On 16 December 2016, the Securities and Futures Commission (“SFC”) published, in a circular (http://www.sfc.hk/edistributionWeb/gateway/EN/circular/openFile?refNo =16EC68 and annexes http://www.sfc.hk/edistributionWeb/gateway/EN/circular/openAppendix?r efNo=16EC68&appendix=0), new measures to heighten the accountability of senior management of all licensed corporations.