Search this site

The topics discussed in this monthly newsletter are as follows: ComplianceOne Newsletter – Apr 2025 The topics discussed in this monthly newsletter are as follows: REGULATORY UPDATES The SFC Enforcement Reporter is back in action SFC sets out staking guidance for licensed VATPs and authorised VA funds MARKET NEWS A Revised grant scheme for Open-ended fund companies and Real estate investment trusts Uncertificated Securities Market Regime to be launched in early 2026 SFC and HKEX co-organise inaugural International Carbon Markets Summit ENFORCEMENT NEWS Interactive Brokers Hong Kong is Fined HK$4.2 Million for mishandling of Client Assets SFC Takes Disciplinary Action Against CSC Futures and Former Executive for Inadequate Due Diligence on Customer Supplied Sysytems Regulatory Updates 1. The SFC Enforcement Reporter is back in action In March, the SFC announced that the “Enforcement Reporter” is back in action again. A snapshot of focus on the highlights of the “New Market Scanning Initiative” and the “SFC & AFRC# Joint Statement and Enforcement Actions on Dubious Loans” are as follows. # Accounting and Financial Reporting Council (AFRC): The independent regulator of the accounting profession. A. New Market Scanning Initiative The SFC is of the view that early intervention is the key to prevent governance failures, and the Commission is leveraging the use of artificial intelligence (AI)-empowered analytics to: (i) identify red flags in listed companies engaged in money-lending activities including: e.g. granting substantial loans with insufficient due diligence and internal control; (ii) through the adoption of “Market Scanning Detection Model” and to engage with boards and audit committees to highlight key risk areas and governance concern before the issues are worsened. The goal is to prevent rather than to discipline , the SFC aims to achieve: (i) Early Intervention to identify, prevent and mitigate. (ii) Behavioural Change in management culture to take proactive steps to address issues. (iii) Market Confidence from investors through promoting transparency and accountability. B. SFC & AFRC Joint Statement and Enforcement Actions on Dubious Loans It was found that in recent years, corporate executive at listed companies may use loan arrangements to divert corporate funds to related parties which usually lack genuine commercial purpose, and not for interest of the company itself. In the light of this, the SFC and the AFRC had issued a joint statement in July 2023, signalling to the public their collaboration in addressing the trend in capital market in Hong Kong. The statement highlighted an observed increase in suspected misconduct by listed issuers using dubious loans, some red flags are: (i) Loans granted without sound commercial rationale. (ii) Poor Due Diligence with insufficient risk assessments or supporting documentation. (iii) Weak Internal Controls in managing loan approvals. The SFC & AFRC had set out some guidelines in addressing the issue of dubious loans with expected standards as below: (a) Expectation on Management (i) undergo effective vetting of loans; (ii) act with duty of good faith; (iii) ensure proper documentation; (iv) report material issues timely to the board. (b) Expectation on Audit Committees (i) ensure oversight of internal controls; (ii) ensure accurate financial reporting of the loans in the financial statements; (iii) engage with auditor to ensure a robust audit on the loans. (c) Expectation on Auditors (i) design responsive audit procedures to evaluate the effectiveness of internal controls over the loans granted; (ii) heighten professional scepticism when come across loans without proper commercial rationale; (iii) timely report any observed or suspected fraud to the audit committee. For more details of the highlights in the Reporter, please click Enforcement Reporter Returns . Source: Enforcement Reporter Returns of SFC 2. SFC sets out staking guidance for licensed VATPs and authorised VA funds The SFC provided on 7 April 2025, together with two additional circulars of regulatory guidance, to: (i) licensed virtual asset trading platforms (“ VATP ”s) on their provision of staking services; (ii) SFC-authorized funds with exposure to virtual assets (“ VA Funds ”) on their engaging in staking. “ Staking refers to the process of committing or locking client virtual assets for a validator to participate in a blockchain protocol’s validation process based on a proof-of-stake consensus mechanism, with returns generated and distributed for that participation ”. The SFC recognised the potential benefits of staking in enhancing the security of blockchain networks and allowing investors to earn yields on virtual assets within a regulated market environment . The guidelines allow VATPs to expand the product and service offerings which are in line with one of the five pillars (“ Products ” as one of the Pillar P ) set out in the “ ASPIRe ” roadmap to develop the VA ecosystem in Hong Kong. In the circular to VATPs, clear guidance is provided to licensed platforms when providing staking services. To further protect investors, VATPs should maintain measures to prevent any errors associated with provision of the services, to safeguard the staked client virtual assets, and ensure proper risks disclosure of staked assets to investors. Also, VATPs interested in providing staking services have to acquire SFC’s prior written approval, and be subject to specific conditions imposed by the SFC. The “ Terms and conditions for providing staking services ” have already been enclosed as Appendix in the relevant circular for reference to interest parties. In the revised circular on SFC-authorized VA Funds to facilitate their engagement in staking, these funds are required to stake virtual assets holdings only through SFC-licensed VATPs or authorized institutions, and be subject to a cap to manage the liquidity risk. Also, the VA Funds have to seek prior consultation with and approval of the SFC before engaging in VA-related staking activities. SIGNIFICANCE: The perspective of SFC is clear as Ms Julia Leung, the SFC’s CEO, has said, “ Broadening the suite of regulated services and products is crucial to sustain the healthy advancement of Hong Kong’ s virtual asset ecosystem ”; yet she also added that such mission should be done in a regulated environment to safeguard clients’ interests in virtual assets in order to uphold the compliance framework. Market News 3. A Revised grant scheme for Open-ended fund companies and Real estate investment trusts Since the launch of the grant scheme in May 2021, which gained overwhelming industry support for its vision to support the setting up of open-ended fund companies (“ OFC ”s) and real estate investment trusts (“ REIT ”s) in Hong Kong, the SFC has recorded a strong growth in the number of OFCs. As of the end-February 2025, the number of OFCs in Hong Kong was recorded with a year-over-year increase of 81% to 502, among which 430 OFCs and one REIT have benefitted from the grant scheme. In the light of keen industry demand, the Hong Kong Government announced in the 2024-25 Budget with an extension of the grant scheme for another three years to 2027 to facilitate continued development of the industry and adoption of OFC structure in Hong Kong. In order to benefit more participants, the eligibility criteria of the grant scheme have been adjusted. With effect from 11 April 2025 , for OFCs incorporated in or re-domiciled to Hong Kong and any SFC-authorized REITS newly listed on the Stock Exchange of Hong Kong Limited, they will be subject to the following criteria under the “adjusted” grant scheme (the “ New Scheme ”): The New Scheme will cover 70% of eligible expenses paid to HK-based service providers with a cap of HKD300,000 for a public OFC ( down from HKD1 million before ), HKD150,000 for a private OFC ( down from HKD500,000 ) and HKD5 million ( down from HKD8 million ) for a REIT, with a maximum of one OFC per investment manager. Details of the eligibility criteria of the New Scheme are set out in the Attachment under the circular. SIGNIFICANCE: It should be noted that a “ first-come-first-served ” basis is adopted by the grant scheme, and the scheme will expire when the funding is fully disbursed or in May 2027, whichever is earlier. Upon full utilisation of the funding, an applicant may not receive a grant at all or may only receive less than the original eligible grant amount. Despite reduction in subsidies, the scheme undoubtedly continues to help sustain the momentum of the development of the OFC and REIT regimes in Hong Kong. 4. Uncertificated Securities Market Regime to be launched in early 2026 The SFC is pleased to announce the enactment of all necessary legislation to get readiness for implementation of the uncertificated securities market initiative (“ USM ”) in early 2026. From recent consultations during previous years, the SFC found that the launch of USM gained wide support from market participants and investors as the USM not only increases efficiency in the securities market and also provides better protection and trading convenience to investors. A dedicated USM webpage is introduced to provide one-stop access to all useful information with FAQs for illustrations. Among the key changes under USM are: (i) for newly listed securities , they will have to be in paperless form upon listing, securities in paper form are no longer available to investors; (ii) for existing securities , paper certificates will not be invalidated. Yet, each issuer has to take steps to ensure investors can hold and transfer the securities in their own names without paper before a specific deadline after which the issuers will no longer be able to issue new paper certificates. The SFC is working with Hong Kong Exchanges and Clearing Limited (“ HKEX ”) and the Federation of Share Registrars Limited (“ Federation of Share Registrars ”) on a detailed five-year implementation timetable which will cover around 2,500 issuers from Hong Kong, Mainland China, Bermuda and Cayman Islands for a gradual participation in the USM scheme. SIGNIFICANCE: The USM provides an efficient means for investors to hold and manage securities in their own names electronically, using platforms that are operated by approved securities registrars and connected to systems of Hong Kong Securities Clearing Company Limited (“ HKSCC ”). Precisely, under the USM : (i) investors hold legal title to securities but in uncertificated form; (ii) investors enjoy full shareholder rights directly and can transfer and manage their securities electronically online; (iii) enables a faster and more efficient processing, effecting of transfers as quickly as within the same business day; (iv) this option is available to all