Company: MEGL
Filing Date: 2025-04-14
Form Type: 20-F
Source: 0001641172-25-004566
Chunk: 59

Company: Magic Empire Global Ltd
Filing Date: 2025-04-14
Form: 20-F
Item: Item 4
Chunk 59
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, are only required to submit semi-annual financial resources returns.

  38  

Payment
of annual fees

Sections
138(1) and (2) of the SFO provide that each licensed person or registered institution shall pay an annual fee to the SFC within one month
after each anniversary date of his/her/its license or registration. Failure to make full payment of the annual fee before the due date
will attract a surcharge on the outstanding amount and possible suspension and revocation of a license or registration under sections
138(3), 195(4)(a) and 195(6) of the SFO.

Submission
of annual returns

Section
138(4) of the SFO stipulates that each licensed corporation or licensed individual is required to submit an annual return to the SFC
within one month after each anniversary date of his/her/its licenses. Failure to submit annual return before the due date could result
in suspension and revocation of the license under sections 195(4)(b) and 195(6) of the SFO.

Continuous
professional training (“ CPT”)

Licensed
corporations and registered institutions are primarily responsible for designing and implementing a continuous education program best
suited to the training needs of the Licensed Representatives or relevant individuals they engage.

The
SFC has issued in March 2003 the Guidelines on Continuous Professional Training pursuant to section 399 of the SFO. Licensed individuals
and relevant individuals of registered institutions are generally required to complete five CPT hours per calendar year for each regulated
activity which they may carry out, except for Type 7 (providing automated trading services) regulated activity. Failure to comply with
the guidelines on CPT may reflect adversely on the fitness and properness of a person to continue to carry on the regulated activity.

Obligation
for substantial shareholders

Under
section 132 of the SFO, a person (including a corporation) has to apply for the SFC’s approval prior to becoming or continuing
to be, as the case may be, a substantial shareholder of a corporation licensed under section 116 of the SFO. A person who has become
aware that he/she/it has become a substantial shareholder of a licensed corporation without the SFC’s prior approval should, as
soon as reasonably practicable and in any event within three business days after he/she/it becomes so aware, apply to the SFC for approval
to continue to be a substantial shareholder of the licensed corporation.