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ARTICLE · 30 JUNE 2020

Requirements On The Electronic Storage Of Data: Recent SFC Circular

Mayer Brown
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As businesses are busy adjusting and adapting to the "new normal" brought about by the COVID-19 pandemic, Hong Kong's Securities and Futures Commission ("SFC") extended the deadline for...

Hong KongCorporate/Commercial Law
Gabriela Kennedy
Gabriela Kennedy
Karen Lee
Karen Lee
Cheryl Yip
Cheryl Yip
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As businesses are busy adjusting and adapting to the "new normal" brought about by the COVID-19 pandemic, Hong Kong's Securities and Futures Commission ("SFC") extended the deadline for compliance with the SFC's Circular to Licensed Corporations - Use of external electronic data storage ("Circular") by six months, from 30 June 2020 to 31 December 2020.

This much welcomed grace period gives licensed corporations ("LCs"), electronic data storage providers ("EDSPs") and other stakeholders, additional time to implement the necessary measures and controls prescribed by the Circular.

Background

Under section 130 of the Securities and Futures Ordinance ("SFO"), LCs must obtain the SFC's prior written approval for any premises that will be used to store records or documents, which the LC is required to retain under the SFO and the Anti-Money Laundering and CounterTerrorist Financing Ordinance, or which relate to the carrying out of the LCs regulated activities ("Regul

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