A Look At SFC Archiving Requirements

 


Just like other leading financial hubs across the world,  the Hong Kong’s financial sector is governed by a set of regulations  that are aimed at ensuring a fair, orderly as well as efficient financial market. The securities and futures commission (SFC) is an independent  statutory body whose mandate is to implement regulations that business entities as well as members  of the sector are supposed to follow. Hong Kong SFC enforces regulations that oblige financial service firms to record  mobile messages,  capture voice calls and  other types of communication. Failure to comply to these regulations can lead to major financial consequences  or even severely damage  public trust  as well as reputation of an organization,

There are various SFC archiving requirements for business communications.  One of them is definition of recording mobile messages.  Under its  Keeping Of Records Rules, intermediaries (which refer  to any person that is licensed or registered by SFC) are supposed to maintain records of any authority  or direction given by clients, including  voice calls as well as mobile SMS.  In section 3 of the rules,  an intermediary is supposed to keep sufficient records  to explain the operation of their businesses, which constitute any regulated activity.  The intermediaries are also supposed to keep these records in a manner that will allow an audit to be carried out conveniently and properly.

Another important SFC archiving requirement is period of retention of electronic communications. In section 10(d) of the Keeping of Records Rules,  records that show particulars of all orders received or initiated  by the intermediary, including those that are transmitted electronically, such as instant messing, email and mobile messaging, are supposed to be retained for period of not less than 2 years.

For more  information on SFC archiving requirements, visit our website at https://www.telemessage.com/

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