Challenging The SFC: What Every Compliance Officer Needs To Know
Mondaq Business Briefing › Hong Kong Law Articles in English (2007)
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Challenging The SFC: What Every Compliance Officer Needs To Know
The Securities and Futures Commission ("SFC") interacts with licensed and registered persons in 2 key ways. First, it regulates their conduct of business, bringing enforcement action where it considers that they have breached applicable laws or regulations. Secondly, it acts as a gatekeeper for new investment products and services.
In these 2 respects, the powers of the SFC are broad. In the absence of a final disciplinary decision, it is the rare licensed or registered person who is unafraid to challenge the SFC in the exercise of its discretion and to risk damaging its ongoing relationship with the SFC.However, the experience in the past 4 years demonstrates that if nothing else, the SFC is subject to the constraints of the law. Where it acts unreasonably, in bad faith or otherwis...See the full content of this document
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