HONG KONG, Dec 16 (Reuters) - 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 Muralikumar Anantharaman)