Hong Kong regulated activities: checking the SFC categories
Start with the categories, not the application form. The Securities and Futures Commission (SFC) frames the licensing question around 13 types of regulated activity set out in Schedule 5 to the Securities and Futures Ordinance (SFO). Two of them — Type 11 and Type 12 — carry an official note that they are not yet in operation for licensing purposes.
The 13 types of regulated activity
Schedule 5 to the SFO stipulates 13 types of regulated activity and provides a detailed definition for each. The SFC lists them as follows:
| Type | Regulated activity |
|---|---|
| Type 1 | Dealing in securities |
| Type 2 | Dealing in futures contracts |
| Type 3 | Leveraged foreign exchange trading |
| Type 4 | Advising on securities |
| Type 5 | Advising on futures contracts |
| Type 6 | Advising on corporate finance |
| Type 7 | Providing automated trading services |
| Type 8 | Securities margin financing |
| Type 9 | Asset management |
| Type 10 | Providing credit rating services |
| Type 11 | Dealing in OTC derivative products or advising on OTC derivative products |
| Type 12 | Providing client clearing services for OTC derivative transactions |
| Type 13 | Providing depositary services for relevant CISs |
Type 11 and Type 12 are marked “Not yet in operation for licensing purposes” on the SFC page.
Why the short label is not enough
The labels above are shorthand. The binding content sits in the Schedule 5 definition of each type, and the SFC directs readers to that Schedule for the detailed wording. A business described in marketing terms as “advisory” or “platform” may touch Type 4, Type 6, Type 7 or Type 9 depending on what the statutory definition covers, so the comparison has to be made against the definition, not against the name of the type.
The definitions are published in Schedule 5 to the SFO on the Hong Kong legislation site at elegislation.gov.hk.
What the “not yet in operation” marking means, and what it does not tell you
The official marking is narrow: Type 11 and Type 12 are identified as not yet in operation for licensing purposes. That is a statement about the status of those two types, and the SFC page does not go further. It does not, on the evidence available here, set out what happens to a business model that would otherwise fall inside Type 11 or Type 12, and it carries no information about application routes, fees, processing times or outcomes.
Treat it as a flag to check current position before planning around those two types, not as an answer in itself.
Exemptions: overview only, case review required
The SFC page gives an overview of some situations in which exemption from the licensing requirements may apply under the SFO. It is explicitly an overview of some situations — not a complete statement of the exemption position. For guidance specific to a case, the SFC directs readers to the SFO or to their professional advisers.
One reading note from the same page: for simplicity, the terms “licence” and “licensed” bear the same meaning as “registration” and “registered” respectively, unless otherwise specified. So a passage about licensing on that page can cover registration as well.
Where personal assessment remains necessary
Three points stay outside what the category list can settle for you:
- Whether your specific activities fall within a definition. The list describes regulated activity; applying it to a business model is a separate step.
- Whether an exemption applies. The SFC publishes an overview only, and routes case-specific questions back to the SFO or professional advisers.
- What your firm or its staff would then need to file. The evidence here covers the categories, not application conditions, fees, deadlines or acceptance criteria.
Nothing in the categories page states or implies that any named person or firm holds a licence. The list defines activity; it is not a licence check.
How to run the check
Read the Schedule 5 definition for each type you think you touch.
Write down your actual revenue-generating activities, one per line.
Match each activity against the definition, not the label.
Note any type that depends on a borderline reading.
Take that list to the SFO text and to your professional advisers.