On 26 March 2018, the Securities and Futures Commission (the "SFC") issued a Circular to licensed corporations on expected standards for sponsor work (the "Circular") and a Report on the Thematic Review of Licensed Corporations Engaged in Sponsor Business (the "Report") following a thematic inspection of sponsors, which found a number of compliance failures and deficiencies in standards of conduct, due diligence practices, and internal systems and controls.
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