What’s new: Hong Kong’s securities regulator said it will free some family offices that serve single families from licensing requirements as it seeks to draw more of the private wealth management firms favored by the super rich to the city.
Single-family offices — set up for members of a lone family — are “not required to apply for a license under the Securities and Futures Ordinance (SFO)” as long as they are not being run as a business, such as by pursuing profit, according to a reference guide released by the Securities and Futures Commission (SFC) on Wednesday.