investors, regardless of how they currently hold their securities. Source: Uncertificated Securities Market | Securities & Futures Commission of Hong Kong of SFC 5. SFC and HKEX co-organise inaugural International Carbon Markets Summit The SFC and HKEX co-organized the inaugural International Carbon Markets Summit in Hong Kong, signalling as a pioneer in hosting this kind of Summit in Hong Kong. More than 200 participants with representatives from local and overseas regulators, carbon trading venues, corporates and investors attended the forum. Key takeaways in discussion are: (i) the challenges in scaling global voluntary carbon markets; (ii) expansion of cross-border carbon transactions; (iii) the role of technology in facilitating linkages. Below is a concluding highlight from Ms. Julia Leung, the SFC’s CEO: “ Today marks the start of a collaborative effort where stakeholders across the carbon market ecosystem come together to discuss the scaling of voluntary carbon markets. Adhering to best practices and international principles is fundamental to building a harmonized, credible and transparent carbon market ecosystem. ” Enforcement News 6. Interactive Brokers Hong Kong is Fined HK$4.2 Million for mishandling of Client Assets SFC has reprimanded and fined Interactive Brokers Hong Kong Limited (“ IBHK ”) HK$4.2 million for regulatory breaches in relation to the handling of client assets. Key Findings Between December 2017 and October 2020, IBHK loaned client securities worth approximately HK$586 billion without valid standing authorities, affecting 7,911 clients. The issue arose due to a programming error that prevented the distribution of renewal notices for Client Securities Standing Authority (“ SLOA ”) documents, which are required to remain valid for no more than 12 months under the Securities and Futures (Client Securities) Rules (“ CSR ”). IBHK's system was designed to send renewal notices to clients to extend the validity of SLOAs. However, a staff error in December 2017 left updated notice templates inactive, halting their distribution. As a result, IBHK relied on expired authorities to lend securities listed on the Stock Exchange of Hong Kong (“ SEHK ”) under a securities borrowing and lending agreement. Remedial Actions Upon discovering the error on 27 October 2020, IBHK promptly activated the revised templates and obtained updated standing authorities from clients by Q2 2021. Further remedial actions included: Distributing renewal notices every 11 months to ensure timely renewals. Removing expired or deactivated templates to prevent future errors. Enhancing its compliance assurance program to ensure accurate and timely notice distribution. IBHK confirmed that no clients suffered financial losses due to the incident. SFC's Decision SFC considered IBHK’s self-reporting, remedial efforts, cooperation, and the absence of deliberate misconduct or client harm in determining the sanction. The fine and reprimand underscore the importance of robust compliance systems to protect client assets and adhere to regulatory standards. SIGNIFICANCE: This enforcement action serves as a reminder for licensed entities to maintain rigorous internal controls and ensure compliance with client asset protection rules. The SFC continues to prioritize investor protection and market integrity through vigilant oversight. For more details, please refer to the Statement of Disciplinary Action from the SFC. 7. SFC Takes Disciplinary Action Against CSC Futures and Former Executive for Inadequate Due Diligence on Customer Supplied Systems SFC has taken disciplinary action against CSC Futures (HK) Limited and its former responsible officer, Mr. KAO Cheng Yung, for compliance failures occurring between January 2017 and December 2018. These failures were attributed to Mr. KAO’s inability to effectively discharge his duties as a responsible officer and member of senior management. Key Findings The compliance issues centred on two key areas: inadequate due diligence on customer supplied systems (“ CSSs ”) and insufficient monitoring of client accounts for suspicious activities. 1. Customer Supplied Systems : CSC permitted 100 clients to use their own trading software without proper oversight. Specific shortcomings included: Allowing CSSs, such as Xinguanjia , which enabled sub-accounts, potentially facilitating unlicensed trading and increasing money laundering risks. Conducting only compatibility checks, neglecting to assess the software’s features or associated risks. 2. Client Account Monitoring : CSC also failed to implement an effective system to detect suspicious activities in client accounts. Notable lapses were: Lacking procedures to ensure deposits aligned with clients’ declared financial profiles. Failing to investigate suspicious deposits in five client accounts that were disproportionate to their declared financial situations. SFC's Decision As a result, SFC has imposed a six-month prohibition on Mr. KAO from engaging in regulated activities, effective from 19 April 2025 to 18 October 2025, and fined CSC Futures $4.95 million. In determining these sanctions, the SFC weighed the seriousness of the failures against Mr. KAO’s otherwise clean disciplinary record. SIGNIFICANCE: The SFC concluded that these failures breached the Code of Conduct and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, demonstrating a lack of due skill, care, and diligence, as well as inadequate internal controls. This enforcement action emphasizes the vital role of robust compliance systems in preventing financial crimes and upholding the integrity of Hong Kong’s financial markets. For more details, please refer to the Statement of Disciplinary Action from the SFC. [End of ComplianceOne 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 . Unit 1104, 11/F, 299QRC, 287-299 Queen's Road Central, Sheung Wan, Hong Kong Tel: (852) 39550277 www.complianceone.hk

This article delves into the ongoing obligations of LCs under the SFC, focusing on AML requirements, the pivotal role of ongoing monitoring, and the severe consequences of non-compliance. Ongoing AML Obligations of SFC Licensed Corporations In Hong Kong, the Securities and Futures Commission (“ SFC ”) is the cornerstone of financial regulation, overseeing the securities and futures markets to ensure their integrity and stability. Licensed Corporations (“ LCs ”), which are entities authorized by the SFC to conduct regulated activities, face stringent compliance obligations to uphold these standards. Among these, Anti-Money Laundering (“ AML ”) requirements are particularly critical, given the global emphasis on combating financial crimes. This article delves into the ongoing obligations of LCs under the SFC, focusing on AML requirements, the pivotal role of ongoing monitoring, and the severe consequences of non-compliance. 1. AML Requirements for Licensed Corporations AML encompasses a set of laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income. In Hong Kong, the SFC enforces these standards through the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Corporations and SFC-licensed Virtual Asset Service Providers) , which outlines comprehensive requirements for LCs to mitigate money laundering and terrorist financing (“ ML/TF ”) risks. The following table summarizes the core AML obligations for LCs: Requirement Description AML/CFT Systems LCs should implement systems and controls proportionate to identified ML/TF risks, approved by senior management, and regularly reviewed. Customer Due Diligence (“CDD”) Before establishing business, relationships or conducting transactions above HK$120,000 (or HK$8,000 for wire transfers), LCs must verify customer identities, understand their business, and assess the purpose of establishing the business relationship. Suspicious Transaction Reporting LCs should report transactions suspected of involving ML/TF to the Joint Financial Intelligence Unit ("JFIU”). Record-Keeping Records of CDD, transactions, and related documents must be maintained for at least five years after the business relationship ends or transaction completes. Risk-Based Approach (“RBA”) LCs should assess institutional and customer risks to tailor their AML/CFT measures, ensuring higher scrutiny for high-risk scenarios. 2.1 Ongoing Monitoring Functions Ongoing monitoring is a cornerstone of AML compliance, ensuring that LCs can detect and respond to potential ML/TF activities in real time. The SFC mandates that LCs continuously monitor their business relationships and transactions to ensure consistency with their knowledge of customers, their business activities, and risk profiles. The following table outlines the key ongoing monitoring obligations: Continuous Review Regularly update customer information to ensure it remains relevant and accurate. Transaction Scrutiny Monitor transactions for consistency with customer profiles, flagging complex, unusually large, or unusual patterns lacking apparent economic or lawful purpose. CDD Record Reviews Conduct periodic reviews of CDD records, with annual reviews (or more frequent) for high-risk customers like PEPs. Systematic Monitoring Implement systems to monitor transactions, tailored to the LC’s size, complexity, and risk profile, providing timely data to relevant staff. System Effectiveness Regularly review and validate transaction monitoring systems, including parameters and thresholds, to ensure adequacy. 2.2 Enhanced Monitoring for High-Risk Customers For high-risk customers, LCs must apply enhanced measures, including obtaining senior management approval, establishing the source of wealth and funds, and conducting more frequent monitoring. SFC also requires LCs to use reliable data sources, such as publicly available information or commercial databases, to identify PEPs, while acknowledging the limitations of such databases. 3.1 Penalties for Non-Compliance with AML Guidelines Non-compliance with AML regulations carries significant consequences, reflecting the SFC’s commitment to maintaining a robust financial system. The Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (“ AMLO ”) and SFC’s Disciplinary Fining Guidelines outline the penalties for violations. The following table summarizes the consequences of AML non-compliance: Fines: Up to HK$10 million or three times the profit gained from non-compliance, whichever is higher. Regulatory Actions: Restrictions on business activities, license suspension, or revocation. 