(Adds details, comments from SFC chief executive)
By Michelle Price and Sumeet Chatterjee
HONG KONG, Dec 16 (Reuters) - Hong Kong's financial firmsmust register managers responsible for the day-to-day running ofregulated activities in an effort to make individuals moreaccountable, its securities regulator said on Friday.
People with overall management oversight and those in chargeof key functions would need approval to act as "responsibleofficers", the Securities and Futures Commission (SFC) said.
Its new "managers in charge" regime, which willsignificantly increase scrutiny of executives in Hong Kong'sfinance industry and increase their accountability, is part of aglobal push by regulators to raise conduct standards in thescandal-ridden financial industry.
The SFC is the first Asia-Pacific regulator to adopt such aregime after Britain's Financial Conduct Authority introducedsimilar rules following more than two years of consultation.
It privately briefed banks and funds but opted not to issuea public consultation, sparking concern among industryparticipants who fear it is being rushed in.
Firms will need to review and possibly overhaul andre-document all reporting lines, governance structures and jobdescriptions. Many unlicensed managers, even those overseas, mayalso need to become directly licensed and accredited by the SFC.
Reuters reported last month the new regime will extend farbeyond the front-line staff directly licensed by the watchdog tothose in support functions including IT, operations, complianceand risk management.
"Senior managers ... should be well aware of the obligationscurrently imposed on them as well as their potential liabilityif they fail to discharge their responsibilities," SFC CEO Ashley Alder said in a statement.
From April 18, 2017, firms will have to submit up-to-datemanagement structure information and organisational charts tothe SFC. All existing licensed corporations should submit therequired information by July 17, the SFC said.
The "managers in charge" of the overall management oversightand key business line functions, who are not already responsibleofficers, should apply for the watchdog's approval to become soby Oct. 16, the SFC said.
The new rules will also encompass executives involved in theday-to-day running of SFC-regulated activities who are basedoverseas as the SFC is concerned that it does not know theidentities of many of those with crucial responsibilities at the2,000 or so companies it regulates, market participants said. (Editing by Muralikumar Anantharaman and Alexander Smith)