The Securities and Futures Commission will waive licensing fees for the upcoming fiscal year as a «goodwill gesture» to support the industry as it undergoes economic turmoil.
The move to relieve regulatory costs for the industry will result in revenue loss of HK$117.5 million ($15 million), the SFC said in a statement, for the financial year of 2020-2021. This is in addition to a 50 percent waiver announced earlier this year.
«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,» said SFC chief executive Ashley Alder.
Hong Kong’s economy continues to be battered by both a broader slowdown and ongoing unrest which has resulted in a 2.9 percent year-on-year GDP contraction in the third quarter – the worst in a decade.