3.2 Enforcement Examples SFC recently took disciplinary action against CSC Futures (HK) Limited (“ CSC ”) and its former responsible officer (“ RO ”), highlighting critical failures in AML compliance, including ongoing monitoring obligations. SFC’s investigation, covering the period from January 2017 to December 2018 (the Relevant Period), uncovered two primary areas of non-compliance by CSC, with ongoing monitoring being a significant focus: Inadequate Due Diligence on Customer Supplied Systems Failure in Ongoing Monitoring of Client Accounts Disciplinary Action For LC: A HK$4.95 million fine and a public reprimand, signaling reputational damage and financial loss. For RO: A six-month industry ban, reflecting personal accountability for oversight failures. SFC emphasized that such lapses undermine market integrity and public confidence, necessitating strong deterrence. For more details of the case, please refer to SFC – Enforcement News 4.1 Our Solution for Ongoing Monitoring Effective ongoing monitoring relies heavily on technology to process large volumes of data and identify risks promptly. It is recommending LCs to implement systems that can integrate with existing infrastructure, provide real-time updates, and support holistic monitoring across multiple accounts and business lines. This is where Screen-X AML/CRM Solutions excel. We recognize the complexities faced by licensed corporations in meeting the continuous monitoring requirements of SFC. Screen-X AML/CRM Solutions — supported by data from the globally authoritative database Acuris Risk Intelligence and developed with input from and ComplianceOne Consulting Limited — provides a set of efficient and compliant AML solutions. It also supports API connections, is easy to operate, and offers seamless API integration, flexibly adapting to the compliance needs of institutions of different sizes. 4.2 Key Features of Screen-X AML/CRM Solutions The following table highlights how our solution supports ongoing monitoring: Feature Benefit Global Blacklist Matching Automatically checks customers against over 1.4 million PEPs and 5 million high-risk records, ensuring comprehensive risk identification. Real-Time Updates Sanctions updated within 30 minutes, PEPs within 24 hours, keeping data current. Adverse Media Monitoring Curated articles in native languages using advanced technology and human intelligence to detect reputational risks. Company Credit Reports Provides credit reports on approximately 200 million limited companies to assist in due diligence. API Integration Seamless integration with existing systems for real-time monitoring and data exchange. High Data Growth Adds up to 40,000 high-risk profiles monthly, ensuring coverage of emerging risks. Historical Data Access 16 years of historical data for in-depth risk analysis. Screen-X AML/CRM Solutions provide a powerful tool for LCs to navigate this regulatory landscape. With features like real-time blacklist matching, adverse media monitoring, and seamless API integration, our platform enables LCs to meet SFC requirements efficiently while focusing on their core business activities. By leveraging advanced technology, LCs can not only ensure compliance but also enhance their risk management capabilities, safeguarding their operations and reputation in Hong Kong’s dynamic financial market. 5.2 Conclution The ongoing obligations of LCs, particularly in the realm of AML compliance, are both complex and critical. Implementing effective AML/CFT systems, conducting thorough CDD, and maintaining rigorous ongoing monitoring are essential to prevent financial crimes and uphold regulatory standards. The severe penalties for non-compliance—ranging from substantial fines to license revocation—emphasize the need for LCs to prioritize these obligations. Screen-X AML/CRM Solutions provide a powerful tool for LCs to navigate this regulatory landscape. With features like real-time blacklist matching, adverse media monitoring, and seamless API integration, our platform enables LCs to meet SFC requirements efficiently while focusing on their core business activities. By leveraging advanced technology, LCs can not only ensure compliance but also enhance their risk management capabilities, safeguarding their operations and reputation in Hong Kong’s dynamic financial market. For more information on how our solutions can support your AML compliance needs, visit EDON website . Any further assistance with other Compliance inquiries, please visit: https://www.complianceone.hk/ongoingcompliancesupportservice

The SFC issued a circular highlighting the observed unsatisfactory behaviours of licensed corporations (“LCs”) and the expected statutory obligations and standards of conduct throughout the inspection process. Statutory Obligations during SFC Inspection (February 2026) On 29 January 2026, the Securities and Futures Commission (“ SFC ”) issued a circular stating the observed unsatisfactory practices and behaviours of Licensed Corporations (“ LCs ”) and reminding the LCs on their statutory obligations and expected standards of conduct throughout the inspection process. LCs Unsatisfactory Practices and Behaviours Obstructing Inspection Arrangements Attempting to postpone, delay, or reject, the SFC’s notices to conduct inspections or interviews with relevant staff. Disputing the Inspection without Good Reason Challenging the SFC’s inspection scope, review areas or selected samples, or the necessity of inspection inquiries, without a valid legal basis. Evading Responses Delay in providing responses or providing evasive, misleading, intentionally incomplete or partial responses to inspection enquiries. Submitting False/Distorted Information Withholding information from the SFC, or submitting documents, information or responses which were ambiguous, illegible, inaccurate, incomplete, inconsistent, false, misleading or even forged. Actively Disrupting the Inspection Process Arranging affairs or manipulating circumstances to delay, disrupt or obstruct the SFC’s inspection efforts. Unprofessional Conduct Toward Inspectors Engaging in unprofessional, uncooperative or antagonist conduct towards an authorized person, or treating inspection inquiries as an inconvenience. Expected Standards/ Statutory Obligations Key Requirements & Notes Access to Information & Answers s Must provide access to records/ documents and answer questions as required under SFO section 180. s Criminal Offence : Failure to comply (without reasonable excuse)/ providing false. misleading information, fraudulent non-compliance. s Confidentiality is generally not a valid reason for non-compliance s Inspection matters are themselves confidential under SFO section 378. Maintenance & Retrieval of Records s Must maintain proper business records at all times for ready retrieval without undue delay as stated under Securities and Futures (Keeping of Records) Rules and Management, Supervision and Internal Control Guidelines for Persons Licensed by or Registered with the Securities and Futures Commission (Internal Control Guidelines). s Contravention of the Keeping of Records Rules is an offence. Availability of Responsible Officers (ROs) s ROs are responsible in ensuring LC’s compliance. s Must have at least one RO available at all times to supervise regulated activities. s During inspections, ROs are expected to be available. Unavailability is generally not a reasonable excuse for non-compliance with SFO section 180. s An SFC inspection notice is an official notice, not an appointment. Fitness & Properness of LCs s Must comply with all requirements and cooperate with the SFC. s Must adhere to Code of Conduct General Principles (honesty, fairness, due care, compliance, senior management responsibility. s Non-compliance with SFO section 180 or other codes/guidelines constitutes misconduct and may affect licensed status. Engagement of External Representative s LC remains fully responsible and accountable to the SFC for the conduct and information provided by authorized external representative (e.g. consultants, lawyers). Key Implications for Senior Management 1. Personal Liability and Discipline – Under Part IX of the SFO, the SFC can sanction any person involved in the management for misconduct or being “not fit and proper”. This applies to all senior managers, even if they are not licensed. 2. Attributed Misconduct – If an LC commits misconduct due to a manager’s consent, connivance, or neglect, that individual is also personally guilty of misconduct. 3. Fitness & Properness Assessment – The SFC will look into a manager’s past and present conduct. Failure to ensure LC compliance rules can directly undermine an individual's deemed fitness and properness to hold their position. 4. Designated Oversight Duty – The MIC of the Overall Management Oversight function, supported by the MIC of Compliance is now explicitly called upon to exercise proactive leadership to ensure full LC compliance during SFC inspections. Actions and Recommendations 1. Senior Management Must Take Ownership – Recognize that accountability for inspection outcomes extends beyond the firm to you personally. 2. Ensure Readiness & Cooperation – Proactively ensure all records are accessible, ROs must be available, and the firm is prepared to comply fully and promptly with SFC information requests under Section 180 of the SFO. 3. Clarify Roles – The MICs for Overall Management Oversight and Compliance should explicitly confirm and align their roles and process for overseeing and guiding the firm’s response to regulatory inspections. [End of ComplianceOne's Impact Analysis – Statutory Obligations during SFC Inspection (February 2026) ] 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

在此次分享中，我們分享了金融科技在合規與風險管理中的重要性。 天匯合規獲邀參與“第三屆澳琴現代金融發展趨勢與金融科技座談會” 我們很榮幸受邀參加由澳門生產力暨科技轉移中心與澳門經濟民生聯盟合辦的“ 第三屆澳琴現代金融發展趨勢與金融科技座談會 ”。 “ 金融+科技 ”是推動現代金融產業實現高質量發展的關鍵。大灣區金融科技的創新必將引領現代金融產業未來發展的方向，為大灣區贏得獨特優勢和發展機遇，促進經濟多元化發展。 億東金融科技有限公司的聯合創始人王陶浚先生在會上就“ 引領金融合規與風險管理新紀元 ”主題，與大家分享了金融科技在合規與風險管理中的重要性。我們對所有與會者的積極參與和寶貴提問表示衷心感謝，並期待在不久的將來再次與大家相聚，交流有關金融科技與合規的最新見解！ We are honored to be invited to participate in the 3 rd Macau-Hengqin Modern Finance Development Trend and Financial Technology Seminar , co-organized by the Macao Productivity and Technology Transfer Center and the Macau Economic and Livelihood Alliance. ' Finance + Technology ' is key to promoting the high-quality development of the modern financial industry. The innovation of fintech in the Greater Bay Area will undoubtedly lead the future development direction of the modern financial industry, bringing unique advantages and development opportunities to the region and promoting diversified economic development. Mr. Tao Wong, Co-Founder of Edon Fintech Limited, shared insights on the importance of fintech in compliance and risk management, focusing on the theme ' Leading a New Era of Financial Compliance and Risk Management '. We would like to express our sincere gratitude to all attendees for their active participation and valuable questions and look forward to meeting you again in the near future to share the latest insights on fintech and compliance!

