Policy Consultation on Amendments to the Securities and Futures (Licensing and Conduct of Business) Regulations and the Financial Advisers Regulations
Proposed revisions to both sets of regulations, in respect of registers of interests in securities, definition of customer assets, exemptions for dealing activities and maximum penalty under the general penalty provision. The paper also clarifies the types of forms to be maintained under these regulations.
Form for entities to apply to be a licensed venture capital fund manager (VCFM). Entities that intend to commence business as registered fund management companies or licensed fund management companies (other than as VCFMs) should submit Form 22A or Form 1A respectively.
Sets out the margin requirements in respect of contracts for differences and spot foreign exchange contracts for the purposes of leveraged foreign exchange trading for banks, merchant banks and finance companies.
Provides guidance on the representations which exempt corporate finance advisers, exempt futures brokers and exempt OTC derivatives brokers are not allowed to provide.
Sets out the saving and transitional provisions for certain applications, notifications, arrangements and exemptions in relation to the amendments made to the SFA.
Form for entities to apply to be a licensed fund management company. Entities that intend to commence business as registered fund management companies or venture capital fund managers should submit Form 22A or Form 1V respectively.
Provides guidance to financial advisers about the FAA regime and covers topics including licensing requirements, exemptions, representative notification framework, business conduct and reporting requirements.
Provides guidance on the circumstances under which a financial adviser can provide marketing materials and advice on life products offered by unlicensed insurers, as well as placing risks with unlicensed insurers.