On 16 December 2016, the Securities and Futures Commission (SFC) issued a Circular to Licensed Corporations entitled Augmenting the Accountability of Senior Management (Circular).

At the heart of the Circular was the introduction of a Manager-in-Charge regime (MIC Regime). The SFC’s intention

behind the MIC Regime is to enhance, adapt, and supplement existing law and regulatory requirements imposed on the senior management of licensed corporations. The regime is expressed not to change regulatory or enforcement laws, nor does it change the licensing approval regime.