The topics discussed in this monthly newsletter are as follows: ComplianceOne Newsletter – April 2023 The topics discussed in this monthly newsletter are as follows: SFC welcomes Stock Exchange consultation on climate-related reporting requirements for listed companies The RAMP-AND-DUMP Scam Storyline SFC reprimands and fines Ninety One Hong Kong Limited $1.4 million for unlicensed futures trading SFC seeks court orders to disqualify former directors and ex-chief financial controller of China Candy Holdings Limited (8182.HK) SFC bans Peter Law Chi Kin for 10 years and fines him $535,500 for taking part in stock manipulation scheme MARKET NEWS 1. SFC welcomes Stock Exchange consultation on climate-related reporting requirements for listed companies The SFC announced on 14 April 2023 on its support for the public consultation issued today by the The Stock Exchange of Hong Kong Limited (SEHK) on proposed climate-related reporting requirements for listed companies in Hong Kong. The consultation was a major step towards aligning Hong Kong with the global baseline for climate-related reporting standards to be published by the International Sustainability Standards Board (ISSB) As Ms Julia Leung, Chief Executive Officer of the SFC, had said: “ Hong Kong’s early adoption of climate-related corporate reporting requirements will consolidate its position as a leading green and sustainable finance hub within the region and globally ” and further stated that the SFC had been working closely with SEHK to adopt a balanced approach aiming to provide appropriate flexibility for listed companies while promoting relevant, consistent and comparable disclosures to investors. SEHK’s proposals had made reference to the ISSB’s exposure drafts for sustainability-related disclosures and was aligned with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). This was consistent with the objective set out by the Green and Sustainable Finance Cross-Agency Steering Group. SIGNIFICANCE: The HKEX had pioneered in launching the Core Climate back on 28 October 2022 last year, with an aim to advocate the low-carbon, climate-resilient global economy. It was a further leap ahead for the HKEX to enhance climate-related disclosures under the environmental, social and governance (ESG) framework. On the other hand, the SFC has also implemented the regulatory requirement for the licensed corporations engaging in managing funds to observe the Climate-Related Risk Disclosure since Nov November 2022 last year where all the licensed corporations have to examine themselves with regard to relevance and materiality in order to comply with the four core categories of governance, investment management, risk management and disclosure. The concerted efforts from both of the regulatory institutions of HKEX and SFC are instrumental in mutually reinforcing determination of the HKSAR government to develop Hong Kong as financial hub for low-carbon economy. ENFORCEMENT NEWS 2. Six more charged in SFC and Police joint operation against sophisticated ramp-and-dump syndicateThe RAMP-AND-DUMP Scam Storyline It was published on 4 April 2023 that six additional suspects – including key members and an alleged ringleader – were charged with various criminal offences following an earlier joint operation of the SFC and the Police against a large-scale and sophisticated syndicate suspected of operating “ramp-and-dump” market manipulation. Four of them were charged with the offences of conspiracy to defraud and conspiracy to employ a scheme with intent to defraud or deceive in transactions involving securities under common law, section 300 of the Securities and Futures Ordinance and section 159A and 159C of the Crimes Ordinance and the rest were charged with money laundering related offences. The SFC’s Executive Director of Enforcement, Mr Christopher Wilson, said: “We will see to it that suspects of market misconduct are brought to justice and the integrity of Hong Kong’s financial market and the investing public are protected. To this end, we will not hesitate to deploy legal and regulatory tools at our disposal and continue our collaboration with the Police and other law enforcement agencies in combating financial crimes.” The series of extensive investigation and prosecutions by the SFC and the Police continued through the month with number of suspected core members brought to the Court amounted to 24 by the end of April; mostly of the charges were connected with the “ramp-and-dump” stock investment schemes and suspected money laundering activities. The syndicate was alleged to have induced investors to purchase shares in these stocks through social media platforms to facilitate their disposal of shares at a profit. The prices of these stocks collapsed in November 2018 and April 2019 once the demand was exhausted. On the other side of the story, on 25 April 2023, the SFC had issued restriction notices to “10 brokers” (refer to original circular for details), prohibiting them from dealing with or processing certain assets held in 31 trading accounts which were related to the "ramp-and-dump" scam involving the shares of a company listed on the Stock Exchange of Hong Kong Limited between November 2021 and June 2022. The restriction notices prohibited the 10 brokers, without the SFC’s prior written consent, from dealing with, or disposing of, any assets in any way in the trading accounts, including a number of conditions as specified by the SFC. The brokers were also required to notify the SFC if they had received any of these instructions from the account holders. SIGNIFICANCE: It was such a high profile, proactive joint operation of the SFC and the HK Police rarely seen in recent years to mobilize concerted efforts to engage in combating a large-scale and sophisticated syndicate suspected of operating “ramp-and-dump” market manipulation, and the number of suspects involved was up to 24 by the end of April 2023. It was found that the SFC had frozen the assets held in the securities trading accounts by members of these alleged syndicates to an unconceivably total large amount of $650 million! Such unscrupulous misfeasance to defraud the investors at large through social media and manipulate the stock prices was undeniably detrimental to the sound image of Hong Kong as an international financial centre where market integrity and investor protections are of paramount importance. The concerted efforts of SFC and the Police are much more than welcome to uphold the image and prestige of Hong Kong; and the joint operation definitely delivers a signal to any syndicates or potential ring-leaders that their unlawful intrigues will never be tolerated or connived to any extent under the prevailing regulatory regime. 3. SFC reprimands and fines Ninety One Hong Kong Limited $1.4 million for unlicensed futures trading The SFC had reprimanded and fined Ninety One Hong Kong Limited (NOHK) $1.4 million for dealing in futures contracts without the required licence. It was found that between April 2014 and January 2020, NOHK executed 4,864 trades in futures contracts for portfolios managed by its three overseas affiliates without the required licence, in breach of the SFO and the Code of Conduct. SIGNIFICANCE: With reference to Section 1.3. Exemptions paragraph 1.3.6 with "incidental exemption" of the Licensing Handbook, it is stated that for corporations licensed for Type 9 regulated activities (asset management) to carry out Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities) and/or Type 5 (advising on futures contracts) regulated activity, they do not need to be licensed for these regulated activities provided that they are carried out solely for the purposes of your asset management business in the course of managing their "own client's portfolios” of securities and/or futures contracts. In the Statement of Disciplinary Action attached in the circular, the investigation had found that: (1) the futures trades were not executed under discretion of NOHK for purpose of managing its portfolios; (2) NOHK had received remunerations from providing trading services to its overseas affiliates; (3) the trading services were carried out on a recurring monthly basis over a period of five