About 12,000 licensees representing 70% of all those migrating have either migrated to the new Securities & Futures Ordinance regime or lodged their applications, and more than 10,400 had received their new licences by June 30.

The Securities & Futures Commission urged licensees who are registered under the former regime but have yet to submit migration applications to lodge their applications by March 31 next year. That is the end of the two-year transitional period set up to avoid business interruption.

Under the new regime, only corporations may be licensed to carry on businesses in regulated activities as principals. The commission must approve at least two individuals as responsible officers of a corporation in respect of each type of regulated activity the corporation is licensed for.

The commission appeals to the 42 sole proprietors who are registered under the former regime but have not submitted their migration applications to take immediate action.

They are required to incorporate their businesses and look for at least one extra competent individual to become a responsible officer supervising the business.

Further information can be found in the Guidelines on Transitional Arrangements.