The topics discussed in this monthly newsletter are as follows: ComplianceOne Newsletter – June 2023 The topics discussed in this monthly newsletter are as follows: No "light-touch regulation" in Hong Kong new crypto rules SFC updated guidance to prepare for HKD-RMB Dual Counter Model HKEX’s New IPO Settlement Platform (FINI) to be launched in October HK Aiming to invite 200 family offices domiciled in Hong Kong by the end of 2025 130 Sustainability-Linked Bonds and ESG ratings of hundreds of listed companies displayed on the STAGE The SFC Annual Report 2022-23 SFC banned Xie Yanxiong for life for fraudulence and misrepresentation Taiping Securities (HK) Co Limited was fined $1.3 million for internal control failures over employee dealings Four people charged following SFC and Police joint operation against securities fraud and illegal short selling SFC obtained disqualification orders against former directors of National Agricultural Holdings Limited MARKET NEWS 1. No "light-touch regulation" in Hong Kong new crypto rules As Hong Kong has been advocating to global arena of its determination to develop HK as an international financial hub for virtual assets; in an interview at Bloomberg, the HKMA Chief Executive Eddie Yue Wai-man said that, “We will let them create the ecosystem here and that actually brings a lot of excitement. But that doesn’t mean light-touch regulation. ” Hong Kong has started marching into a new licensing regime for virtual assets service providers with effect from 1 June, and is preparing to grant the access to retail-investor participation for trading major tokens like Bitcoin and Ether. Apart from the regulatory guidelines published by the SFC, further guidelines for banks on serving crypto clients are still under progress. Despite negative news like bankruptcy of FTX exchange, and the high profile demonstration of the US officials to crack down on digital-asset business with enforcement actions, Hong Kong has been lowering its crypto guardrail to a “ reasonable and sustainable level ” from previous tight environment before. Aside from permits for virtual-asset platforms, a mandatory licensing regime for stablecoins — a type of crypto token that’s meant to hold a constant value — is due by 2023-2024. SIGNIFICANCE: Though regulatory bodies are showing that the surveillance of virtual asset landscape in Hong Kong is analogous to regulatory regime in other regions, and are by no means lenient compared with others, it cannot be denied that Hong Kong is one of the few jurisdictions where the government proactively participating in the nourishment and development of regulatory regime to foster the nascent growth of virtual assets business. It is also noted that the government is facilitating the onerous due diligence process of virtual asset exchanges to open bank accounts with local banks in Hong Kong which has always been a tough issue for many new participants or awaiting licensees in the virtual assets licensing regime. 2. SFC updated guidance to prepare for HKD-RMB Dual Counter Model The SFC published on 6 June 2023 a revised guidance on short selling reporting and stock lending record keeping to prepare for the launch of the HKD-RMB Dual Counter Model in the Hong Kong securities market on 19 June 2023. The Guidance Note on Short Selling Reporting and Stock Lending Record Keeping Requirements has been updated to cover inter-counter transactions of securities under the Dual Counter Model; and practical and operational examples can be found in the Frequently Asked Questions for Short Position Reporting as well. Suffice to say that the Guidance Note clarified that as HKD and RMB counters for the same security are of the same class, the following inter-counter transactions fall within the current framework: when an investor buys a security at one counter first and sells at another, the sale is considered an ordinary sale, and when a Dual Counter Model market maker sells a security at one counter and buys it at another, the inter-counter transaction falls under the current exemption, subject to certain conditions. SIGNIFICANCE: As Ms Julia Leung, the SFC Chief Executive Officer, had said, “the SFC supports dual counter trading, which will help promote the renminbi’s internationalisation and use as an investment currency.” With such dual counter in place, it provides an effective and efficient mechanism for market makers with improved market liquidity and helps minimise price differences between the two counters. 3. HKEX’s New IPO Settlement Platform (FINI) to be launched in October HKEX announced on 28 June of the launch of FINI, its innovative IPO settlement platform, in October this year, which significantly shortened the time between the pricing of an IPO and the trading of shares from five business days (T+5) to two business days (T+2). HKEX Chief Executive Officer Nicolas Aguzin said: “By digitalising, streamlining and modernising IPO settlement workflows, FINI will shorten the time between IPO pricing and the start of trading, enhancing market efficiency and strengthening the competitiveness and attractiveness of Hong Kong’s IPO market.” Following the successful completion of the FINI External User Testing earlier in June, HKEX will arrange market practice sessions and market rehearsals in July and August, to simulate interactive, end-to-end IPO settlement operations under FINI, paving the way for full migration to FINI in October. The new platform will also introduce a new public offer pre-funding model to help alleviate the scale of funds that are locked up in over-subscribed IPOs. 4. HK Aiming a target to invite 200 family offices domiciled in Hong Kong by the end of 2025 The Financial Secretary, Paul Chan, delivered a speech on 12 June in the launch of a family office network, proclaiming a plan to develp Hong Kong as a premier hub for family offices and a target of 200 family offices to be established by the end of 2025 has been on schedule. On the government side, legislations have been passed to enhance the competitiveness of the tax system for family offices, and with concerted efforts from various regulatory bodies like the SFC and HKMA, to fuel the momentum for accelerating the development . SIGNIFICANCE: Having recovered for the 2019 social movement and the global epidemic of COVID-19, the HKSAR government has been endeavoring to start off the engine for moulding Hong Kong not only as international financial centre as it is used to be, but also a pioneer around the world for the nascent virtual asset licensing regime and a premier hub for the growth of family offices. 5. 130 Sustainability-Linked Bonds and ESG ratings of hundreds of listed companies displayed on the STAGE Mr Wilfred Yiu, Co-Chief Operating Officer & Head of Equities of the HKEX stated that up to end of May this year, the Sustainable & Green Exchange (STAGE) has displayed more than 130 Sustainability-Linked Bonds and ESG ratings of hundreds of listed companies in Hong Kong. Mr Yiu also said in a forum that the number of ESG ETFS listed on HK continued to grow, and there was a total of 11 ESG ETF amounting in market capitalization of HKD 2.5 billion dollars, with turnover approaching HKD 6 million dollars. Beside the First Carbon Futures ETF listed last year, through the Stock Connect came another new China A Low Carbon Index ETF and the first Greater Bay Area Climate Transition ETF listed in Hong Kong in March this year. Mr Yiu further pointed out that the Exchange’s ESG reporting requirements had incorporated certain key recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD), proposing for the issuers to prepare for the mandatory TCFD-aligned climate-related disclosures by 2025. 