On 16 December 2016, the Securities and Futures Commission issued a circular which introduces new measures to heighten the individual accountability of senior management of licensed corporations (LCs), through the designation of one or more Managers in Charge (MICs) of certain core functions. Our e-bulletin of 19 December 2016 on the new MIC Regime, including implementation deadlines, can be located here.
As senior management, legal and compliance work towards appointing MICs ahead of the 17 July 2017 deadline, it is important that HR teams are engaged early on so that any consequential changes to HR processes can be implemented in parallel. In our recent e-bulletin (which can be located here), we recap the deliverables for compliance with the MIC regime, and provide a non-exhaustive list of action items for HR to consider as the LC works towards implementation.
If you have any questions regarding the above, please contact Will Hallatt, Hannah Cassidy, Jessica Erickson, Gareth Thomas, Gillian McKenzie, or your usual Herbert Smith Freehills contact.
Key contacts
Karen Anderson
Consultant, London
Susannah Cogman
Partner, London
Elizabeth Head
Of Counsel, London
Clive Cunningham
Consultant, London
Marina Reason
Partner, London
Kelesi Blundell
Partner, London
Hywel Jenkins
Partner, London
Chris Ninan
Partner, London
Jon Ford
Partner, London
Simone Hui
Of Counsel, Hong Kong
Chee Hian Kwah
Director, Prolegis LLC, Singapore
Valerie Tao
Knowledge Lawyer, Hong Kong
Cat Dankos
Senior Regulatory Consultant, London
Disclaimer
The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.