SFC's investigation found that SAOPEL had allowed its director and an investment manager, both of whom were not licensed by the SFC, to perform regulated functions for its business in regulated activities between Mar 2013 and Apr 2014. They introduced clients to invest in the fund managed by SAOPEL, answered clients' queries and arranged for the execution of the subscription agreements for the fund.
Para 12.1 and 4.1 of the Code of Conduct provide that a licensed corporation (LC) should comply with the relevant law and regulations, and ensure that any person it employs or appoints to conduct business is fit and proper and otherwise qualified to act in the capacity so employed or appointed.
From time to time people ask me whether a LC's employee should be licensed by SFC. I typically advise that if any activity conducted by such employee involves client interfacing, licensing requirement would highly likely be triggered.