6. The SFC Annual Report 2022-23 The SFC published its Annual Report 2022-23 on 21 June 2023, which sets out its achievements in the past year as well as its vision for nurturing high-quality market growth and upholding world-class regulation to advance Hong Kong’s position as a leading international financial centre. Some key achievements included: the introduction of Swap Connect; launch of a new lsiting regime for specialist technology companies with limited or no revenue or track record; the investor identification regime for Hong Kong (HKIDR); the Hong Kong Dollar-Renminbi (RMB) Dual Counter Model for the secondary market trading of a first batch of stocks; the regulatory requirements for the new licensing regime for virtual asset trading platforms effective in June; the proposed risk management guidelines for licensed persons dealing in futures Mr Tim Lui, Chairman of SFC, said, “ We are committed to strengthening market resilience and integrity and expanding the breadth and depth of our financial markets as a premier gateway to Mainland China .” The Chief Executive Officer, Ms Julia Leung, also said, “ We strive to promote sustainable and responsible development of our financial markets whilst safeguarding investor interests and managing market risks through our robust regulation, vigilant supervision and resolute enforcement action. ” SIGNIFICANCE: The transition from 2022 to 2023 was fraught with many challenging changes lauched by the regulatory bodies and its determination to crack down on the investment fraud and social media ramp and dump scams which were detrimental to the integrity of the financial market Hong Kong has strived to uphold. Nowadays, maintaining in compliance is not merely an obligation to be fulfilled, but more of a challenge to be encountered amid such avalanche of regulatory innovations formulated and launched by the HKSAR government while orchestrating a regulatory landscape to accomodate the latest developments in the international financial markets. ENFORCEMENT NEWS 7. SFC banned Xie Yangxiong for life for fraudulence and misrepresentation The SFC had banned Mr Xie Yangxiong, a director of Wansom Asset Management (Hong Kong) Limited (WAML) and Wansom Securities (Hong Kong) Limited (WSL), from the industry for life. It was found in the SFC investigation that Xie, who had access and control of bank accounts of WAML and WSL, was providing false information of both firms to SFC in support of their license applications in July and August 2018. In the case, Xie deliberately made deposits in the bank accounts of WAML and WSL, and then withdrew the same amount afterwards. With the withdrawn funds into consideration, the liquid capital condition of both WAML and WSL would fail to meet the regulatory requirement for their licenses to be granted. Further that Xie also failed to ensure that WAML and WSL should have notified the SFC of their liquid capital deficits within one business day of their liquid capital falling below the required level. The SFC was of the view that the misconduct of WAML and WSL was the direct result of Xie’s consent or connivance, and his conduct cast serious doubt on his fitness and properness to be a “regulated person”! SIGNIFICANCE: Given the fact that Xie was also the sole owner of the entity which wholly owned WAML and WSL. Although Xie was not a licensed person under the Securities and Futures Ordinance (SFO), he came within the definition of a “regulated person” under section 194(7)(c) of the SFO which includes a person who is or at the relevant time was involved in the management of the business of a licensed corporation. 8. Taiping Securities (HK) Co Limited was fined $1.3 million for internal control failures over employee dealings The SFC had reprimanded and fined Taiping Securities (HK) Co Limited (TSCL) $1.3 million for internal control failings in relation to employee dealings between 1 January 2016 and 30 November 2018. It was found in the investigation that TSCL failed to put in place adequate and effective internal controls over monitoring of employee dealings, and the senior management, compliance department and responsible officers (RO) did not have a clear understanding of their roles and duties as well. The SFC also found that TSCL failed to communicate its personal dealing policy applicable during the relevant period to all employees and ensure their compliance with it. 9. Four people charged following SFC and Police joint operation against securities fraud and illegal short selling Four suspects appeared at the Eastern Magistracy on 23 June 2023 charged with offences of fraud with alternative charge of illegal short selling following an earlier joint operation of the SFC and the Police against fraudulent activities in securities transactions and illegal short selling. Suspicious trading activities during an intensive investigation of suspected ramp-and-dump activities were discovered which were found to involve suspected money laundering and other fraudulent activities, the case was referred to the Police. 10. SFC obtained disqualification orders against former directors of National Agricultural Holdings Limited The SFC had obtained disqualification orders in the Court of First Instance against a former executive director Mr Liu Yong, and two former independent non-executive directors, Ms Kathy Chiu Kam Hing and Mr William Fan Chung Yue of National Agricultural Holdings Limited (NAH). Liu was disqualified for three years while Chiu and Fan for 20 months from being any director, liquidator, or receiver or manager of any corporation in Hong Kong including NAH or any of its subsidiaries and affiliates. The Court proceedings followed the SFC’s investigations into allegations of a series of misconduct orchestrated by NAH’s controlling shareholder Parko (Hong Kong) Limited (Parko), the former chairman Mr Chen Li-Jun and three other senior officers of NAH (Chen and others) from 2015 to 2017. The orders were made having regard to the findings that Liu, Chiu and Fan had neglected or omitted to identify or rectify the misconduct of Chen and others. They also failed to raise concerns, queries or seek necessary information in relation to the significant and questionable transactions discovered in SFC’s investigation as above. For more details, please click on the title of the topic above. ================================= ~ Make It Right Today, Better Tomorrow ~ ================================= The Newsletter is for general information purpose only and is not intended to constitute legal or other professional advice. For enquiries, please email to support@complianceone.hk or call us at (852) 39550277 . Unit 1104, 11/F, 299QRC, 287-299 Queen's Road Central, Sheung Wan, Hong Kong Tel: (852) 39550277 www.complianceone.hk To unsubscribe, please simply reply with “ I don’t like to know more about Compliance ”.

