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HK SFC Waives Intermediary Fees For Two Years
Tara Loader Wilkinson
27 March 2012
The Securities and Futures Commission will waive the payment of
annual licensing fees for a two-year period, effective from 1
April 2012, said Hong Kong's securities watchdog in a statement. The move will benefit
about 40,000 intermediaries, the SFC estimates. The SFC’s chief
executive officer, Ashley Alder said the measure is designed to relieve the
regulatory cost burden on the securities and futures industry. “Market conditions
have been difficult and the outlook is unclear. We hope that this two-year fee
waiver will benefit all securities and futures intermediaries and will
encourage licensed and registered corporations to continue to invest in their
staff, including staff training and other development activities,” he said. The fee waiver will
apply to all licensed corporations, registered institutions, responsible
officers and representatives. The fees payable in connection with new licence
applications and transfers will not be affected. More detailed information
concerning the fee waiver will be provided in a circular soon, said the SFC.