Company: MEGL
Filing Date: 2025-04-14
Form Type: 20-F
Source: 0001641172-25-004566
Chunk: 57

Company: Magic Empire Global Ltd
Filing Date: 2025-04-14
Form: 20-F
Item: Item 4
Chunk 57
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 shall refuse to grant a license to carry on a regulated activity unless the applicant for license
satisfies the SFC that, inter alia, the applicant is a fit and proper person to be licensed for the regulated activity. The applicant
must remain fit and proper at all times after the grant of such licenses by the SFC. In simple terms, a fit and proper person means one
who is financially sound, competent, honest, reputable and reliable. Pursuant to section 129(1) of the SFO, in considering whether a
person, an individual, corporation or institution, is fit and proper for the purpose of licensing or registration, the SFC shall, in
addition to any other matter that the SFC may consider relevant, have regard to the following:

(a)
the financial status or solvency;

(b)
the educational or other qualifications or experience having regard to the nature of the functions to be performed;

(c)
the ability to carry on the regulated activity competently, honestly and fairly; and

(d)
the reputation, character, reliability and financial integrity of the applicant and other relevant persons as appropriate. The above
fit and proper criteria serve as the fundamental basis when the SFC considers each license or registration application. Detailed guidelines
are contained in the Fit and Proper Guidelines, the Licensing Handbook and the Guidelines on Competence.

Minimum
capital requirements

Section
145 of the SFO provides that depending on the types of regulated activity a licensed corporation conducts, a licensed corporation is
required to maintain at all times paid-up share capital and liquid capital not less than the specified amounts in the Securities and
Future (Financial Resources) Rules (the “ FRR”).

  37  

The
following table summarizes the minimum paid-up capital and liquid capital that a licensed corporation is required to maintain for Type 6 (advising on corporate finance) regulated activity:

  Regulated                                                         Minimum            Minimum       
  activity                                                                                           
                                                                    paid-up            liquid        
                                                                                       capital       
                                                                    share                            
                                                                    capital                          
  Type                                                                                               
  6 (advising on corporate finance)                                                                  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────
  (a)                                                                                                
  -                                                                 HK$10,000,000      HK$3,000,000  
  -                                                                 HK$10,000,000      HK$100,000    
  (b)                                                                                                
  -                                                                 HK$5,000,000       HK$3,000,000