For both corporate and individual applicants, if you wish to apply for a licence or registration, you should submit your online application to the SFC through an “Individual Account” or “sub-account of an Advisory Firm Account” on WINGS. Please refer to the user guides and online demo of WINGS on the SFC's website on how to open a WINGS account and how to prepare an application on WINGS.

In the application forms concerning licensed corporations, registered institutions or responsible officers, the applicants are required to declare that the relevant board of directors has passed a resolution approving the application. It would be acceptable if the board of directors has passed a resolution authorising a specified committee or person to approve the application and that committee or person has so approved the application.

Before submitting your application, you should check that you have provided everything that we need to process your application. In particular,  you should:

• answer every question in the application form, supplement(s) and questionnaires, where applicable
• properly sign the application; and
• provide all necessary supporting documents.

You will be able to check the progress of your application in the account that you submit your application on WINGS-LIC. Once your application is accepted, you will receive a WINGS Mail message requesting payment of the required application fee. You should pay the required application fee through the online payment facility on WINGS. Please refer to the table below for the required application fee.

An application by an individual seeking to be licensed as a representative and/or approved as a responsible officer, is made to the SFC jointly by the individual and the licensed corporation to which he/she is, or is proposing to become, accredited. It is the responsibility of the individual to ensure that the information provided in support of his/her application is neither false nor misleading, and the responsibility of the licensed corporation to verify this and to endorse the application.

Because the licensed corporation is responsible for verifying the accuracy of the supporting information, the SFC requires that communications concerning any such application are conducted directly between the SFC and the licensed corporation or its professional services provider, if any. This ensures that the information comes from a single source and avoids situations in which an individual applicant provides information that the licensed corporation is unaware of and has not had the opportunity to verify or endorse. This means that licensed corporations must work closely with individual applicants to ensure that they are fully aware of all communications from the SFC and that any information provided to the SFC in support of such applications is neither false nor misleading.

The SFC will enter into direct communication with individual applicants only in exceptional circumstances, for example, where the communication concerns a matter of a criminal or regulatory nature in relation to which an individual has a legal obligation or entitlement to maintain confidentiality to the exclusion of the licensed corporation.

We may return your application if it is incomplete and/or it has unresolved fundamental issues. You may re-submit it later with additional documents and/or information for our re-consideration and further processing. Examples of situations in which we may return your application are:

(a) You have not applied for the appropriate type(s) of regulated activity.

(b) You have not completed the required forms, supplements and questionnaires, or have not provided necessary supporting documents.

(c) You have not provided explanations as to why you are fit and proper to be licensed in the light of your "Yes" answer to any question in the following sections of the respective forms or supplements:

• Disciplinary Actions and Investigations
• Financial Status
• Character
• Mental Health (for individual only)

(d) You do not appear to have met the competence requirements set out in“Guidelines on Competence”.   (Note: Sections 3 and 4 of the Guidelines set out the competence requirements applicable to corporations and individuals respectively for licensing purposes. If there are exceptional circumstances which you would like us to take into account in your application, please provide us with further information.)

(e) You indicated that you are required to have an employment visa in Hong Kong to carry out the proposed regulated activities but you have not applied for it.

(f) You are a director (as defined under Schedule 1 to the SFO) of your proposed accredited principal and only apply to be its licensed representative but not responsible officer.

(g) You have not provided sufficient information on your proposed business and operational workflow.

(h) You do not have at least two proposed responsible officers who appear to have met the competence requirements (with one of them being fully competent) for each regulated activity that you intend to carry on.

You may choose to withdraw your application prior to the approval or refusal of the application by the SFC. In such circumstances, the application fee will not be refunded.

The processing of an application submitted to the SFC by a new industry participant normally takes approximately:

• 7 business days (for a provisional licensed representative application);
• 8 weeks (for a normal licensed representative application);
• 10 weeks (for a responsible officer application); or
• 15 weeks (for a licensed corporation application).