The topics discussed in this monthly newsletter are as follows: ComplianceOne Newsletter - January 2024 The topics discussed in this monthly newsletter are as follows: 1. New TV drama “SFC in actions” highlights SFC’s enforcement work 2. SFC sets out three-year Strategic Priorities 3. SFC will commence circularisation exercise and internal control review on selected securities brokers 4. SFC issues guidance to eligible licensed corporations on participation in Wealth Management Connect scheme 5. SFC suspends Andy Wong Yeung for 10 months for failure in due diligence in client-supplied system (CSS) MARKET NEWS 1.New TV drama “SFC in Action" highlights SFC’s enforcement work On 10 Jan 2024, the SFC announced that it had teamed up with Radio Television Hong Kong (RTHK) to produce a new series of “SFC in Action (證義搜查線之騙局拼圖)”, a law-enforcement TV drama premiering on RTHK TV 31 starting 11 January 2024. Consisting of four half-hour episodes in Cantonese, the series recounts the SFC’s major enforcement cases in recent years, focusing on social media investment scams, ramp and dump schemes, insider dealing and market manipulation. It reveals the modus operandi of wrongdoers in the financial markets today and helps to alert the public to act with caution when making investment decisions. The true-to-life TV drama is the fourth series since 2010 to illustrate to the public prevalent investment scams and other market misconduct, to help them to avoid falling victim to these scams. As Ms Julia Leung, the SFC’s Chief Executive Officer, had said: “ Our market evolves with the times and technological advances, but the fundamental nature of investment scams and misconduct has not changed. ” After the premiere on RTHK TV 31, all four episodes can also be viewed on the SFC’s YouTube channel (Chinese version only). SIGNIFICANCE: As Mr. Christopher Wilson, the SFC’s Executive Director of Enforcement, said: “ Through action-packed dramatization of enforcement cases, the series delivers a clear message to the market and the public by showcasing the SFC’s relentless pursuit of wrongdoers and their misconduct. ” Moreover, by bringing these cases to life through TV and YouTube channels which are more accessible to the public at large, it helps bridge the gap between complex fraudulent schemes and ordinary experiences of the public, and ultimately attaining the aim of enhancing public alertness to these fraudulent activities. 2. SFC sets out three-year Strategic Priorities In a circular dated 23 Jan 2024, the SFC releases its three-year Strategic Priorities for 2024-2026, setting out its approach to developing Hong Kong’s securities markets, addressing risks and protecting investors. Making clear that the SFC is committed to continuing to facilitate market development as well as safeguarding the integrity and quality of the Hong Kong markets, in the coming three years, the SFC will strive to: Maintain market resilience and mitigating serious harm to our markets; Enhance the global competitiveness and appeal of the Hong Kong capital markets; Lead financial market transformation through technology and ESG; and Enhance institutional resilience and operational efficiency. Mr Tim Lui, the SFC’s Chairman, said: “ With this roadmap, the Commission is now better placed than ever to respond robustly and creatively to new regulatory challenges at home and abroad and to shape market developments. In particular, we are committed to playing an even more active part in further strengthening Hong Kong’s unique role as a gateway to the Mainland and positioning the city as an offshore hub for RMB businesses and risk management, as well as supporting national development and safeguarding financial security. ” Ms Julia Leung, the SFC’s Chief Executive Officer, said: “ The Commission would be on a stronger footing to keep investors out of harm’s way and bring wrongdoers to justice when financial crimes nowadays come in any shape and form, as well as to bring the full range of resources and tools at its disposal to achieve positive regulatory outcomes. ” SIGNIFICANCE: The statements from seniors of the SFC can be conceived of its duo purposes of determination to develop the financial edges of Hong Kong being in vicinity to Mainland China while enforcing the regulatory side of combating the complex financial fraudulent malpractices and bringing wrongdoers to justice. 3. SFC will commence circularisation exercise and internal control review on selected securities brokers The SFC announced in the circular dated 23 Jan 2024 that it will commence in February 2024 a circularisation exercise on clients’ accounts of selected securities brokers and an internal control review of these brokers’ safeguarding of client assets (collectively the “ Exercise ”). The SFC has engaged KPMG Advisory (Hong Kong) Limited (KPMG) to assist with the Exercise, which includes obtaining direct written confirmation from selected clients. Some Key Takeaways: Client Asset Protection Client asset protection is always a top priority of the SFC in supervising licensed corporations (LCs). The SFC also conducts regular circularisation exercises such that both the SFC and brokers’ management could obtain direct confirmations from clients on their account positions and identify any potential misconduct such as unauthorised trading and misappropriation of client assets. Circularisation exercise To facilitate the conduct of the circularisation exercise, brokers are reminded to ensure that their clients’ personal information is accurate and up-to-date, including clients’ identities and contact details, clients’ account positions and balances, and finally the