HONG KONG Dec 16 Hong Kong's securities
regulator said on Friday it would require financial firms to
disclose which managers are responsible for the day-to-day
running of regulated activities and to register these
individuals and their responsibilities with the watchdog.
Confirming a November Reuters report, the Securities and
Futures Commission (SFC) said those who have overall management
oversight and those in charge of key functions would have to
seek the regulator's approval to act as "responsible officers".
Starting from April 18, 2017, firms will have to submit
up-to-date management structure information and organisational
charts to the SFC. All existing licensed corporations should
submit the required information by July 17, it said.
The new "managers in charge" regime to be introduced by the
SFC will significantly increase scrutiny of executives in Hong
Kong's finance industry and increase their accountability for
any corporate wrongdoing.
(Reporting by Sumeet Chatterjee and Michelle Price; Editing by