The time it takes to process an application may vary depending on a number of factors such as:

• the types of service or product you propose to provide;
• the quality and completeness of your application;
• the quality of the supporting documents;
• subsequent changes made to your application concerning, for instance, business scope, substantial shareholders, responsible officers and MICs;
• the time taken for individual applicants to obtain Hong Kong employment visas, where applicable;
• the time taken for capital injection to meet the financial resources requirements;
• the time taken for other regulatory bodies to respond to our vetting requests, where applicable;
• your response time to provide any further information requested during the assessment process; and
• the number of applications we are processing at any particular time.

We will refuse your application if you do not meet the statutory licensing requirements or you fail to satisfy us that you are a fit and proper person to be licensed or registered. Before we refuse your application, you will be given an opportunity to be heard (section 140 of the SFO). Any representations that you make will be carefully considered before we reach our final decision. If we refuse your application, you may, within 21 days, apply to the Securities and Futures Appeals Tribunal for a review of our decision (section 217 of the SFO). Please address your correspondence relating to the review to:

     The Secretary to the Securities and Futures Appeals Tribunal
     38th Floor, Immigration Tower
     7 Gloucester Road
     Wanchai
     Hong Kong

Once all licensing requirements are met and the SFC is satisfied that you are fit and proper, we may grant you a licence or registration (as the case may be). Electronic approval letter will be sent to you and the person submitting your application via WINGS mail.

For a licensed corporation or registered institution, a physical copy of the approval letter will also be posted by registered mail together with a licence certificate or a certificate of registration. No licence certificates are issued to individual licensees.

The approval dates of an individual's licence, type(s) of regulated activity, and accreditation to principal(s) can be found in the public register on the SFC web site.

You may refer to the public register on the SFC web site to confirm that your licence/registration status and related particulars are correctly reflected. Please notify the SFC immediately if there is any discrepancy.

Complaints officer or emergency contact person

Notification of financial year end

Bank account information

Responsible officers not having any actual duties

Responsible officers must be licensed representatives

Accreditation to specified principal(s)

Cessation of accreditation

Transfer of accreditation

Disclosure of warning record

Disclosure of convictions that were spent, dismissed or expunged

Complaints officer or emergency contact person

Certain substantial shareholders (as defined in section 6 of Part 1 of Schedule 1 to the SFO) are considered not having a “close link” with the corporate licence applicant. To streamline the application process, such substantial shareholders may be allowed to provide less information to the SFC (subject to the SFC's sole discretion to require additional information and/or documents to be submitted in support of the application). In particular, a “close link” is likely absent if the substantial shareholder:

•  alone, does not have a direct or indirect interest in the corporate licence applicant as described in section 6 of Part 1 of Schedule 1 to the SFO; 
•  together with any of its associates, has a direct or indirect interest in the corporate licence applicant as described in section 6 of Part 1 of Schedule 1 to the SFO;
•  is and will be controlled or influenced by other existing or potential substantial shareholder(s); and
•  does not and will not have any involvement in the management and operation of the corporate licence applicant.

The above would similarly apply to substantial shareholder applications made in connection with existing licensed corporations under section 132 of the SFO. For details, please refer to relevant sections in Form 7, Supplement 1 or Supplement 2.

The application forms and supplements required for applications for new corporate licence/registration are listed below.

New Licence / Registration Applications

This page sets out certain changes that require the prior approval of the SFC. If you are a licensed corporation or a registered institution and intend to make any such changes, you or the person concerned (e.g. the proposed substantial shareholder of a licensed corporation), as well as individual licensees, should lodge an application with the SFC via WINGS.

Changes to the licences of licensed corporations that require prior approval are listed below. Form 2 is generally required for these applications. However, for applications concerning substantial shareholders, Form 7 should be submitted.

Post-licence applications concerning licensed representatives (including responsible officers) are listed below.

Post-registration applications concerning registered institutions are listed below. Form 4 should be submitted.