On the day the transition period for the implementation of the Securities and Futures Commission’s (SFC) Manager-in-Charge regime (MIC Regime) for licensed corporations ended, the Hong Kong Monetary Authority (HKMA) announced the introduction of a new Management Accountability Initiative (MAI) aimed at increasing the accountability of the senior management of Hong Kong registered institutions (RIs), i.e. Hong Kong banks registered to carry on one or more regulated activities (RAs) under the Securities and Futures Ordinance (SFO).