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SEC extends renewal application period for capital market business personnel
The SEC has extended the submission period for approval renewal applications for personnel in capital market businesses, now accepted through the ORAP system from September 1st to the last business day of the year, effective from September 1, 2024.
The Securities and Exchange Commission (SEC) has extended the submission period for approval renewal applications, providing increased flexibility and convenience for business operators and capital market personnel. The renewal applications can now be submitted through the Online Registration Approval System (ORAP) from September 1st to the last business day of each year. These amendments will take effect on 1 September 2024.
- SEC Regulation Amendment: The SEC has extended the renewal application period for capital market business personnel
- New Submission Period: Applications can now be submitted from September 1st to the last business day of the year
- Online Submission: Renewal applications must be submitted through the Online Registration Approval System (ORAP).
- Effective Date: These changes will be effective from September 1, 2024
The SEC has amended regulations regarding the supervision of personnel in capital market businesses. The renewal application submission period has been extended from September 1st to December 15th each year to September 1st to the last business day of each year. This change aims to provide greater flexibility for business operators and capital market business personnel when applying for an approval renewal through the recently updated ORAP system. The extended submission period will take effect starting from the 2024 renewal cycle onwards.
The SEC typically reviews each application within five business days of 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.
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