clients have to sign and return their replies directly to KPMG . Internal control review The review will cover brokers’ internal control systems that are designed to protect client assets, such as their controls over client information maintenance, clients’ money and securities reconciliation, as well as the distribution of account statements and trade documents. Moreover, brokers’ compliance with the expected regulatory standards will also be assessed with reference to the following SFC circulars: Review of internal controls for the protection of client assets and supervision of account executives and a self-assessment checklist issued on 19 December 2018; Third-party deposits and payments issued on 31 May 2019; Operation of bank accounts issued on 28 June 2021; and Managing the risks of business email compromise issued on 24 March 2022. SIGNIFICANCE: Brokers are expected to have effective and robust controls in place to protect client assets. Where appropriate, the SFC may share the findings of the Exercise with the industry. The previous time the SFC conducted similar exercises was in 2017, it will be a good time after a couple of years to assess if the brokers have taken substantial remedial measures in the interim to ensure compliance with the circulars given the deficiencies observed in the industry. Responsible Officers should make reference to these circulars again and have a self-assessment of the internal controls if they are implemented to the standards expected of the SFC. 4. SFC issues guidance to eligible licensed corporations on participation in Wealth Management Connect scheme The SFC issued a circular on 24 Jan 2024 setting out the eligibility criteria and guidance for licensed corporations (LCs) to participate in the Cross-boundary Wealth Management Connect Pilot Scheme (跨境理財通) (WMC Scheme) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Eligible brokers’ participation in the WMC Scheme was made possible by the revised Implementation Arrangements published the same date by the People’s Bank of China for the Cross-boundary WMC Pilot Scheme in the GBA (Implementation Rules) . In the other revised arrangements, the individual investment quota is increased to RMB 3 million while the product scope is expanded to include funds with higher risk ratings. The revised Implementation Rules will take effect on 26 February 2024. LCs interested in participating in the WMC Scheme should submit applications to the SFC in the form as a business plan with a self-assessment report certified by their Manager-in-Charge (MIC) – Overall Management Oversight, MIC – Compliance and head of internal audit function, to demonstrate its operational readiness. Precisely, the LCs should have: (i) been licensed for Type 1 regulated activity, (ii) paid-up capital and shareholders’ funds of not less than HK$100 million, (iii) at least three years of experience in distributing funds and/or bonds, (iv) transaction volume of not less than HK$500 million during any 12-month period in the past three years, (v) adequate systems of control, and (vi) partner with one or more eligible Mainland broker when providing services under the WMC Scheme. SIGNIFICANCE: The view of the SFC is positive and optimistic as Ms. Julia Leung, Chief Executive Officer of the SFC, said “ The enhancements mark a major milestone in the expansion of the WMC Scheme to deepen and broaden Hong Kong’s financial integration with the Greater Bay Area. ” And she further added that “ eligible brokers’ participation in the Scheme does not only open up new opportunities to the industry, but also broaden the reach of the Scheme to new customer base. ” Interested LCs should note that they may only conduct business activities under the Southbound Scheme, the Northbound Scheme or both upon receiving the no objection notification from the SFC after submission of the business plan and a self-assessment report. To assist the LCs, the SFC has made it clear that interested LCs are encouraged to notify and discuss their business plan with their case officer in the SFC in advance should they wish to participate in the Cross-Boundary WMC. ENFORCEMENT NEWS 5. SFC suspends Andy Wong Yeung for 10 months for failure in due diligence in CSS In an announcement on 9 January 2024, the SFC had suspended Mr Andy Wong Yeung, former responsible officer (RO), manager-in-charge (MIC) of key business line and overall management oversight and director of City International Futures (Hong Kong) Limited (CIFHKL), for 10 months from 9 January 2024 to 8 November 2024. The disciplinary action follows the SFC’s sanctions against CIFHKL for its failures in complying with anti-money laundering and counter-terrorist financing (AML/CFT) and other regulatory requirements between March 2016 and October 2018. The SFC considers that CIFHKL’s failures were attributable to Wong’s failure to discharge his duties as an RO and a member of the senior management of CIFHKL during the material time. The SFC’s investigation found that CIFHKL, without conducting adequate due diligence, was unable to properly assess and manage the AML/CTF and other risks associated with permitting its clients to use client supplied systems (CSSs) in placing orders. The SFC also found that CIFHKL failed to conduct proper enquiries on client deposits which were incommensurate with the clients’ declared financial profiles and establish effective ongoing monitoring system to detect and assess suspicious trading patterns in client accounts. SIGNIFICANCE: The case reiterates the severe and potential regulatory risks in allowing the use of CSS from the client side where proper due diligence cannot be executed to ensure a satisfactory compliance standard! It can also be observed that cases of this category were always associated with client deposits were incommensurate with the clients’ declared wealth status which posed high AML/CTF risks to the LCs. For more details, please click on the title of the topic above. ================================= ~ Make It Right Today, Better Tomorrow ~ ================================= The Newsletter is for general information purpose only and is not intended to constitute legal or other professional advice. For enquiries, please email to support@complianceone.hk or WhatsApp us at (852) 95164607 . Unit 1104, 11/F, 299QRC, 287-299 Queen's Road Central, Sheung Wan, Hong Kong Tel: (852) 39550277 www.complianceone.hk