years. It has come to the attention of the licensed corporations while they are exercising the incidental exemptions on a rationale consistent with the guidelines as stipulated by the SFC. 4 . SFC seeks court orders to disqualify former directors and ex-chief financial controller of China Candy Holdings Limited (8182.HK) On 20 April 2023, the SFC published that it had commenced legal proceedings in the Court of First Instance (CFI) to seek disqualification orders against seven former members of the board of directors of China Candy Holdings Limited (China Candy) and the company’s former chief financial controller The SFC’s legal action follows an investigation which found that China Candy’s 2016 interim report and 2016 annual report had falsely and misleadingly portrayed the company’s financial strength by overstating the cash and bank balances in June 2016 and December 2016 respectively. To this end, falsified bank and accounting records were created to cover up the overstatement of the company’s cash and bank balances (Fraudulent Scheme) The SFC alleges that Xu, Hong and Wang were the instigators and perpetrators of, or at least knowingly permitted, acquiesced or turned a blind eye to the Fraudulent Scheme. As for the remaining directors, the SFC alleged that they were negligent and/or in breach of their duties owed to China Candy including, inter alia, duties of care, skill and diligence and duties to act in the best interest of the company. 5 . SFC bans Peter Law Chi Kin for 10 years and fines him $535,500 for taking part in a stock manipulation scheme On 26 April 2023, the SFC had banned Mr Peter Law Chi Kin, a former licensed representative of Convoy Asset Management Limited (CAML), from re-entering the industry for 10 years from 26 April 2023 to 25 April 2033 for taking part in a stock manipulation scheme. The SFC also fined Law $535,500, equivalent to the profit that he gained from participating in the scheme. From June to July 2016, Law was persuaded by his colleague Mr Wong Kwun Shing to join the stock manipulation scheme, and 10 of Law’s clients and friends were persuaded to buy, hold and prop up the shares of a company from the manipulators involved in the scheme. The SFC also found that Law coordinated with Wong to arrange the transactions through which his clients were instructed to ensure the bid and ask orders were matched as previously agreed. In return, Law was remunerated with cash rebates from the manipulators. As the clients were dissuaded to offload their shares while the prices were plummeting, they ended up with forced liquidation by the brokers and suffered huge losses; in contrast, lucrative rewards were accrued to Law and Wong. Law’s conduct fell far short of the standards set out in the Code of Conduct for Persons Licensed by or Registered with the SFC, and casts serious doubts on his character, reliability and ability to carry on regulated activities competently, honestly and fairly. The SFC considered that he was not fit and proper to be a licensed person, a consequent 10-year ban on the license was the price Law had to pay! 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 - November 2023 The topics discussed in this monthly newsletter are as follows: 1. SFC provided detailed guilelines on Tokenised Securities-related Activities 2. HKEX published consultation paper on securities and derivatives trading under severe weather conditions 3. SFC’s Circular to licensed corporations on prudent risk management in providing IPO subscription services 4. The Hong Kong Institute of Certified Public Accountants (“HKICPA”) report on ESG development & assurance 5. China treasury bond futures to be launced in Hong Kong 6. SFC reprimanded and fined Lion Futures Limited $2.8 million for failures in complying with anti-money laundering and counter-terrorist financing (AML/CFT) 7. SFC commenced legal proceedings against First Credit Finance Group Limited ( 8215.HK ) and its former directors 8. SFC commenced legal proceedings against AMTD Global Markets Limited for non-compliance in IPO-related investigations MARKET NEWS 1. SFC provided detailed guilelines on Tokenized Securities-related Activities In the light of growing interest in tokenising traditional financial instruments in the global financial markets, and with an increasing number of intermediaries entering the space to explore the tokenisation of securities and the distribution of Tokenized Securities (“ TKS ”) to their clients; the SFC posted two circulars dated 2 November 2023 to providing guidance to intermediaries in addressing and managing the new risks arising from the use of this new tokenisation technology so that the tokenisation marketplace could be developed in a healthy, responsible and sustainable manner. Tokenisation generally involves the process of recording claims on assets that exist on a traditional ledger onto a programmable platform, which includes the use of distributed ledger technology (“ DLT ”) in the security lifecycle. For simplicity, TKS are traditional financial instruments (e.g. bonds or funds) that are “securities” as defined in section 1 of Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap. 571) (“ SFO ”) which utilise DLT (such as blockchain technology) or similar technology in their security lifecycle. Given the nature of TKS are fundamentally traditional securities with a tokenisation wrapper , the existing legal and regulatory requirements governing the traditional securities markets continue to apply to TKS. Some key takeaways to bear in mind: (i) There are several common archetypes of DLT networks, including: (a) private-permissioned, closed-loop private network; (b) public-permissioned network with restricted access; (c) public-permissionless network with no restricted access. Ownership risks vary depending on the type of DLT network adopted. (ii) Given that the intermediaries have the new technology in place where the risk of using technology has been mitigated , and tokenization itself should not alter the complexity of the underlying security; whether a Tokenised Security is a complex product or not is based on an assessment of the complexity of its underlying traditional security. (iii) Intermediaries intending to engage in TKS-related activities should have the necessary manpower and expertise to perform due diligence on the TKS based on all the available information to identify the key features and risks involved. (iv) In assessing the risks related to the technical and other aspects of TKS, an intermediary is suggested to take into account the list of non-exhaustive factors set out in Part A of the Appendix of the circular published by SFC for guidelines in details. (v) Intermediaries should make adequate disclosure of relevant material information specific to TKS (including the risks of the TKS) and communicate such information in a clear and easily comprehensible manner to the clients. (vi) The SFC is of the view that there would be no need to impose a mandatory Professional Investor (“ PI ”) only restriction; YET, it should also be noted that an offer of TKS that is not authorized under the Part IV of the SFO or which has not complied with the prospectus regime under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (“ C(WUMP)O ”) could only be made to PIs or pursuant to any other applicable exemption under the Public Offering Regimes; (vii) The SFC would not impose the Terms and Conditions on fund managers managing portfolios investing in TKS meeting the “de minimis threshold” (i.e. 10% of the GAV of the fund) unless the portfolios also invest in virtual assets meeting the “de minimis threshold”; (viii) The VATPs are required to put in place a compensation arrangement approved by the SFC to cover the potential loss of security tokens in compliance with paragraph 10.22 of the Guidelines for Virtual Asset Trading Platform Operators. And the VATP is also required to demonstrate to the SFC’s satisfaction that the risk of financial loss to its clients can be effectively mitigated if the TKS become lost. (ix) TKS are a subset of a broader set of Digital Securities, and in case where Digital Sec which are not TKS are likely to be regarded as “complex products” not be accessible to retails investors. SIGNIFICANCE: Intermediaries which are interested in engaging in any activities involving any Digital Securities (including TKS) should notify and discuss their business plans with their case officer in the SFC in advance. They are further advised to have relevant personnel who possess the knowledge and experience in TKS to ensure compliance with the prevailing regulations and guidelines; and the technological knowhow required to tackle the intrinsic risks in the use of DLT networks as well as related remedial measure to mitigate the hacking risks exposed. 