HC-A.1.13

This updated Module is effective on 1^st January 2011. All investment firm licensees to which Module HC applies should be in full compliance by the financial year end 2011. At every investment firm licensee's annual shareholder meeting held after 1^st January 2011, corporate governance should be an item on the agenda for information and any questions from shareholders regarding the investment firm licensee's governance. Where possible, the investment firm licensee should also have corporate governance guidelines in place at that time and should have a "comply or explain" report as described in Paragraph HC-A.1.8.