Hong Kong’s SFC says financial intermediaries licenses grow 4.3% y/y to 41,466 at end-2015

Hong Kong’s SFC says financial intermediaries licenses grow 4.3% y/y to 41,466 at end-2015

The Hong Kong financial regulator, the Securities and Futures Commission (SFC), reported on Thursday the number of active licenses for financial intermediaries it has issued totaled 41,466 at the end of December, which represents and increase of 1,727 , or 4.3%, over the year.

Licensed corporations went up 6.8% on the year to 2,172 at the end of December, while licensed individuals increased by an annual 4.2% to 39,175.SFC Oct-Nov 2015 intermediaries licenses

The SFC received 6,137 license applications for financial intermediaries in April-December 2015, or the first nine months of the current fiscal year. The figure, which does not include provisional license applications, represents an increase of 16.4% over the year.

In October-December alone, the regulator received 1,916 license applications for financial intermediaries, which is a decline of 20.7% from the previous quarter, but an increase of 12.3% compared to the same period a year earlier.SFC Oct-Nov 2015 intermediaries license APPLICATIONS

The Hong Kong regulator keeps a public register of all licensed entities and individuals available to anyone. To ensure licensees are in line with the local regulations and requirements, it performs on-site reviews. In the nine months ended 31 December the number of on-site risk-based inspections was 234, of which 70 took place in the October-December period.

As of mid-November, the SFC no longer issues hard copy licenses to licensed individuals. The change aims to make the regulator’s work easier and more environment-friendly. However, corporations will still receive a printed license, which they are required to exhibit at their location of operation.

The SFC licenses, regulates and supervises financial intermediaries that operate on the Hong Kong market.

We strongly advise you to only deal with regulated forex brokers, authorised by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.

Source: SFC

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