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HKMA register of securities staff of authorized institutions

The Hong Kong Monetary Authority (HKMA) launched today (Tuesday) a new public register containing specified particulars of the staff of authorized institutions (AIs) engaging in securities business, following the commencement of the Securities and Futures Ordinance (SFO) and Banking (Amendment) Ordinance 2002.

Under the SFO, AIs need to register with the Securities and Futures Commission (SFC) as registered institutions if they intend to engage in securities business or other regulated activities. The revised Section 20 of the Banking Ordinance requires that the name and other specified particulars of any staff engaged by a registered institution in conducting regulated activities (relevant individual) should be entered in a public register maintained by the HKMA. It is also a statutory condition of registration that a registered institution must ensure that its relevant individuals are fit and proper according to SFC standards.

The HKMA assigns a unique registration number to each relevant individual, which will be attached permanently to the individual. Only those individuals whose names are entered in the HKMA register may engage in regulated activities for a registered institution. The register is available for public inspection in the form of an on-line record.

"The register enables members of the public to find out whether they are dealing with a fit and proper person in relation to any regulated activity conducted through a registered institution," said Mr Y K Choi, Acting Deputy Chief Executive of the HKMA.

The HKMA will monitor the quality and competence of relevant individuals.

"A contravention of any condition of registration will constitute an act of misconduct of a registered institution and therefore holds it liable for possible disciplinary actions. Similarly any relevant individual found to be not fit and proper may be subject to sanctions." added Mr Choi.

The register also covers those relevant individuals of AIs which are deemed to be registered with the SFC within the first two years of the new regime, i.e. the transitional period. It will provide a clear indication that the individuals and the institutions concerned are "registered under transitional arrangements".

The specified particulars of relevant individuals included in the HKMA register are in line with those of securities brokers' licensed representatives appearing on the SFC register, insofar as they are applicable.

The on-line register is available on the HKMA website at http://www.info.gov.hk/hkma.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
1 April 2003

Last revision date: 1 August 2011
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