Tax-News.Com Archive

Sponsored by: PEARSE TRUST
Independent advice on corporate and trust structures

ARCHIVE ROOT | TODAY'S NEWS | LOWTAX

SFC And HKEx Streamline Admission Procedures
by Mary Swire, Tax-News.com, Hong Kong
23 June 2008

The Securities and Futures Commission and Hong Kong Exchanges and Clearing on Thursday announced that they have streamlined admission procedures for exchange participants and procedures for the registration and approval of staff and substantial shareholders.

The changes will cut exchange participants' workload in submitting documents, and will eliminate duplication of the two bodies' work.

The new arrangements include such provisions as:

  • Applicants for exchange participation will no longer be required to provide HKEx with certified copies of documents submitted to the SFC;
  • Any substantial shareholder of an exchange participant approved by the SFC will be automatically registered by HKEx;
  • All licensed representatives of an exchange participant who have been approved by the SFC as responsible officers in relation to regulated activities will be automatically registered with HKEx; and,
  • Exchange participants' employees using HKEx's trading devices will no longer need to be registered with the body.

A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp

 

IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.