The Securities and Exchange Commission (SEC) has amended the regulations concerning supervision of personnel in capital market businesses by extending the submission period for approval renewal applications to provide greater flexibility and convenience for business operators and capital market business personnel. The renewal applications can be submitted through the Online Registration Approval System (ORAP) within the extended submission period from September 1st to the last business day of each year. The amendments to the renewal application submission period will take effect on 1 September 2024.
The SEC has amended the regulations concerning supervision of personnel in capital market businesses by extending the renewal application submission period from September 1st to December 15th each year to September 1st to the last business day of each year. This is to provide greater flexibility for business operators and capital market business personnel in applying for an approval renewal through the ORAP system, which has recently been updated. The extended submission period will take effect, starting from the 2024 renewal cycle onwards.
Generally, the SEC reviews each application within five business days from the submission date. If an application is submitted close to the approval expiration date and the applicant fails to provide all required documents or complete the compulsory training courses, the renewal approval may not be granted before the current approval expires. This could result in the approval lapsing and the inability to perform duties. Consequently, the applicant would have to apply for a new approval, as a renewal application would no longer be applicable. Therefore, the SEC recommends that all applicants carefully consider the timing of their submission to reduce the risk of not obtaining a renewal approval in time.
The amendments were published in the Government Gazette on 31 May 2024 and will become effective from 1 September 2024 onwards.
Note: * The approval expiration date for personnel in capital market businesses is December 31st each year.
