The MIC regime in Hong Kong is going to require firms to
look more closely at their governance structures.
In part, it was the constitution of governance structures
globally that led to new powers to hold individuals in financial
firms to account. The SMCR in the UK and MIC regime in Hong Kong
have both sought to remove ambiguity around roles – and
responsibilities – within organizations: to bring clarity
where complexity prevented accountability.
Since the introduction of the new regime, during the brief
months leading up to the deadline in July 2017, Hong Kong's
financial regulator, the SFC has processed a vast number of people
as MICs: over 10,000 individuals – 40%of them never licensed
before.1
