Regulatory Update Series

[Webinar] Simplifying Compliance with Electronic Data Storage Requirements


The Securities and Futures Commission (SFC) has noted that licensed corporations (LC) increasingly use external electronic data storage, including public and private cloud storage, for benefits such as scalability, availability and cost savings. Recently, the SFC released FAQs regarding its 31 October 2019 circular on the use of external electronic data storage providers. While the implementation of the requirements of the FAQs will require some careful analysis, the FAQs are a significant step forward and provide much needed flexibility for the industry.


By the end of the training, participants will be able to:
1. Understand the background to the SFC's regulations on electronic data storage
2. Understand the requirements on international electronic data storage
3. Clarify actions that LCs must take now
4. Describe the contents of the newly required Data Access Map
5. Understand potential solutions to common industry concerns and compliance problems, for example, definition of Regulatory Records, what data must be in Hong Kong and audit requirements for the access maps


- Provide background to the SFC's recent regulations and FAQs with regards to electronic data storage
- Highlights of the SFC’s expectations on data storage
- The technical challenges in complying with the Circular and FAQs
- How an LC should act now
- View on the (simplified) contents of an SFC Access Map
- Benefits of Access Map other than meeting the SFC's requirements


- Senior Management
- Compliance
- MICs
- Technology Risk, Technology Cloud and Operational Risk staff
- Those with responsibilities around Operational or Data Resilience


Chris is a Director in EY’s Data and Analytics practice leading the Financial Services team in HK, having moved to Hong Kong from EY London in 2016. His client focused team covers all aspects of data and analytics – from big data, to regulatory risk analytics to advanced analytics and machine learning. He has been working on data resilience and the SFC’s EDSP circular on behalf of an industry working group since 2018 and has extensive experience advising clients on their data strategies. His financial services experience has encompassed all areas of financial services – from asset servicers, insurers, regulators, retail banks, to investment banking, with sizes ranging from new start-ups to the largest global multi-nationals, including three months working with a start-up investment bank in Beijing. Chris is also involved in the FinTech Association of Hong Kong as a co-chair of the AI & Big Data Committee.
Rushabh MEHTA
Rushabh Mehta is a Partner in the Advisory Services practice of Ernst & Young. He has over fifteen years of experience in the financial services industry in New York serving banking, capital markets and asset management clients.

Rushabh has specialized in Operational, Compliance, Model and Enterprise Risk areas within the institutions. He has assisted various financial institutions implement efficient operating models, across the three lines of defense, under various programs including Capital Stress Testing, Electronic Trading, Liquidity Management and broader Regulatory Inventory Management; while facilitating the documentation of their processes, identifying & evaluating risk and controls and producing Board & Senior Management reports.

Since moving to Asia, Rushabh has focused on assisting clients with their Operational Resilience agenda and is also part of industry forums for the governance of Digital Risk including from emerging technology (AI/ML).
Jennifer is a Senior Manager in the Financial Services Advisory Services practice of Ernst & Young. She has over eight years’ experience leading international Risk Assurance departments from roles based in London, Mexico City and Hong Kong. Jennifer has led large-scale regulatory remediation projects spanning multiple jurisdictions and businesses, and developed Second Line of Defence Functions to support sustainable business growth. Most recently she focuses on supporting Financial Institutions navigate digital risks and transform controls with Big Data and Artificial Intelligence.


2021年2月3日, 星期三 (12:20下午 - 1:20下午)
SFC:1.00, PWMA:1.00