Chapter 4 of 815% of exam
Licensing, Registration and Subsidiary Legislation
This topic covers who must be licensed, the fit-and-proper test, the roles of representatives and responsible officers, and the client-asset and record-keeping rules made under the SFO.
Getting and keeping a licence
Corporations are licensed to carry on regulated activities; individuals are licensed as representatives, and some are approved as responsible officers (ROs) to supervise the business. The SFC applies the fit-and-proper test to every applicant, and licensed individuals must keep current through Continuous Professional Training (CPT). Client money and client securities must be segregated and protected under the relevant rules.