Aggregated News From Investment Management Regulators

SFC provides additional guidance on external electronic data storage

Report/Flag

Please complete the required fields.



The Securities and Futures Commission (SFC) today released additional guidance to market participants on external electronic data storage in response to questions from licensed corporations and other stakeholders.

The guidance, in the form of frequently asked questions (FAQs), follows the SFC’s 31 October 2019 circular setting out requirements for using external electronic data storage providers (EDSPs) to exclusively keep records or documents required under the Securities and Futures Ordinance (SFO) or the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Note 1).

As an alternative means of satisfying the requirements in the circular, the SFC will accept an undertaking from each of the licensed corporation’s two Managers-In-Charge (MICs) of Core Function or, with the SFC’s consent, one MIC or one Responsible Officer (Note 2).

The SFC today also made consequential changes to its FAQs on premises for business and record keeping.

Notes:

  1. Under section 130 of the SFO, a licensed corporation shall not use any premises for the keeping of records or documents relating to the carrying on of the regulated activity for which it is licensed without the SFC’s prior written approval.
  2. If a licensed corporation keeps electronic regulatory records exclusively with an EDSP, paragraphs 9(a) and 9(b) of the 31 October 2019 circular require the licensed corporation to obtain the countersignature of a Hong Kong EDSP to a notice given by the licensed corporation or an undertaking from a non-Hong Kong EDSP.

This news item was originally published by the Securities and Futures Commission (SFC HK). For more information, see the Source Link.

Regulator Information

Abbreviation: SFC
Jurisdiction: Hong Kong

Recent Articles

The SEC Levels Up: Statement on In re Activision Blizzard

Feb. 3, 2023 Today, the Commission announced a $35 million settlement with Activision Blizzard Inc. (“Activision Blizzard”).

Mr William Stephen Cairns (date of Birth 15 January 1949) of Key West, Doyle Road, St Peter Port Guernsey GY1 1RG — GFSC

Date of prohibition order pursuant to section 33 of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 and prohibited functions: From 2 February 2023 until 2 July

Mr Du Preez Gert Vermeulen (Date of Birth 5 August 1987) of Doyle Court, Doyle Road, St Peter Port Guernsey GY1 1RD

Date of prohibition order pursuant to section 33 of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 and prohibited functions: From 2 February 2023 until 2 Mar

Publication of a Notice of the fact of a Prohibition Order and a Discretionary Financial Penalty — GFSC

On 2 February 2023, the Commission imposed discretionary financial penalties as follows:  Mr William Stephen Cairns (“Mr Cairns”) a financial penalty of £133,000; and  Mr Du Preez Gert Vermeulen (“M

Get the latest from Regulatory.News in your inbox!

×