為規管虛擬資產場外交易 (Virtual Asset OTC)， 香港政府擬根據《打擊洗錢及恐怖分子資金籌集條例》(第615章) (《打擊洗錢條例》)設立虛擬資產場外交易服務提供者發牌制度。我們就此準備了簡易的說明。 虛擬資產場外交易的發牌事宜 [Mar 2024] 為規管虛擬資產場外交易 (Virtual Asset OTC)， 香港政府擬根據《打擊洗錢及恐怖分子資金籌集條例》( 第6 1 5 章) (《打擊洗錢條例》)設立虛擬資產場外交易服務提供者發牌制度。財經事務及庫務局(財庫局) 已在2024年2月8日展開公眾諮詢。公眾諮詢為期兩個月至2024年4月12日。 根據政府的數字，全港約有200多間實體虛擬資產場外交易店 (包括以自動櫃員機操作的場外交易)正在運作，以及約有 200多個數碼平台或活躍網上貼文在 提供虛擬資產買賣服務。這些業務日後將需要申請發牌並受到監管。 監管原則: 香港政府在2022年10月曾發表《有關香港虛擬資產發展的政策宣言》，表明在 「相同業務、相同風險、相同規則」 的原則下，政府致力就虛擬資產活動完善規管框架以及充分保障投資者。 適用人士: 1) 任何人如在香港 從事 有關任何虛擬資產現貨交易服務的業務 2) 或向香港公眾 積極推廣 提供虛擬資產場外交易服務 適用法例: 虛擬資產場外交易營運者須遵守《打擊洗錢條例》附表 2 所訂的打擊洗錢及恐怖分子資金籌集規定和其他規管要求，包括適當人選準則及其他海關關長認為相關的因素。 業務模式: 實體店 (包括自動櫃員機) 或數碼平台。 豁免發牌: 1) 個人與個人 (peer-to-peer) 之間的虛擬資產買賣 2) 已獲發牌的虛擬資產交易平台、持牌法團、認可機構和穩定幣發行人 其他規管要求: 1) 只可涵蓋在至少一所獲證監會發牌的虛擬資產交易平台上供零售投資者交易的代幣 (現時只有 比特幣(BTC) 和 以太幣(ETH) )，以及在擬議穩定幣發行人發牌制度落實後，獲香港金融管理局(金管局) 發牌的發行人所發行的 穩定幣 ; 2) 所有使用的錢包及帳戶都需要海關關長登記; 3) 在指定條件下才可以進行匯出; 4) 與打擊洗錢相關的規定: (i) 委任合規主任和洗錢報告主任; (ii) 具體相關資格／知識和經驗的高級管理層; (iii) 業務穩健; (iv) 具有操守; (v) 風險管理; 及 (vi) 備存記錄。 不容許的業務: 1) 由一種虛擬資產轉換另一種虛擬資產的交易; 2) 直接或間接保管／暫存顧客的虛擬資產; 3) 任何形式的虛擬資產顧問或轉介服務; 4) 提供虛擬資產衍生工具或其他金融產品 (包括但不限於質押、借貸及保證金交易)。 牌照期限和過渡期: 1) 牌照期限: 兩年 2) 過渡期: 不設「被當作已獲發牌」 或 設有「被當作已獲發牌」 以上資料只為立法建議的一部份，我們需要等到完成整個立法流程才會正式生效，我們估計此監管框架最快可在2024年年底至2025年年中啟動發牌的程序。 資料參考: 有關規管虛擬資產場外交易的立法建議-公眾諮詢 (財經事務及庫務局) https://www.fstb.gov.hk/fsb/tc/publication/consult/doc/VAOTC_consultation_paper_tc.pdf 天匯合規顧問有限公司 2024年3月27日

ComplianceOne guides client to successful SFC approval for Virtual Asset dealing services and Virtual Asset advisory services 天匯合規協助客戶獲香港證監會批准虛擬資產交易及諮詢服務牌照 天匯合規顧問有限公司(「天匯合規」)近日成功協助一家持牌法團（以下簡稱「該持牌法團」）獲得香港證券及期貨事務監察委員會（以下簡稱"證監會"）批准，取得採用綜合帳戶安排提供虛擬資產交易服務（RA1-VA）及虛擬資產諮詢服務的（RA4-VA）牌照。該持牌法團於2024年12月提交申請，並於2025年8月正式獲證監會批准。 該持牌法團成立於2022年香港金融市場快速增長時期，由一群在證券交易、資產管理和投資銀行領域經驗豐富的資深金融專業人士創立，致力於為零售及企業客戶提供機構級專業金融服務。公司專注於離岸債券發行與承銷業務，提供包括產品結構設計、發行執行、銷售分銷及二級市場交易等一站式服務。 此次拓展香港虛擬資產業務版圖的戰略決策，源於該持牌法團對香港政府積極推動虛擬資產金融創新的深度認同。隨著香港在虛擬資產交易平台、穩定幣發行及Web3.0發展路線圖等領域監管框架的政策日益明確，這片市場正展現出巨大的增長潛力。該持牌法團旨在通過提供完善的虛擬資產解決方案，進一步拓寬現有業務範圍，增強市場競爭力。 天匯合規作為該持牌法團的合規顧問，為此項目提供了全方位的合規服務，包括申請資格評估、合規諮詢、內部控制流程設計，以及協助回應香港證監會對牌照申請的質詢。由合夥人Tao Wong和Tommy Chung帶領的合規諮詢團隊，專注於香港金融牌照申請、反洗錢系統建設及多元合規諮詢服務。過去八年間，天匯合規已成功協助近百間機構取得持牌法團牌照，並為數百家金融持牌法團提供各類合規諮詢服務，奠定了其在香港合規領域的領先地位。 該持牌法團與天匯合規特別感謝香港證監會在申請過程中給予的關注與支援。 ComplianceOne guides client to successful SFC approval for Virtual Asset dealing services and Virtual Asset advisory services ComplianceOne Consulting Limited (“ComplianceOne”) assisted a licensed corporation (the “LC”) in their recent successful application for provision of virtual asset dealing services under an omnibus account arrangement (RA1-VA) and virtual asset advisory services (RA4-VA) from the Securities and Futures Commission of Hong Kong (“SFC”). The LC submitted its application in December 2024 and obtained the approval from the SFC in August 2025. The LC was established in 2022 in Hong Kong during a period of rapid growth in Asia’s financial markets. The company was founded by a group of seasoned financial professionals with extensive experience in securities trading, asset management, and investment banking, aiming to provide institutional-grade service to retail and corporate clients. The LC specializes in offshore bond issuance and underwriting, providing end-to-end services including product structuring, issuance execution, sales distribution, and secondary market trading. The LC was motivated to expand into this new business venture in Hong Kong to strategically capitalize on the government's proactive initiatives fostering virtual asset-related financial activities. With clear regulatory support for developments such as virtual asset trading platforms, stablecoin issuance, and the Web3.0 roadmap, Hong Kong presents a significant growth opportunity. Concurrently, the LC seeks to broaden its existing business lines and enhance its competitive position by offering clients a more comprehensive suite of services, including robust virtual asset (VA) solutions. ComplianceOne served as the compliance consultant for the LC, providing comprehensive compliance services for this project. This includes offering assessment of the application, compliance advisory consultations, designing internal control processes, and assisting in responding to inquiries from SFC of Hong Kong regarding the LC‘s license application. The compliance advisory team, led by the partners Tao Wong and Tommy Chung, focuses on financial license applications in Hong Kong, anti-money laundering (AML) systems, and various types of compliance consulting services. Over the past eight years, ComplianceOne has successfully assisted dozens of companies in becoming licensed corporations and provided various types of compliance consulting services to hundreds of financial institutions, establishing itself as a leader in Hong Kong. The LC and ComplianceOne express special gratitude to the SFC for their attention and support during the application process.

