Hong Kong’s securities regulator said it is waiving annual licensing fees for two years to lower regulatory costs for the industry.
The fee waiver will cover all 40,000 intermediaries, including companies, their representatives and officers that require licenses from the regulator, from April 1, the Securities & Futures Commission said in a statement posted on its website today.
“Market conditions have been difficult and the outlook is unclear,” Chief Executive Officer Ashley Alder said in the statement. “We hope that this two-year fee waiver will benefit all securities and futures intermediaries and will encourage licensed and registered corporations to continue to invest in their staff, including staff training and other development activities.”
The fee waiver doesn’t apply to new license applications and transfers, it added. More details will be provided in a document later today.
A license is required for activities including dealing in and advising on securities, futures, corporate finance margin financing and asset management.