conditions and continuous professional training obligations during the COVID-19 pandemic. RIs should also make reference to, insofar as applicable, the regulatory expectations and clarifications set out in the SFC FAQs in carrying on regulated activities.
In addition, the HKMA has reminded RIs of alternative order receiving and recording options which are available for complying with paragraph 3.9 of the Code of Conduct for Persons Licensed by or Registered with the SFC.
A copy of the circular can be found here.