Hong Kong SFC introduces new electronic licensing services
The Securities and Futures Commission (SFC) today unveiled new electronic licensing functions on the online platform for submitting information to the regulator, WINGS.
These new functions are a key element of the fully digitalised licensing process which the Hong Kong regulator plans to launch in 2021.
The full digitalisation will support the SFC’s backend processing and data analytics, providing holistic technological benefits. The move will also help sharpen the SFC’s assessment of the fitness and properness of applicants and licensees and make the overall licensing process more efficient and effective.
The new online features include web-based licensing forms with auto-fill and skip logic features and pre-set validation rules to reduce errors. The features also support electronics. Upgraded administration functions will allow separate accounts for licensees and their professional advisory firms, giving them more flexibility in how they handle licensing matters and manage submissions.
The new online licensing platform marks an important milestone in the modernization of our gatekeeping function to keep abreast of rapid advances in technology. It will provide greater convenience for the industry and at the same time allow the SFC to better integrate its front-loaded, risk-based approach into its licensing work.
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