The topics discussed in this monthly newsletter are as follows: ComplianceOne Newsletter – September 2022 ComplianceOne Newsletter – September 2022 The topics discussed in this monthly newsletter are as follows: 1. Auditors from the Public Company Accounting Oversight Board (PCAOB) reached Hong Kong on issues of continual listing of Chinese stocks in US 2. SFC-HKMA’s joint product survey shows increasing participation of intermediaries and investors 3. What should investors do if their broker plans to cease operation? 4. SFC suspends a responsible officer for breach of KYC and AML/CFT for eight months 5. Court sets pre-trial review date for unlicensed activities prosecution 6. Court dismisses challenge to SFC’s power of issuing restriction notices 7. SFAT affirms SFC decision to suspend hedge fund manager Christopher James Aarons 8. Thirteen people charged following SFC and Police joint operation against ramp-and-dump syndicate 9. Kindly Reminder: Climate-related Risk Disclosure by Fund Mangers MARKET NEWS 1. Auditors from the PCAOB reached Hong Kong on issues of continual listing of Chinese stocks in US A team of auditing experts had arrived in Hong Kong by the end of Sep 2022 with a mission to scrutinize the audit records of the Chinese stocks listed in the US exchanges, following the insistence from Washington that US officials should be given access to the accounts of the Chinese companies listed; or otherwise, these stocks will be forced to delist as early as 2023. Some important messages required to know: (1) The US inspectors were sent to Hong Kong with an aim at resolving the long-standing argument over the access to audit records of Chinese companies which are held in China and not accessible for national security reasons. (2) All the inspectors and investigators are from Public Company Accounting Oversight Board (PCAOB), which will select a couple of companies for inspection with targets like Alibaba, Yum Chin, JD.com etc. (3) The inspections are conducted in Hong Kong with the necessary documents transferred across the border from China in both paper and electronic forms. However , there are still obstacles to get full access the audit records as some may be deemed as "restricted data" not to be disclosed, especially for those “state owned enterprise” where most data is considered as “state secret”! Significance: Beijing and Washington need to reach a consensus on the listing issues as a big stake is involved there. The amount raised through the Chinese companies in the US was around US$85 billion through primary and secondary offerings. A more subtle issue here is the diverse opinion of interpreting what is considered as “state secret” and “confidential information”. The China Securities Regulatory Commission (CSRC) and the Securities and Exchange Commission (SEC), under the premise that "each is serving its own master", both sides have to hammer out a solution on a sustainable basis for benefits of investors on both sides. 2. SFC-HKMA’s joint product survey shows increasing participation of intermediaries and investors A joint survey of the SFC and the HKMA show that notwithstanding the continued pandemic and difficult market environment, the number of investors who purchased investment products increased 5% to 770,000. The total number of firms engaged in the sale of investment products increased slightly to 390. Major findings from the survey included: (1) Structured products ($2,385 billion or 48%) remained the predominant product type sold by firms, followed by collective investment schemes (CIS) ($1,491 billion or 30%) and debt securities ($818 billion or 16%). (2) The total transaction amount of equity-linked structured products increased by 5% to $1,674 billion; while the sales of authorized CIS helped drive the 5% increase in the overall transactions in CIS to $1,491 billion. (3) Weighed down by uncertainties in interest rates outlook, the total transaction amount for debt securities dropped 23% to $818 billion. (4) A total of 70 firms used online platforms to distribute investment products, up 21% from the last survey. CIS remained the most popular product type, accounting for 91% of total online sales. The survey reveals increased retail participation in the investment market, notwithstanding the difficult market environment, and an increasing trend for firms to use online platforms for distribution,” and provides more useful information for regulators to better serve the interests of the retail investors. Significance: The findings reveal the resilience of the HK financial market and the observation that investors become more mature after the painful experience of crucial episodes especially after the 2008 credit default crisis. From the regulatory aspect, “this joint product survey strengthens the supervisory collaboration between the SFC and the HKMA, and enhances surveillance of the market by the regulators,” as added by Mr. Arthur Yuen, Deputy Chief Executive of the HKMA. 3. What should investors do if their broker plans to cease operation? Despite the SFC grants licences to intermediaries every year, there are still some licensed intermediaries which are determined to cease operation for their own business reasons. Here below are some useful hints investors concerned are supposed to know. Under the existing regulatory regime, intermediaries are required to maintain segregated client accounts to separate clients’ assets from their own asset. If a broker plans to cease operation, it is general practice to give advance notice to its clients of the subsequent arrangements, including things like the date where the services is to be terminated, the procedures of asset withdrawal, and the transfer of money back to designated banks of the clients. Clients should liaise with the broker about transferring the outstanding holding of stocks to any of their accounts maintained with other brokers. In order to facilitate the process, clients are advised to contact the broker, and to update their contact details such that the broker can keep them abreast of any remedial procedures. Under the circumstances where the broker cannot reach the its clients, the broker will apply for payment of the clients’ assets into the court under the Trustee Ordinance; and it incurs additional costs in terms of time and money for the broker and the clients themselves. ENFORCEMENT NEWS 4. SFC suspends a responsible officer for breach of KYC and AML/CFT for eight months The SFC has suspended Mr. Tang Kai Shing, responsible officer (RO) and managing director of Rifa Futures Limited (Rifa), for eight months from 2 September 2022 to 1 May 2023 for breach of KYC, AML/CFT and other regulatory requirements between May 2016 and October 2018. The SFC considers Rifa’s breaches were attributable to Tang’s failure to discharge his duties as an RO and a member of senior management. The investigation found that Rifa, without conducting adequate due diligence, was unable to assess the above -mentioned risks associated with allowing its clients to use their client supplied system (CSS) in placing orders. Besides, Rifa was also found to have failed to conduct adequate ongoing monitoring of clients’ fund movements to ensure they were consistent with the clients’ business nature , risk profile and source of fund. Significance: It demonstrates again the fact that intermediaries permitting the clients in using their own CSS poses serious potential regulatory risks to the intermediaries per se. It can be observed that the use of CSS is usually associated with abnormal fund movements and trading pattern differing from the clients’ own risk profile for reason that the ultimate persons who originated the orders cannot be identified under the use of CSS. 5. Court sets pre-trial review date for unlicensed activities prosecution The Eastern Magistrates’ Court today fixed the pre-trial review date for prosecutions against Mr. Tony Choi Yick Man and Mr. Ma Yau Tim after they pleaded not guilty to charges by the Securities and Futures Commission (SFC) for unlicensed activities. The SFC commenced criminal proceedings on 30 June 2022 against Choi for carrying on a business in asset management without a SFC licence between 2010 and 2019 and Ma for aiding and abetting Choi’s unlicensed activity. The pre-trial review is scheduled for 27 October 2022. 