10 Questions
What is required if the designated RO at the sponsoring corporation changes job functions?
The sponsoring corporation should provide a confirmation to the SFC.
What action should be taken if the designated person is not available?
The exempted individual should inform the SFC.
What must the sponsoring corporation do in case of changes in designated persons?
Provide a confirmation to the SFC about maintaining current records.
What is a crucial aspect of the internal control systems required by the sponsoring corporation?
Implementing a comprehensive risk management system.
Who should be directly reporting to or advising the designated approved RO?
The exempted individual as well as supervising daily activities.
What should be done if an approved RO is not available?
Notify the SFC and replace them immediately.
What happens if there are changes in designated persons and the SFC needs to inspect them?
Provide a confirmation to show current records for inspection.
'Internal control systems' mentioned in the text include all EXCEPT:
Marketing strategies
'Regulatory support from other personnel' primarily involves:
Supervising daily activities
What notification should be given to SFC when there are changes in designated persons?
Confirmation regarding record-keeping system.
Learn about the key elements the Securities and Futures Commission (SFC) considers when assessing the competence of a corporation, including business lines, target clientele, products/services, and remuneration model. Understand the importance of informing SFC about material changes in business plans, structures, and personnel.
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