Preface：Why choose SFC No. 1 and No. 4 license combination?
第1类“证券交易”与第4类“就证券提供意见”是不同的受规管活动。机构是否需要同时申请，取决于其是否提供意见、执行或安排交易、持有客户资产及拥有投资决定权；牌照组合不是进入市场的统一条件，也不构成对服务或商业表现的背书。
one、 In-depth analysis of license plate functions
SFC No. 1 and No. 4 plates perform their respective duties，and complement each other：
- 1License plate (securities trading)：涵盖在适用范围内作为代理人或主事人买卖证券；Broker、underwriting、Placing、介绍或其他安排须按实际行为及豁免逐项判断。
- 4Number plate (advising on securities)：涵盖就证券提供意见；如机构拥有全权投资决定权、执行交易或持有客户资产，还须分析第9类、第1类及其他规则。
“1+4”组合的实际权限取决于牌照条件、业务计划和客户资产安排。机构须分别控制交易执行、意见提供、Suitability、利益冲突和记录保存，不能仅凭两个牌照号码概括全部服务能力。
two、 Key core elements of the application
Applying for an SFC license is not just an administrative filing.，It is a comprehensive test of corporate strength.。The Ganghuitong team summarized the three core thresholds：
1. Physical Structure and Capital Requirements
The entity applying for a licensed corporation must usually be a company established in Hong Kong，Or a non-Hong Kong company registered under the Companies Ordinance。申请人须维持适用的最低缴足股本及速动资金；第1类与第4类组合应按客户资产、牌照条件和各项活动采用适用的较高财政资源要求。
2. Responsible Officer (RO) Qualification Requirements
每项受规管活动通常须有至少两名负责人员获核准，At least one of them shall be an executive director，And there must be at least one responsible person available to supervise the business at all times。Relevant experience、Management experience、local regulatory knowledge、考试或豁免及适当人选资格按个人背景和拟监督活动评估。
3. Internal Controls and Anti-Money Laundering (AML) Policy
申请人须建立与拟开展业务相称的内部监控，Covers customer due diligence、AML/CFT风险评估、交易及通讯监察、Suitability、利益冲突和记录保存。控制缺口会影响申请评估，但不能预设“极大概率被驳回”的统一结果。
three、 Application process and practical suggestions
Application is usually divided into preparation、submit、Four stages of correction and approval。during this process，Details determine success or failure：
- preparation stage：Sort out the business model，Determine organizational structure，and drafting a detailed compliance operations manual。
- 申请和问询阶段：通过证监会指定系统提交完整申请，并按个案回应监管问询。复杂集团或跨境业务须清楚说明控制、funds、客户和责任分配；专业准备不能保证减少问询或审查时间。
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- Operational stage：持牌法团须持续遵守适用的Securities and Futures Ordinance、证监会守则和指引，and fulfill financial resources、declare、audit、customer assets、AML/CFT、记录保存及重大变更通知等责任。
Four、 港汇通可提供的申请支持
港汇通可按约定范围，以公开监管规则、申请材料要求和实际业务为基础提供资料梳理与流程协调。Team resume、专业资格和项目经验须以公司内部可核验证据为准，Specific services include：
- 业务与申请资料：协助梳理主体、Equity、business、人员和内部监控文件；银行开户及第三方服务由相关机构独立审查。
- 问询准备：协助核对申请材料及监管回复，但不能代表申请人履行管理责任或保证通过证监会审查。
- 项目与信息管理：按合同和适用的数据保护要求管理资料，并明确申请人、顾问及独立专业机构的责任边界。
relatedHong Kong SFC No. 1 LicenseScope of application and application requirements，Please refer to the corresponding license description。
Application and Compliance Points：Hong Kong SFC License No. 1 (Securities Trading) and License No. 4 (Securities Consulting) Combination Application Guide
Hong Kong SFC License No. 1 (Securities Trading) and License No. 4 (Securities Consulting) combined application strategies need to work backwards from the scope of each regulated activity to be carried out.。underwriting、Broker、investment advice、Carte blanche management、Client assets and virtual asset arrangements should be presented separately，Avoid just writing "Apply for a license plate" without a verifiable business process。
Things to prepare and keep checking
- 4The license plate focuses on providing advice on securities；If it is recommended that the transaction be subsequently executed by the same company、Hold assets on behalf of clients or conduct full management，We should continue to analyze whether activities such as No. 1 or No. 9 are triggered.。
- Create a “product-customer-behavior-license” matrix，Explain transaction execution separately、investment advice、Full management、underwriting、Margin margin trading and client asset arrangements。
- The personnel plan should describe responsible personnel coverage、executive Director、Reporting and bench relationships between core functional leaders and licensed representatives，and supported by verifiable empirical evidence。
- Application materials must include a financial resource forecast、Internal Controls and Compliance Manual、Client assets and banking arrangements、Outsourcing management、network security、Business Continuity and Complaints Mechanism。
- After obtaining the license, financial resources must continue to be met、declare、Customer due diligence、conflict of interest、Suitability、Record Keeping and Significant Change Notification Requirements。
Costs involved、capital、time limit、When personnel qualifications or cross-border business scope，Please refer to the legislation published by the competent authority at the time of submission、Forms and guidelines are subject to。
five、 Frequently Asked Questions (FAQ)
Q1：How long does it usually take to apply for Type 1 and Type 4 licenses?
answer：证监会没有对所有1号与4号组合申请保证统一的6至12个月周期。Actual time depends on application completeness、business complexity、Equity、personnel、financial resources、Client Asset Arrangement、Regulatory inquiries and applicant responses。
Q2：If there is no Hong Kong background，Can I apply for an SFC license?
answer：境外集团可评估由香港成立的公司或按《公司条例》注册的非香港公司申请。负责人员须能实际履职，但证监会没有把所有负责人员统一定义为“本地RO”；main body、manage、处所和人员安排须按个案确认。
Q3：What regulatory obligations do you need to face every year after being licensed?
answer：持牌法团须按适用规则维持财政资源，提交规定申报和经审计账目，更新人员及重大变更资料，并持续执行AML/CFT、customer assets、Suitability、利益冲突和记录保存控制。申报种类及频率取决于牌照和业务。
Conclusion
是否需要同时申请第1类及第4类牌照，应由实际产品、client、意见、trade execution、投资决定权和客户资产安排决定。顾问可协助资料准备和流程协调，但不能保证合规、审批速度、发牌或商业结果。
References：Hong Kong Securities and Futures Commission：Intermediary licensing system、Hong Kong Securities and Futures Commission：Licensing Manual、Hong Kong Securities and Futures Commission：Application procedure、Hong Kong Securities and Futures Commission：continuing responsibility、Hong Kong electronic legislation：Securities and Futures Ordinance、Hong Kong electronic legislation：Securities and Futures (Financial Resources) Rules。
learn more：Hong Kong SFC License No. 1 (Securities Trading)、香港SFC 4号牌照（就证券提供意见）、Hong Kong No. 9 Asset Management License Application Guide。