6. Court dismisses challenge to SFC’s power of issuing restriction notices The Court of First Instance has dismissed a judicial review application against the SFC relating to restriction notices issued in an ongoing investigation into a suspected “ramp-and dump” scheme; the review was brought by Mr. Tam Sze Leung, Ms. Kong Chan and Ms. Lee Ka Lo, who sought to challenge the restriction notices issued by SFC to freeze their assets in various trading accounts held with certain licensed corporations. “We welcome the Court’s decision, said by SFC’s Chief Executive Officer, Mr. Ashley Alder; and he further stated that the “restriction notes” were important during the course of investigation to the SFC in carrying out its function under the SFO, and they enable the SFC to take immediate action to protect investors and the public interest. Significance: The decision of the Court was justified in the sense that the assets of the suspects might be the proceeds from their “ramp-and-dump” scheme. And the protection of the statutory power of the SFC entitled from SFO should not be challenged, or otherwise more upcoming judicial reviews will be expected afterwards. 7. SFAT affirms SFC decision to suspend hedge fund manager Christopher James Aarons The SFC has suspended Mr. Christopher James Aarons, responsible officer (RO) and chief executive officer of Trafalgar Capital Management (HK) Ltd . (Trafalgar), for two years by the Securities and Futures Appeals Tribunal (SFAT) followed administrative proceedings against Aaron in South Korea. The Korean regulatory authorities found that Aarons had breached Korean legislation by dealing in the shares of a securities company listed on the Korea Exchange (KRX) based on material non-public information in circumstances that prohibited such dealing. The information concerned a block trade of shares of the KRX-listed securities company which Aarons had obtained from a sell-side broker during a “market sounding” call. Aarons was not wall-crossed during the call with the broker, but he arranged a short swap in the company’s shares to take advantage of the information, and derived a profit of KRW337.3 million as a result. Significance: As Mr. Ashley Alder, the Chief Executive Officer of SFC, had said: “The SFAT’s determination sends an unmistakable message to the market that both sell-side brokers and buy-side participants have obligations to uphold market integrity by maintaining the confidentiality of non-public information on block trades or private placements during the market sounding process. Misuse of such information and individuals who abuse the process warrant severe sanctions! 8. Thirteen people charged following SFC and Police joint operation against ramp-and-dump syndicate Thirteen suspects were charged with various criminal offences following an earlier joint operation of the Securities and Futures Commission (SFC) and the Police against a sophisticated ramp-and-dump syndicate . The alleged syndicate members organized and executed “ramp-and-dump” schemes in the shares of two target stocks by using different social media platforms and manipulated the trading of a large volume of those shares through the use of a substantial number of nominee accounts. Prices of the target stocks were driven up to lure investors to purchase those shares after which the syndicate then disposed of their shares aggressively at a profit, and the prices drastically collapsed as a result of such profit-taking by the syndicate. Significance: It is obvious that such “ramp-and -dump” scheme to lure investors into purchasing the target stocks, together with the drastic plunge afterwards can never to tolerated in the eyes of the SFC, particularly from which the public interests of the general investors were adversely and severely jeopardized; and more importantly, the integrity and fairness of the financial market status of Hong Kong must be upheld at all times! A Kindly Reminder: Climate-related Risk Disclosure by Fund Mangers With amendment of the Fund Manager Code of Conduct, Fund Managers are required to take the climate-related risks into consideration in constructing their investment and risk management process, and make appropriate disclosure according and commensurate to nature of their funds. Key elements are as below: I. Governance II. Investment Management III. Risk Management IV. Disclosure Fund Managers have to bear in mind of the following timelines: (1) Submission in AUG 2022: for LARGE Fund Managers with AUM>HKD8 billion (2) Submission in NOV 2022: for Fund Managers with less AUM size Apart from Baseline Requirements, the LARGE Fund Managers have to comply with additional “Enhanced Standards” with respect to Risk Management and Disclosure. Fund Managers are supposed to follow the guidelines published by the SFC in fulfilling their obligations in climate-related risk disclosure while bearing in mind the following key hints: (1) Is the fund managed delegated with investment discretion, and the extent of discretion entitled to the Fund Manager (2) Are climate related risks “relevant and material” to the fund? Relevancy and Materiality determine how far and to what extent the Fund Manager has to comply with the applicable requirements (3) Is the Fund Manager “responsible for overall operation of the fund” (ROOF)? For more details, please click on the title of the topic above. ================================= ~ Make It Right Today, Better Tomorrow ~ ================================= The Newsletter is for general information purpose only and is not intended to constitute legal or other professional advice. For enquiries, please email to support@complianceone.hk or call us at (852) 39550277 . Unit 1104, 11/F, 299QRC, 287-299 Queen's Road Central, Sheung Wan, Hong Kong Tel: (852) 39550277 www.complianceone.hk To unsubscribe, please simply reply with “ I don’t like to know more about Compliance ”.

The topics discussed in this monthly newsletter for insurance are as follows: ComplianceOne Insurance Newsletter –April 2025 The topics discussed in this monthly newsletter are as follows: 1. IA releases provisional statistics of New Business Premiums for 2024 2. Hong Kong Welcomes New Captive Insurer, Strengthening Its Role as a Global Risk Management Hub 3. Process Review Panel conduct review on IA’s Internal Process in Enhancing its Operation 4. China Taping Former Manager Admit to Multi-Million Dollar Fraud Scheme Market News 1. IA releases provisional statistics of New Business Premiums for 2024 On 25 April 2025, IA has released its provisional statistics for 2024, revealing a robust year for Hong Kong’s insurance industry. Total gross premiums reached HK$637.8 billion, underscoring the sector’s resilience and growth. However, one of the most striking trends is the significant contribution of Mainland visitors to the market’s expansion. A summary of the provisional statistics is at Annex . Mainland Visitors: A Driving Force In 2024, new business premiums derived from Mainland visitors totaled HK$62.8 billion, marking a 6.5% increase from the previous year. This figure accounts for 28.6% of the total new office premiums for individual business, highlighting the critical role Mainland visitors play in Hong Kong’s insurance landscape. Policy Preferences : The majority of these policies were settled at regular intervals, with whole life, critical illness, and medical policies making up approximately 59%, 28%, and 5% of the total, respectively. This preference for long-term, protection-oriented products reflects the trust Mainland visitors place in Hong Kong’s insurance offerings. Market Share : The HK$62.8 billion in premiums from Mainland visitors is a testament to Hong Kong’s reputation as a premier destination for high-quality insurance products. Factors such as the city’s regulatory stability, diverse product range, and the perceived reliability of its insurers continue to attract Mainland buyers. Overall Market Performance The overall insurance sector (including PRC visitors above-mentioned) also demonstrated strong performance in 2024: Long Term Business : New office premiums (excluding Retirement Scheme business) surged by 21.4% to HK$219.8 billion, primarily fueled by Non-Linked individual business, which saw a 22.8% increase to HK$208.1 billion. In-Force Business : Total revenue premiums for in-force business rose by 11.4% to HK$537.4 billion, with claims and benefits paid to policyholders increasing by 6% to HK$352.5 billion. General Business : The general insurance sector thrived, with total gross premiums reaching HK$100.5 billion and an overall operating profit of HK$8.1 billion. SIGNIFICANCE: The IA’s data underscores the growing interdependence between Hong Kong’s insurance market and Mainland visitors. The sustained interest from Mainland visitors can be attributed to several factors: Product Diversity: Hong Kong offers a wide range of insurance products that may not be as readily available or competitively priced in PRC. Regulatory Trust: The city’s stringent regulatory framework, overseen by the IA, provides assurance of policyholder protection and market stability. Investment Opportunities: Many policies, particularly whole life and participating products, are seen as attractive long-term investment vehicles by Mainland buyers. As the sector continues to evolve, this relationship is likely to deepen, with Mainland buyers remaining a pivotal source of growth. The next update on Mainland visitor premiums will be released alongside the provisional statistics for the first half of 2025, offering further insights into this dynamic segment. 