2. HKEX published consultation paper on securities and derivatives trading under severe weather conditions The Hong Kong Exchanges and Clearing Limited (HKEX) published a Consultation Paper on 30 Nov 2023 on the proposed operational model and related arrangements for Hong Kong's securities and derivatives markets to remain operational during severe weather conditions. The consultation will last for eight weeks, ending on 26 January 2024. As HKEX Chief Executive Officer Nicolas Aguzin has said: “ Hong Kong is a major global financial market, as well as being the go-to global risk management and asset allocation centre for the region. …There is proven trusted technology in place to facilitate safe, secure and seamless operations remotely, so it is now time to bring the market in-line with global peers. " Under HKEX's proposals, severe weather conditions will no longer have automatic consequential impact on the continuity of trading. HKEX intends for its securities and derivatives markets, including Southbound and Northbound Stock Connect, derivatives holiday trading and afterhours trading, to be open and available to all local, regional and international investors during severe weather conditions. During a severe weather event, the trading, post-trade and listing arrangements will be substantially the same as those during regular trading days, with some necessary adjustments needed to ensure the market’s operational resilience, and the safety of market participants, as the provision of some services provided via physical outlets would be unavailable HKEX, along with the SFC and HKMA, and with the support of the HKSAR Government, formed a Severe Weather Trading Task Force ( “Task Force” ) in 2023 to solicit responses from the market participants for feasibility of continuous trading under severe weather conditions. In working with the Task Force, the Hong Kong Association of Banks and the Hong Kong Interbank Clearing Limited have confirmed that, during a severe weather event, relevant banking services, such as e-cheque clearance and electronic money transfer channels, will be available from the designated banks and settlement banks of relevant clearing houses of HKEX, to fully support Clearing Participants' operations and money settlement requirements. SIGNIFICANCE: Despite the need to maintain aligned with global markets for a seamless operation of the financial markets under severe weather conditions, personnel safety remains a key consideration in the consultation; and market participants have to work remotely where possible during severe weather events given such devices are in place for the LCs. The priority here for HKSAR as an international financial centre is to ensure a regime of seamless and continuous trading arrangement where investors over the world are able and continue to manage their portfolios and relevant risks, particularly when other overseas underlying markets are still open. According to paragraph 103 of the Consultation Paper, the effective implementation time of the Severe Weather Trading will be in July 2024 , allowing a six-month preparation lead time beforehand. A Summary of the Arrangements is enclosed as APPENDIX I for reference in details in the original circular. 3. SFC’s Circular to licensed corporations on prudent risk management in providing IPO subscription services In the circular 8 November 2023, the SFC reminded licensed corporations (“ LCs ”) to prudently manage their risks in providing initial public offering (“ IPO ”) subscription services and financing to clients with the newly launched “Fast Interface for New Issuance” (“ FINI ”) on 22 November 2023. Despite the modifications of the pre-funding mechanism under the FINI, LCS are required to ensure a prudent risk management and control when providing IPO subscriptions and financing services to their clients. The relevant measures should cover the following areas: I. Prudent credit risk management: (i) ensure that clients have sufficient financial resources to settle obligations related to their IPO subscriptions in full by imposing upfront deposits before accepting the subscription orders; (ii) formualte a prudent credit policy by setting appropriate credit limits for clients having regard to financial capability of the LC, and prevailing market atmosphere amid the IPO process; (iii) properly justify any deviation from the existing credit policy II. Liquidity risk management and safeguarding client subscription deposits: (i) prepare sufficient cash and credit facilities with banks to avoid any settlement defaults; (ii) enusre that house money is sufficient to finance the clients in case the value of shares alloted far exceed the amount of the subscription deposits of the clients; (iii) adequately safeguard clients' subscription deposits by keeping in segregated bank accounts of the LCs. III. Financial risk management: (i) avoid excessive bank borrowing and IPO financing beyond financial capability of the LCs; (ii) critically assess the potential impact of IPO on the liquid capital position, especially the financial resources requirements of the SFO. SIGNIFICANCE: Under the FINI, a clearing participant will only have to arrange its designated bank to confirm the availability of funding for settlement of its subscriptions without actual fund transfer to the issuer until after pricing and balloting. Though benefitted by the FINI arrangement which provides financial facility and flexibility to LCs in IPO business, the LCs should have prudent risk management policies and control procedures in place in return, and the designated banks are also supposed to follow suit for fear that the contingent liabilities from settlement defaults of any clients of the LCs are spilt over to counterparty banks as well. 4. The Hong Kong Institute of Certified Public Accountants (“HKICPA”) report on ESG development & assurance On 14 November 2023, the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”) released a study which found that among the 31 December 2022 year-end companies, amounting to 1882 companies, 141 (7.5%) of the companies had adopted external assurance, compared with the only 85 companies in 2021. The increase was even more obvious in large-market-capitalized companies, jumping from 20% (2021) to 41% (2023), indicating that larger companies are more responding to the fast-moving ESG environment. While the HKICPA pointed out that the slow take up from listed companies can be attributed to the following factors: (i) the assurance is not mandatory; (ii) they are not confident in their own ESG data analysis and collection process; (iii) so far, there has been no widely-adopted set of international standards for ESG reporting. In addition, there are some key findings: (1) The largest companies tend to set clear carbon targets, in particular the HSI companies, which have greater visibility and face more pressure from investors and stakeholders for commitment to sustainability and EGS practices. (2) CPA firms tend to act as external assurers on EGS reports due to their intrinsic training and expertise in the relevant areas. (3) It is suggested to have a board-level ESG committee with an executive director with accounting qualifications to ensure an appropriate priority to ESG issues and their alignment with company values, strategies. SIGNIFICANCE: The findings are extracts from ESG Assurance in Hong Kong 2023: An evolving landscape which provides an indispensable reference for EGS assurance with insightful quantitative findings and guidelines. 