Backdoor Licensing, Managers-In-Charge of Core Functions and the Legal Liabilities of Senior Management
Backdoor Licensing, Managers-In-Charge of Core Functions and the Legal Liabilities of Senior Management
According to the Securities and Futures Commission (the SFC), purchasers who are willing to pay a premium for an existing licensed corporation as a “backdoor licence” may not be able to avoid the responsibilities and liabilities as anyone involved in the management of licensed corporations is liable for breaches, and the SFC may exercise its disciplinary powers to sanction them. Read more…