Here are some quick reference guides for licensing requirements in the financial industry in Hong Kong:
Securities and Futures Commission (SFC) Licenses:
Financial services providers, such as investment advisers, asset managers, and securities brokers, must be licensed by the SFC.
Licensing requirements include meeting fit and proper criteria, demonstrating competency and experience, and complying with regulatory requirements, such as anti-money laundering and counter-terrorist financing obligations.
Licensees must also comply with ongoing regulatory requirements, such as those relating to risk management, compliance, and reporting.
Money Lenders:
Money lenders must be licensed by the Hong Kong Monetary Authority (HKMA).
Licensing requirements include meeting financial requirements, complying with regulatory requirements, such as those relating to disclosure and interest rates, and demonstrating competency and experience.
Licensees must also comply with ongoing regulatory requirements, such as those relating to risk management and compliance.
Insurance Agents and Brokers:
Insurance agents and brokers must be licensed by the Insurance Authority (IA).
Licensing requirements include completing a course of study, passing an exam, and meeting ongoing education and professional development requirements.
Licensees must also comply with regulatory requirements, such as those relating to disclosure and handling of client money.
Money Service Operators (MSOs):
MSOs, such as remittance agents and currency exchange providers, must be licensed by the Customs and Excise Department (CED).
Licensing requirements include meeting financial requirements, complying with regulatory requirements, such as anti-money laundering and counter-terrorist financing obligations, and demonstrating competency and experience.
Licensees must also comply with ongoing regulatory requirements, such as those relating to risk management and compliance.
Payment Service Providers (PSPs):
PSPs, such as e-wallet providers and payment gateway providers, must be licensed by the HKMA or the CED, depending on the type of payment service provided.
Licensing requirements include meeting financial requirements, complying with regulatory requirements, such as anti-money laundering and counter-terrorist financing obligations, and demonstrating competency and experience.
Licensees must also comply with ongoing regulatory requirements, such as those relating to risk management and compliance.