5. China treasury bond futures to be launced in Hong Kong On 24 November 2023, the SFC announced that China treasury bond futures contracts would be launched in Hong Kong. Hong Kong Exchanges and Clearing Limited (“ HKEX ”) is making preparations for the launch, including proposing amendments to relevant rules, details and the launch date will be announced soon. The amount of China treasury bonds held by offshore investors has increased steadily since the launch of Bond Connect in 2017. The Mainland Government and regulators strongly support the launch of the China treasury bond futures in Hong Kong as it provides an important risk management tool to facilitate further participation by offshore institutional investors in the Mainland treasury market. SIGNIFICANCE: As Ms Julia Leung, Chief Executive Officer of the SFC, has said, “ This is a key milestone in developing Hong Kong as a premier risk management centre, especially for hedging equities and fixed income products with Mainland assets underlying .” The launch of futures contracts in line with its underlying instruments provides effective risk and hedging tools for easier risk assessment and management, and more opportunities for institutional investors to participate. ENFORCEMENT NEWS 6. SFC reprimanded and fined Lion Futures Limited $2.8 million for failures in complying with anti-money laundering and counter-terrorist financing (AML/CFT) In any announcement on 22 November 2023, the SFC reprimanded and fined Lion Futures Limited (“ LFL ” ) HKD2.85 million for failures in complying with anti-money laundering and counter-terrorist financing (“ AML/CFT ”) and other regulatory requirements between May 2017 and July 2019. The SFC’s investigation found that LFL did not conduct any due diligence on the customer supplied systems (“ CSSs ”) used by five clients for placing orders during the material time. Since these CSSs were connected to LFL’s broker supplied system (“ BSS ”) through the APIs where LFL was not in a position to properly assess and manage the money laundering and terrorist financing risk as users of the sub-accounts under the CSS cannot be easily monitored. In addition, the SFC also found that LFL’s failure to put in place an effective ongoing monitoring system to detect suspicious trading patterns in client accounts resulted in its failure to detect 1,098 self-matched trades in five client accounts. SIGNIFICANCE: LFL is the 7th broker involved in the CSS issues which was connected with a software called Xinguanjia (XGJ) developed and/or provided by Hengxin Software Limited through which a number of sub-account users can operate and trade under the camouflage of an account maintained by a single client of the licensed corporation. A common observable audit trail detectable of this CSS scenario is a large number of self-matched trades under a single account with no discernible trading purposes. The AML Guideline specifies the entry of matching buys and sells in particular securities and futures as an example of situations that might give rise to suspicion of money laundering, as it might create the illusion of trading and be an indication of market manipulation. 7. SFC commenced legal proceedings against First Credit Finance Group Limited ( 8215.HK ) and its former directors On 22 November 2023, the SFC announced its decision to commence legal proceedings under section 214 of the SFO in the Court of First Instance to seek disqualification orders against five former directors (Mr Sin Kwok Lam, Mr Tsang Yan Kwong, Mr Leung Wai Hung, Ms Ho Siu Man, Mr Tong Tai Man Hin) and a former de facto director (Mr Cho Kwai Chee) of First Credit Finance Group Limited (“ First Credit ”) for allegedly breaching their fiduciary duties. The SFC’s investigation found that from December 2015 to June 2017, Cho acted as a de facto director of First Credit. In January 2016, Cho was a placee in a share placement conducted by First Credit, and himself with his brother were also a subscriber; yet First Credit’s respective announcements stated that all the placees and subscribers were independent third parties. The investigation led to the SFC’s allegations that Sin, Tsang, Leung, Ho and Cho breached their duties towards First Credit by (i) failing to disclose Cho’s de facto directorship; and (ii) causing the company to publish false and/or misleading information in the announcements regarding the independence of Cho and/or his brother. As part of the legal action, the SFC was also seeking an order for First Credit to publish the court’s findings in the proceedings so that shareholders of the company would be informed of Cho’s former de facto directorship in the company and the false and/or misleading disclosures made by the company in the announcements. 8. SFC commenced legal proceedings against AMTD Global Markets Limited for non-compliance in IPO-related investigations On 23 November 2023, the SFC announced its decision to commence legal proceedings asking the Court of First Instance to inquire into the circumstances of non-compliance by AMTD Global Markets Limited (“ AMTD ”, currently known as orientiert XYZ Securities Limited) and its former executives with the SFC’s notices in initial public offerings (IPOs)-related investigations. The SFC’s investigations related to suspected employment of fraudulent or deceptive schemes and/or disclosure of false or misleading information in the IPOs of certain listed companies where AMTD was involved as bookrunner, lead manager and underwriter. The SFC issued notices to AMTD seeking records, and AMTD did not fully comply with the notices. If the Court was satisfied with the petition from SFC, AMTD would be ordered to produce the specified records and its former executives to attend interviews, and the Court could punish them as if they had been guilty of contempt of court. 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 To unsubscribe, please click “ unsubscribe ”.

Navigating Regulatory Requirements for EAM and Virtual Asset Management Navigating Regulatory Requirements for External Asset Managers (EAM) and Virtual Asset Management Join us for our first co-hosting webinar of the year with abc Multiactive! We'll be discussing the topic of Navigating Regulatory Requirements for External Asset Managers (EAM) and Virtual Asset Management . During the webinar, our expert speakers will share their knowledge and experience on the regulatory landscape and provide practical tips and strategies to help you ensure compliance and streamline your wealth management workflow. Topics: 1. Regulatory Requirements for EAM Client Onboarding: KYC, PI Assessment, Suitability, Risk Assessment, and More 2. Understanding the Fund Manager Code of Conduct (FMCC) and Its Impact on EAMs 3. Key Considerations & Requirements for Managing Virtual Assets 4. Tips and Strategies for EAMs and Virtual Asset Managers: Best Practices with Wealth Management Solutions Event Details: Date: 20 Apr 2023 (Thur) Time: 16:30 - 17:30 Language: Cantonese 廣東話 *Attendance Cert will be provided upon completion of the webinar by request. Speakers: Tao Wong , Co-founder & Partner, ComplianceOne Consulting Limited Nelson Wong , Business Development Director, abc Multiactive (HK) Limited Don't miss out on this informative and valuable event! Register now to secure your spot. https://us06web.zoom.us/webinar/register/9816812016364/WN_pOKc4BQZTcGJ_UcRgHKHuw

