Manager in charge. The Manager-In-Charge Regime impacts all SFC licensed corporations and their senior management in Hong Kong. MICs – Managers principally responsible for managing one or more Core Functions and reporting directly to the LC’s Board or its MIC of Overall Management Oversight (MIC of OMO) The Securities and Futures Commission's (SFC) "Manager in Charge" (MIC) regime, which aims to heighten senior management accountability within licen. Manager-in-Charge means the person designated as such by NFL and shall include those who are expressly authorized by him to act for and on his behalf for operation of this contract. Specifically, Manager-in-Charge or MIC is the "new title" accorded to individuals who are appointed by an LC to be principally responsible, either alone or with others, for managing one of the following eight functions that the SFC has identified as being instrumental to an LC's operations (Core Functions): Dec 19, 2016 · In its recent circular (with annexes 1 and 2 and a set of FAQs), the Securities and Futures Commission (SFC) introduced new measures to heighten the accountability of the senior management of all licensed corporations (LCs). A manager is a person who is responsible for a part of a business or organization, this may include supervising and managing a group of people. During the transition period, about 10,000 individuals were appointed by licensed corporations as MICs responsible for managing important Jan 26, 2022 · C. com Oct 25, 2019 · The Manager-in-Charge (“MIC”) regime was fully implemented by the Securities and Futures Commission (“SFC”) on 17 October 2017 to promote proper conduct and increase awareness of individual responsibility and accountability. ed corporations (LCs), will come into effect in less than three months. This briefing recaps on what LCs need. Supplement 8A Manager-In-Charge of Core Function(s) This Supplement is ONLY applicable to corporations applying for a licence under section 116(1) of the Securities and Futures Ordinance (ie, not applicable to corporations applying to become temporary licensed corporations or registered institutions). Who is a manager-in-charge? An MIC is an individual appointed by a licensed corporation to be principally responsible for managing any of the eight Core Functions of the licensed corporation: Dec 16, 2016 · The Securities and Futures Commission (SFC) today announced the full implementation of the Manager-In-Charge (MIC) regime (Note 1) following a six-month transition period which ended on 16 October 2017. The circular clarifies who should be regarded as the senior management of a LC and requires the LCs to designate fit and proper individuals to be “Managers In Charge . See full list on timothyloh. Managers-In-Charge of Core Functions Q6 : Which individuals should be regarded as MICs of a licensed corporation? Q7 : Can a licensed corporation appoint more than one individual to act as MIC of one particular Core Function? The Manager-In-Charge Regime impacts all SFC licensed corporations and their senior management in Hong Kong. 5qved jurnbp rli opy1xr yo1 ohbex idb2 oek 6scx g0a8