SFC to raise standards for industry professionals

The revised guidelines will take effect on January 2022.

The Securities and Futures Commission (SFC) will be raising the minimum competency requirements for individual industry practitioners.

This comes after the commission concluded its consultations on its proposal to update the entry requirements for license applicants as well as the competency standards for corporations and practitioners.

“Raising the professional standards of our industry practitioners is crucial to maintain quality markets, particularly in view of the rapidly evolving financial landscape,” Ashley Alder, the SFC’s Chief Executive Officer, said.

“We are pleased that the industry shares this vision and overwhelmingly supports our proposals.”

On top of raising the minimum academic qualification requirements for individuals, it will be enhancing the competence requirements for individuals advising on matters in relation to the Codes on Takeovers.

The SFC also agreed to recognise post-graduate diplomas and certificates in designated fields as well as clarified the management experience required of an RO applicant and the corporate finance experience of those who intend to advise on matters in relation to the Codes on Takeovers.

The SFC will also include environmental, social and governance (ESG) as a relevant topic for continuous professional training purposes.

The revised Guidelines on Competence, Guidelines on Continuous Professional Training and Fit and Proper Guidelines will be gazetted on 25 June 2021 and take effect on 1 January 2022.

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