No. Section 156 of the SFO only sets out the reporting requirements for licensed corporations and associated entities of intermediaries. Therefore, the Accounts and Audit Rules which are made under section 156 of the SFO are not applicable to registered institutions.
Section reference: 156(1) of the SFO
No. The licensed corporation is only required to submit the audited financial returns applicable to its business activities. For example, if a licensed corporation does not engage in securities margin financing business, it is not required to submit the audited analysis of margin clients and the analysis of collateral received from margin clients.
Section reference: 3(1)(b)
No. Section 3(1)(c) and 3(3)(c) of the Accounts and Audit Rules only require licensed corporations and associated entities respectively to prepare the BRMQ. However, the BRMQ may be a good reference for the auditors of a licensed corporation or associated entity to understand its risk management measures and internal controls.
Section reference: 3(1)(c) & 3(3)(c)
Last update: 29 May 2020