2. Hong Kong Welcomes New Captive Insurer, Strengthening Its Role as a Global Risk Management Hub On 2 May 2025, IA has authorized Wayfoong (Asia) Limited, a wholly-owned subsidiary of the HSBC Group, as Hong Kong’s newest captive insurer. This marks a historic moment as it is the first captive insurer established by a multinational enterprise based in Hong Kong, reinforcing its growing prominence as a global risk management center. What is a Captive Insurer? A captive insurer is a specialized insurance company created by a parent corporation to provide coverage for its own risks. Unlike traditional insurers, captives are designed to meet the unique needs of large businesses, particularly those with operations spanning multiple regions. They enable companies to: Customize risk coverage tailored to their specific operations. Enhance efficiency by managing risks internally. Optimize resources and potentially lower insurance costs. For multinational enterprises with a wide geographical footprint, captive insurers are a strategic tool to handle diverse and complex risks effectively. For more details of Captive Insurer: IA - Regulatory Requirements on Captive Insurers Government Backing The Hong Kong government has played a key role in this development by: Offering a 50% tax concession for local captive insurers, making the city more competitive. Collaborating with the insurance industry to promote diversified growth. SIGNIFICANCE: The arrival of Wayfoong (Asia) Limited as a captive insurer is a game-changer for Hong Kong, affirming its role as a global risk management hub and paving the way for future growth in the insurance sector. Mr. Christopher Hui, Secretary for Financial Services and the Treasury, welcomed the move, saying, “The decision of HSBC to set up a captive insurer here underscores its solid confidence and firm commitment in Hong Kong. Given the current global situation where risks take on new dimensions, we will continuously revisit our policy tools to attract more multinational enterprises.” Mr. Clement Cheung, CEO of the IA, stated, “This decision reflects our growing attractiveness and promising potential as a key captive domicile, leveraging the unique advantages of Hong Kong to facilitate multinational enterprises in managing their global operations.” IA News Updates 3. Process Review Panel conduct review on IA’s Internal Process in Enhancing its Operation On 29 April 2025, Process Review Panel for the IA (“ PRP ”) has published its 2024 Annual Report , offering valuable insights into the IA’s regulatory processes. Established in 2019, the PRP is an independent body dedicated to ensuring the IA’s internal procedures and operational guidelines remain fair, transparent, and efficient. The report reviews 20 selected cases from 1 January to 31 December 2023, covering licensing, complaint handling, and disciplinary actions. PRP’s Key Observations and Recommendations PRP highlighted areas for improvement while recognizing the IA’s progress in enhancing its operations. Here are the key points: Clear Timelines and KPIs Needed: The PRP observed inconsistencies in case handling times due to undefined timelines and Key Performance Indicators (“ KPIs ”). It recommends setting target timelines for all case types and establishing KPIs to track performance. Addressing Delays: Delays, linked to manpower shortages and high case volumes (e.g. over 2,600 CPD non-compliance cases), prompted the PRP to suggest continuous monitoring and process streamlining, such as returning incomplete applications promptly. Standardizing Disciplinary Processes: The IA’s framework for CPD non-compliance cases was praised, but the PRP advised extending standardized processes to other straightforward cases, like false qualifications, for greater consistency. Expanding the Disciplinary Panel (“ DP ”) Pool: The PRP proposed broadening the DP pool with expertise in areas like risk management and compliance to speed up complex case handling. Regular Review of Procedures: A formal mechanism for regularly updating operational guidelines was recommended to keep pace with regulatory changes. Positive Improvements: The PRP applauded the IA’s streamlined disciplinary workflows via the Disciplinary Executive Process (“ DEP ”) and improved document preparation for reviews, boosting efficiency and collaboration. IA’s Commitment to Improvement Progressive Implementation: Target timelines for licensing and KPIs for investigations and disciplinary actions will be introduced soon. Operational Enhancements: Staffing stabilization and automation (e.g. via the Insurance Intermediaries Connect platform) are in progress. Disciplinary Improvements: The DEP will be refined, and a tariff framework for common offenses will expedite resolutions. Regular Reviews: A biennial review cycle for key procedures will be maintained. SIGNIFICANCE: The 2024 Annual Report reinforces the PRP’s role in upholding the IA’s procedural integrity and efficiency. IA’s proactive response signals its dedication to continuous improvement, solidifying its status as a top-tier regulator. The PRP also invites feedback from the public and market participants—reach out to the PRP Secretariat at prpia@fstb.gov.hk Enforcement News 4. China Taping Former Manager Admits to Multi-Million Dollar Fraud Scheme On 15 April 2025, a former assistant manager at China Taiping Insurance (Hong Kong) Co., Ltd., 周銳坤 (“ CHAU ”) and three of his subordinates have admitted to defrauding the company of over HK$4.59 million through a scheme involving fake insurance policies. The group used puppet insurance agents and false policies to claim commissions and allowances. Background Between February 2021 and October 2022, CHAU allegedly used other people's names and paid approximately HK$3.48 million in premiums himself to submit nine fake insurance policies to China Taiping. He falsely claimed that his subordinates were the handling agents for these policies. This deception led the company to pay out over HK$4.59 million in commissions and allowances to the accounts of the four individuals. CHAU has admitted to nine counts of fraud. His three subordinates, each admitted to one count of money laundering. The case has been adjourned to June 11 for sentencing, with all defendants remanded in custody. One of the subordinates also confessed that she did not handle any policies and was paid by CHAU to facilitate the transfers. SIGNIFICANCE: This case underscores the importance of robust fraud detection and prevention measures in the insurance sector, as the financial and reputational fallout from such incidents can have lasting effects on a company’s operations and market position. Case Number: DCCC1163/2024 [End of ComplianceOne Insurance Newsletter – April 2025] For more details, please click on the title of the topic above. ================================= ~ Make It Right Today, Better Tomorrow ~ ================================= The Newsletter is for general information purpose only and is not intended to constitute legal or other professional advice. For enquiries, please email to support@complianceone.hk or WhatsApp us at (852) 95164607 . 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