What is the manager in charge regime?
Hong Kong’s Securities and Futures Commission
(SFC) introduced the manager in charge (MIC) regime to increase
senior management accountability for SFC-licensed corporations,
of which there are more than 2,000 in the region. The regime
was fully implemented in October 2017.
The industry is paying close attention to how the regime
plays out in practice, in an enforcement scenario. The Hong
Kong Monetary Authority (HKMA) has also required that
registered institutions (RIs), authorised institutions under
the Banking Ordinance and registered with the SFC to conduct
regulated activities, submit their information to the SFC and
the HKMA between March 16 and April 16 2018.
HKMA’s requirement aims to harmonise existing
governance frameworks of RIs under section 72B of the Banking
Ordinance with the MIC regime.
Under the MIC, senior management, including directors,
responsible officers (ROs) and managers in charge of eight