SFC said its response times in some areas may be longer than normal. This may affect licensing applications, product applications, and public complaints and enquiry service.
SFC still expects licensed corporations to make all reasonable efforts to maintain "business as usual" in relation to their regulatory obligations and all regulatory filing, reporting and other deadlines. However, if they encounter specific difficulties arising from the coronavirus situation, they are encouraged to communicate promptly with their usual contact points at SFC.
I have the following suggestions for SFC:
- To reduce the exchange of correspondences via physical copies. SFC should encourage licensed corporations to submit letters and documents by email or online portal.
- To provide a longer period for licensed corporations to respond to regulatory enquiries or surveillance/investigation notices.
- To take a more lenient approach towards licensed corporations' difficulties in complying with certain operational regulations (e.g. Contract Notes Rules).
- To extend the deadline (4 months after the financial year end) for licensed corporations to submit their annual audited accounts if the statutory audit can't be timely completed.
Subsequent update on 7 Feb 2020:
- I just received the following notice from SFC: Owing to the current situation relating to novel coronavirus, certain LCs may encounter operational difficulties in making the required submission of their audited accounts within the timeframe mentioned above. If a LC anticipates delay in preparing its audited accounts or other documents, it may apply for an extension of the submission period. SFC will take into account the impact of the coronavirus situation on the LC as well as its auditors when handling the application.
No comments:
Post a Comment