Hong Kong asks finance firms to bring staff back from abroad

The Securities and Futures Commission (SFC) has asked finance firms to bring back to Hong Kong their licensed staff that have been working abroad amid efforts by the city to revive its status as a vibrant business hub. There is growing concern at Hong Kong’s top market regulator over prolonged absences of licensed managers at the investment firms and brokerages it oversees. The SFC is now talking with some firms to urge them to have key personnel return to the city, emphasising that the flexibility allowed during the pandemic is temporary. Some firms have moved operations and staff permanently and temporarily to Singapore, which has already cast off its travel and social distancing restrictions. The SFC is concerned over operational risks at licensed corporations doing business without a responsible manager located in the city.