The Securities and Futures Commission (SFC) today announced waiving the annual licensing fees for the financial year of 2020/21 (Notes 1 & 2).
The decision is made to relieve the regulatory cost burden on the securities and futures industry having taken into account the current challenging market environment and will cost approximately $117.5 million in forgone revenue for the financial year 2020/21 in addition to the 50% waiver already announced earlier this year (Note 3).
“We hope this goodwill gesture will provide a certain degree of financial relief for over 47,000 licensees and registrants in particular smaller firms amidst the current economic downturn,” Chief Executive Officer of the SFC, Mr Ashley Alder said.
- The fee waiver applies to annual licensing fees payable by all licensed corporations, registered institutions, responsible officers and representatives. It does not apply to any other fees, such as licence application fees and transfer fees.
- The annual licensing fees payable before 1 April 2020 will not be affected.
- Please see SFC’s circular issued on 25 March 2019 on arrangements for collection of annual licensing fees.