Dear Friend,
The Financial Services Commission (FSC) has issued a Circular Letter on 3 June 2015 (CL030615) which supersedes its previous Circular Letter CL250315 issued on 25 March 2015.
Circular Letter CL030615 repeals the exemption formerly granted to CIS managers solely engaged in the management of a Professional CIS or Expert CIS and now requires that at least one of its officers meets the minimum technical competencies as set out in the Competency Standards (the “Standards”).
In light of the above, our Newsletter (Volume 7 – Issue 19) has been amended to reflect the changes newly brought about by the FSC. We are therefore pleased to enclose our revised Newsletter on the Standards for your reference.
Should you have any questions on the Standards, please do not hesitate to get in touch with your usual contact at Intercontinental Trust Ltd.
Thanking you,
Intercontinental Trust Ltd
