On 12 Sep 2025, the HKMA revised SPM Module SB-1 to extend the annual engagement period for visiting professionals from 30 to 45 days and update regulatory references to include Type 13 activities, superseding a prior circular. The changes apply immediately to all Registered Institutions, including existing Itinerant Professionals, with corresponding updates to the HKMA Register.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Engagement Period Extension for Visiting Professionals
On 12 Sep 2025, the Hong Kong Monetary Authority (HKMA) issued a revised Supervisory Policy Manual (SPM) Module SB-1, effective immediately, to extend the engagement period for visiting professionals (Itinerant Professionals or ITPs) conducting regulated activities under the Securities and Futures Ordinance from 30 days to 45 days per calendar year for Registered Institutions (RIs). The revision applies retroactively to existing ITPs, with the HKMA updating the HKMA Register of Securities Staff of Authorized Institutions to reflect the extended period from the effective date.
Technical Updates to SPM Module SB-1
The revised Module SB-1 incorporates two technical amendments: (1) It aligns the requirements for RIs engaging temporary relevant individuals with the existing requirements for licensed corporations engaging temporary licensed representatives, enhancing clarity; and (2) It updates Section 4 to include Type 13 regulated activities (effective 2 October 2024), thereby superseding the HKMA’s circular of 27 July 2023 on 'Depositaries of SFC-authorised Collective Investment Schemes (Type 13 Regulated Activity)'.
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