Number of HK SFC Licensees Reaches Record High
A rebound in new licence applications made by intermediaries seeking to conduct business in the Hong Kong financial market following the financial crisis has brought the total number of licensees registered with the Securities and Futures Commission (SFC) to an all-time high.
More than 7,300 new licence applications were received during the first seven months of this year, an increase of 46% compared to the same period in 2009.
This brought the total number of SFC licensees to 37,694 as of the end of July this year, surpassing the previous record of 37,373 in November 2008 (Note 1).
“The latest statistics suggest a cautious return of confidence amongst intermediaries participating in the Hong Kong market following the financial crisis and underscores Hong Kong’s attraction as an international finance centre for both local and overseas corporations,” the SFC’s Chief Executive Officer, Mr Martin Wheatley said.
The majority of new licence applications received by the SFC during the first seven months of this year were submitted by individuals joining firms that were licensed by the SFC and already carrying on business in Hong Kong.
As for new corporate applications submitted to the SFC during the same period, approximately 85% of these were received from firms seeking to establish securities dealing and asset management businesses.