提供 HKEX 香港交易所參與者資格（Participantship）與交易權（Trading Right）申請顧問服務，協助券商與金融機構完成系統對接、合規審查及流程審批。 香港交易所參與者及交易權申請 香港上環干諾道中168-200號 信德中心西座16樓1605室 電話：+852 3955 0277 電郵：info@complianceone.hk 繁｜簡 ｜EN 登入 首頁 關於我們 關於我們 專業團隊 關於我們 專業團隊 服務範圍 金融牌照申請或續期 證監會法團牌照申請 香港交易所参與者及交易權申請 金錢服務經營者 (MSO) 牌照申請 金錢服務經營者 (MSO) 牌照續牌 保險經紀 (IA) 牌照申請 放債人牌照申請 貴金屬及寶石交易商(DPMS)註冊 美國貨幣服務業務 (MSB) 註冊 美國貨幣傳輸許可證（MTL）牌照申請 監管合規 持續合規服務 (持牌法團) 網上持續培訓 (CPT) 證監會現場審查 持續合規服務 (保險中介人) MSO 能力評核考試 公司秘書及企業服務 公司秘書服務 基金設立服務 會計及記帳服務 信託公司註冊 信託或公司服務提供者(TCSP) 牌照申請 環境、社會及管治咨詢與報告 (ESG) 家族辦公室成立服務 審計與內部監控 反洗錢獨立審計 內部監控審閱 合規文件定制 放債人的獨立審核職能 人力資源服務 人才招聘服務 香港工作簽證 牌照公司轉讓 牌照轉讓 合規科技系統 萬利雲找換系統 東查查反洗錢/客戶管理系統 eDon AML Transaction Monitoring (TM) System 中國企業查 金融牌照申請或續期 證監會法團牌照申請 香港交易所参與者及交易權申請 金錢服務經營者 (MSO) 牌照申請 金錢服務經營者 (MSO) 牌照續牌 保險經紀 (IA) 牌照申請 放債人牌照申請 貴金屬及寶石交易商(DPMS)註冊 美國貨幣服務業務 (MSB) 註冊 美國貨幣傳輸許可證（MTL）牌照申請 監管合規 持續合規服務 (持牌法團) 網上持續培訓 (CPT) 證監會現場審查 持續合規服務 (保險中介人) MSO 能力評核考試 公司秘書及企業服務 公司秘書服務 基金設立服務 會計及記帳服務 信託公司註冊 信託或公司服務提供者(TCSP) 牌照申請 環境、社會及管治咨詢與報告 (ESG) 家族辦公室成立服務 審計與內部監控 反洗錢獨立審計 內部監控審閱 合規文件定制 放債人的獨立審核職能 人力資源服務 人才招聘服務 香港工作簽證 牌照公司轉讓 牌照轉讓 合規科技系統 萬利雲找換系統 東查查反洗錢/客戶管理系統 eDon AML Transaction Monitoring (TM) System 中國企業查 金融牌照申請或續期 證監會法團牌照申請 香港交易所参與者及交易權申請 金錢服務經營者 (MSO) 牌照申請 金錢服務經營者 (MSO) 牌照續牌 保險經紀 (IA) 牌照申請 放債人牌照申請 貴金屬及寶石交易商(DPMS)註冊 美國貨幣服務業務 (MSB) 註冊 美國貨幣傳輸許可證（MTL）牌照申請 監管合規 持續合規服務 (持牌法團) 網上持續培訓 (CPT) 證監會現場審查 持續合規服務 (保險中介人) MSO 能力評核考試 公司秘書及企業服務 公司秘書服務 基金設立服務 會計及記帳服務 信託公司註冊 信託或公司服務提供者(TCSP) 牌照申請 環境、社會及管治咨詢與報告 (ESG) 家族辦公室成立服務 審計與內部監控 反洗錢獨立審計 內部監控審閱 合規文件定制 放債人的獨立審核職能 人力資源服務 人才招聘服務 香港工作簽證 牌照公司轉讓 牌照轉讓 合規科技系統 萬利雲找換系統 東查查反洗錢/客戶管理系統 eDon AML Transaction Monitoring (TM) System 中國企業查 加入我們 天匯合規合夥人計劃 職位空缺 天匯合規合夥人計劃 職位空缺 參考資料 證券及期貨從業員資格考試自我評估 牌照申請程序 客戶及案例分享 公司及市場發展動向 證券及期貨從業員資格考試自我評估 牌照申請程序 客戶及案例分享 公司及市場發展動向 市場資訊 聯絡我們 訂閲我們 Menu Close 香港作為全球領先的國際金融中心，其證券及衍生產品市場的核心運營者——香港交易及結算所有限公司（「港交所」）——是香港唯一獲授權經營的證券及期貨交易所。任何經紀交易商，若計劃利用香港聯合交易所有限公司（「聯交所」）及／或香港期貨交易所有限公司（「期交所」）的交易設施，經營港交所旗下產品之經紀業務， 必須獲接納並註冊成為該交易所的交易所參與者。此資格是開展相關經紀業務、直接接入市場進行交易的必要前提與法定門檻。 交易所參與者種類 交易所參與者種類 Types of Exchange Participantsh 可提供的買賣服務 Provided Sales Services 期權參與者 可提供有關股票期權的買賣服務。 期交所參與者 可提供有關期貨及期權的買賣服務（股票期權除外）。 聯交所參與者 可提供有關股本證券、股本權證、交易所買賣產品、衍生權證及可收回牛熊證 （牛熊證）等證券產品的買賣服務。 交易權 每名交易所參與者必須持有聯交所或期交所的最少一個交易權。所有新交易權是由相關交易所發行及不可轉讓。 交易所參與者申請主要要求 1) 成為持牌法團 (第1類受規管活動) 2) 遵守證監會根據《證券及期貨條例》訂立的《證券及期貨(財政資源)規則》所指定的財政資源規定，以及（如適用）《聯交所規則》第408條下的財政資源規定。 3) 繳交申請費用及按金 天匯合規能為您提供的服務 1) 審查和評估申請人的專業團隊資格 (包括: 會計, 結算, 風險管理, 以及合規人員) ; 2) 代表申請人(公司)向港交所提交已填妥及簽署的申請書; 3) 在申請過程中代表申請人回覆港交所提出的任何問題和查詢; 4) 協助專業團隊去準備與香港交所的會面; 5) 協助跟進與港交所的系統及連結測試; 及 6) 在交易權申請核准後，提供所有與港交所往來的通訊及對答記錄及運作及風險管制計畫書(Operations and Risk Control Plan) 作日後參考及存檔。 時間表 就申請而言，預期所需的時間約為4-5個月。天匯合規會協助負責回應監管機構的提問。 申請程序 Application Procedure 需時 Time required 前期文件準備工作 1個月 港交所及證監會處理申請人的申請 (當中包括: 處理申請文件、 安排與申請人會面、以及進行系統連接測試) 3-4個月 前期準備 香港交易及結算所有限公司（「港交所」）不時要求申請人具備充足的速動資金，以履行其作為交易所參與者的結算責任。有關最新的速動資金要求，請直接聯絡港交所的現貨交易部 - 參與者服務。

涉及現金交易超過 12 萬港元？天匯合規提供一站式貴金屬及寶石交易商 B 類註冊顧問服務，協助建立客戶盡職審查 (CDD) 與內部監控體系，輕鬆符合海關合規要求。 香港上環干諾道中168-200號 信德中心西座16樓1605室 電話：+852 3955 0277 電郵：info@complianceone.hk 繁 ｜簡 ｜EN 登入 首頁 關於我們 關於我們 專業團隊 關於我們 專業團隊 服務範圍 金融牌照申請或續期 證監會法團牌照申請 香港交易所参與者及交易權申請 金錢服務經營者 (MSO) 牌照申請 金錢服務經營者 (MSO) 牌照續牌 保險經紀 (IA) 牌照申請 放債人牌照申請 貴金屬及寶石交易商(DPMS)註冊 美國貨幣服務業務 (MSB) 註冊 美國貨幣傳輸許可證（MTL）牌照申請 監管合規 持續合規服務 (持牌法團) 網上持續培訓 (CPT) 證監會現場審查 持續合規服務 (保險中介人) MSO 能力評核考試 公司秘書及企業服務 公司秘書服務 基金設立服務 會計及記帳服務 信託公司註冊 信託或公司服務提供者(TCSP) 牌照申請 環境、社會及管治咨詢與報告 (ESG) 家族辦公室成立服務 審計與內部監控 反洗錢獨立審計 內部監控審閱 合規文件定制 放債人的獨立審核職能 人力資源服務 人才招聘服務 香港工作簽證 牌照公司轉讓 牌照轉讓 合規科技系統 萬利雲找換系統 東查查反洗錢/客戶管理系統 eDon AML Transaction Monitoring (TM) System 中國企業查 金融牌照申請或續期 證監會法團牌照申請 香港交易所参與者及交易權申請 金錢服務經營者 (MSO) 牌照申請 金錢服務經營者 (MSO) 牌照續牌 保險經紀 (IA) 牌照申請 放債人牌照申請 貴金屬及寶石交易商(DPMS)註冊 美國貨幣服務業務 (MSB) 註冊 美國貨幣傳輸許可證（MTL）牌照申請 監管合規 持續合規服務 (持牌法團) 網上持續培訓 (CPT) 證監會現場審查 持續合規服務 (保險中介人) MSO 能力評核考試 公司秘書及企業服務 公司秘書服務 基金設立服務 會計及記帳服務 信託公司註冊 信託或公司服務提供者(TCSP) 牌照申請 環境、社會及管治咨詢與報告 (ESG) 家族辦公室成立服務 審計與內部監控 反洗錢獨立審計 內部監控審閱 合規文件定制 放債人的獨立審核職能 人力資源服務 人才招聘服務 香港工作簽證 牌照公司轉讓 牌照轉讓 合規科技系統 萬利雲找換系統 東查查反洗錢/客戶管理系統 eDon AML Transaction Monitoring (TM) System 中國企業查 金融牌照申請或續期 證監會法團牌照申請 香港交易所参與者及交易權申請 金錢服務經營者 (MSO) 牌照申請 金錢服務經營者 (MSO) 牌照續牌 保險經紀 (IA) 牌照申請 放債人牌照申請 貴金屬及寶石交易商(DPMS)註冊 美國貨幣服務業務 (MSB) 註冊 美國貨幣傳輸許可證（MTL）牌照申請 監管合規 持續合規服務 (持牌法團) 網上持續培訓 (CPT) 證監會現場審查 持續合規服務 (保險中介人) MSO 能力評核考試 公司秘書及企業服務 公司秘書服務 基金設立服務 會計及記帳服務 信託公司註冊 信託或公司服務提供者(TCSP) 牌照申請 環境、社會及管治咨詢與報告 (ESG) 家族辦公室成立服務 審計與內部監控 反洗錢獨立審計 內部監控審閱 合規文件定制 放債人的獨立審核職能 人力資源服務 人才招聘服務 香港工作簽證 牌照公司轉讓 牌照轉讓 合規科技系統 萬利雲找換系統 東查查反洗錢/客戶管理系統 eDon AML Transaction Monitoring (TM) System 中國企業查 加入我們 天匯合規合夥人計劃 職位空缺 天匯合規合夥人計劃 職位空缺 參考資料 證券及期貨從業員資格考試自我評估 牌照申請程序 客戶及案例分享 公司及市場發展動向 證券及期貨從業員資格考試自我評估 牌照申請程序 客戶及案例分享 公司及市場發展動向 市場資訊 聯絡我們 訂閲我們 Menu Close 離岸信託 vs 香港本地信託：從資產保護與稅務合規角度看兩者架構差異 在離岸信託對比 與香港本地信託的架構選擇中，兩者在法律確定性、永續期限制、印花稅及反強制繼承保護上各有制度優勢。英屬處女群島（BVI）與開曼群島（Cayman）等傳統離岸信託擁有高度成熟的判例法體系與離岸商業法規（如 BVI VISTA 及 Cayman STAR 信託）；而香港自 2013 年完成《受託人條例》（Cap. 29）重大修訂後，已正式廢除信託永續期限制（Rule against Perpetuities），允許設立永久續期的本地信託，同時引入法定「委託人保留權力」（Settlor Reserved Powers）及強化的「反強制繼承」（Anti-Forced Heirship）條款。高淨值客戶（HNWIs）與家族辦公室創辦人進行家族信託架構 規劃時，必須深入評估底層資產所在地、港股上市需求及全球資產保護合規 趨勢，以確定最佳的香港信託設立 或離岸架構方案。 一、離岸信託 vs 香港本地信託：橫向對比矩陣 理解離岸與香港本地信託在監管架構、私隱度及營運成本上的差異，有助於家族辦公室精準進行頂層設計： 比較維度 離岸信託 BVI VISTA / Cayman STAR 香港本地信託 Hong Kong Trust 法律確定性與永續期 判例法極為豐富；Cayman STAR 可永續，BVI 信託最長可達 360 年或指定條款。 《受託人條例》廢除永續期限制，允許信託無限期存續（Perpetual Trust）。 反強制繼承權（Anti-Forced Heirship） 具備極強的離岸條例保障，不受外國法律（如民法典強制繼承比例）撤銷。 《受託人條例》第 41W 條明文保護，外國繼承法不得影響生前轉入香港信託的資產。 委託人權力保留 (Reserved Powers) 透過 BVI VISTA 條例可全面保留底層公司董事任命與投資營運決策權。 《受託人條例》第 41X 條提供法定保護，委託人保留投資管理權不影響信託有效性。 私隱度與資訊披露 (Privacy) 信託契約無須公開登記；但須滿足 CRS / FATCA 申報及經濟實質（ES）規範。 無須向公眾公開登記信託契據；若持有本地持牌信託公司（TCSP），可維持高私隱度。 印花稅與轉讓成本 注入非香港資產（如海外物業、離岸公司股權）無須繳納香港印花稅。 若注入香港不動產或香港公司股票（HK Stock），須依法繳納香港印花稅。 設立與維護成本 需同時維護離岸受託人及海外控股公司（BVI/Cayman Co），維護成本相對較高。 可直接對接香港持牌信託公司及本地銀行體系，法律與審計對接成本較為靈活。 二、資產保護合規與稅務透明度（CRS/FATCA）核心考量 不論選擇離岸或香港本地信託，現代家族信託架構必須同時滿足資產隔離防禦力與國際稅務合規要求： 1. 資產隔離與防範債權人追討（Asset Protection & Fraudulent Conveyance） 家族信託的核心價值在於破產隔離（Bankruptcy Remoteness）。委託人將資產合法注入信託後，該資產不再屬於委託人的個人遺產或債務範圍。然而，若注入資產時已存在既有債權人追討或欺詐性轉讓（Fraudulent Disposition），債權人仍可向法院申請撤銷轉讓。離岸與香港法院均對此設有嚴格的訴訟時效限制（Limitation Period）。 2. 國際 Common Reporting Standard (CRS) 自動稅務情報交換 信託架構並非「避稅天堂」。在 CRS 體系下，無論信託設立於 Cayman、BVI 還是香港，信託實體（Financial Institution 或 Passive NFE）均須辨識並申報委託人（Settlor）、保護人（Protector）、受託人（Trustee）及已獲分配權益的受益人（Beneficiaries）的稅務居民身份，並交換至對應的國別稅務機關。 3. 港股上市（HKEX IPO）與紅籌架構相容性 若信託底層資產包含擬在香港交易所（HKEX）上市的公司股份，採用香港本地信託或開曼信託更能獲得聯交所與監管機構的普遍認可，其架構審查與 KYC 合規通關效率通常高於非主流離岸管轄區。 三、Q&A：高淨值客戶信託選址與實務疑難 Q1：高淨值客戶如何選擇最適合的信託註冊地？ A：客戶應根據以下三大核心指標進行離岸信託對比與選址決策： 指標一：底層資產所在地：若核心資產為香港物業、港股或香港家族企業股權，選擇香港信託設立能減少跨國產權劃轉手續；若資產遍佈全球且包含多家離岸控股公司（BVI/Cayman），則離岸信託具備更高的股權劃轉靈活性。 指標二：家族成員的稅務居民身份：若受益人分佈於高稅務管轄區（如美國、英國、加拿大），信託契據須針對特定國家（如美國 Foreign Grantor Trust 條款）進行定制，離岸與香港信託均可透過專屬稅務律師進行結構設計。 指標三：上市與融資需求：擬進行港股 IPO 的企業創辦人，通常優先選擇開曼信託（Cayman Trust）或香港本地信託作為 Pre-IPO 家族信託載體。 Q2：香港設立信託在資產隔離效果上，是否遜於 Cayman 或 BVI 信託？ A：不會。自 2013 年香港修訂《受託人條例》後，香港信託在法律層面提供了與 BVI 及 Cayman 同等強度的資產保護。特別是第 41X 條明確賦予委託人保留投資控制權的法定權利，避免信託被法院認定為「虛假信託」（Sham Trust）。此外，香港身為國際金融中心，擁有獨立完善的普通法（Common Law）司法體系與終審法院，在執行信託財產保護上具備極高的法律確定性。 Q3：採用「香港持牌信託公司（TCSP）」作為受託人有哪些獨特優勢？ A：根據香港《打擊洗錢條例》（Cap. 615），在港營運的信託服務提供者必須取得 TCSP 牌照（Trust or Company Service Provider License）。選擇香港 TCSP 作為受託人具備以下優勢： 監管透明與誠信保障：TCSP 持牌人須接受公司註冊處嚴格的適當人選審查（Fit and Proper Test）及 AML 監管。 銀行開戶與營運便捷：香港本地持牌受託人在協助信託開立本地銀行戶口、證券戶口及處理日常行政時，認可度極高且溝通成本較低。 結語 結語 建構健全的家族信託是實現財傳承與資產保護的終極工具。天匯合規顧問有限公司（＂天匯合規＂）具備豐富的香港信託設立 輔導、離岸信託架構審閱及資產保護合規 經驗，能為高淨值客戶及家族辦公室提供量身定制的信託架構諮詢服務。 免責聲明 本文件及其內容僅供一般參考之用，並不構成任何法律、稅務、財務或其他專業意見。設立信託涉及複雜的法律及監管考量。在作出任何決定或採取任何行動之前，閣下應就自身的具體情況，向合資格的法律及專業顧問尋求獨立意見。

天匯合規（ComplianceOne）提供智能合規科技系統，包括萬利雲找換系統、東查查 AML/KYC 篩查、eDon 交易監控及中國企業查，助企業自動化合規管理。 香港上環干諾道中168-200號 信德中心西座16樓1605室 電話：+852 3955 0277 電郵：info@complianceone.hk 繁｜簡 ｜EN 登入 首頁 關於我們 關於我們 專業團隊 關於我們 專業團隊 服務範圍 金融牌照申請或續期 證監會法團牌照申請 香港交易所参與者及交易權申請 金錢服務經營者 (MSO) 牌照申請 金錢服務經營者 (MSO) 牌照續牌 保險經紀 (IA) 牌照申請 放債人牌照申請 貴金屬及寶石交易商(DPMS)註冊 美國貨幣服務業務 (MSB) 註冊 美國貨幣傳輸許可證（MTL）牌照申請 監管合規 持續合規服務 (持牌法團) 網上持續培訓 (CPT) 證監會現場審查 持續合規服務 (保險中介人) MSO 能力評核考試 公司秘書及企業服務 公司秘書服務 基金設立服務 會計及記帳服務 信託公司註冊 信託或公司服務提供者(TCSP) 牌照申請 環境、社會及管治咨詢與報告 (ESG) 家族辦公室成立服務 審計與內部監控 反洗錢獨立審計 內部監控審閱 合規文件定制 放債人的獨立審核職能 人力資源服務 人才招聘服務 香港工作簽證 牌照公司轉讓 牌照轉讓 合規科技系統 萬利雲找換系統 東查查反洗錢/客戶管理系統 eDon AML Transaction Monitoring (TM) System 中國企業查 金融牌照申請或續期 證監會法團牌照申請 香港交易所参與者及交易權申請 金錢服務經營者 (MSO) 牌照申請 金錢服務經營者 (MSO) 牌照續牌 保險經紀 (IA) 牌照申請 放債人牌照申請 貴金屬及寶石交易商(DPMS)註冊 美國貨幣服務業務 (MSB) 註冊 美國貨幣傳輸許可證（MTL）牌照申請 監管合規 持續合規服務 (持牌法團) 網上持續培訓 (CPT) 證監會現場審查 持續合規服務 (保險中介人) MSO 能力評核考試 公司秘書及企業服務 公司秘書服務 基金設立服務 會計及記帳服務 信託公司註冊 信託或公司服務提供者(TCSP) 牌照申請 環境、社會及管治咨詢與報告 (ESG) 家族辦公室成立服務 審計與內部監控 反洗錢獨立審計 內部監控審閱 合規文件定制 放債人的獨立審核職能 人力資源服務 人才招聘服務 香港工作簽證 牌照公司轉讓 牌照轉讓 合規科技系統 萬利雲找換系統 東查查反洗錢/客戶管理系統 eDon AML Transaction Monitoring (TM) System 中國企業查 金融牌照申請或續期 證監會法團牌照申請 香港交易所参與者及交易權申請 金錢服務經營者 (MSO) 牌照申請 金錢服務經營者 (MSO) 牌照續牌 保險經紀 (IA) 牌照申請 放債人牌照申請 貴金屬及寶石交易商(DPMS)註冊 美國貨幣服務業務 (MSB) 註冊 美國貨幣傳輸許可證（MTL）牌照申請 監管合規 持續合規服務 (持牌法團) 網上持續培訓 (CPT) 證監會現場審查 持續合規服務 (保險中介人) MSO 能力評核考試 公司秘書及企業服務 公司秘書服務 基金設立服務 會計及記帳服務 信託公司註冊 信託或公司服務提供者(TCSP) 牌照申請 環境、社會及管治咨詢與報告 (ESG) 家族辦公室成立服務 審計與內部監控 反洗錢獨立審計 內部監控審閱 合規文件定制 放債人的獨立審核職能 人力資源服務 人才招聘服務 香港工作簽證 牌照公司轉讓 牌照轉讓 合規科技系統 萬利雲找換系統 東查查反洗錢/客戶管理系統 eDon AML Transaction Monitoring (TM) System 中國企業查 加入我們 天匯合規合夥人計劃 職位空缺 天匯合規合夥人計劃 職位空缺 參考資料 證券及期貨從業員資格考試自我評估 牌照申請程序 客戶及案例分享 公司及市場發展動向 證券及期貨從業員資格考試自我評估 牌照申請程序 客戶及案例分享 公司及市場發展動向 市場資訊 聯絡我們 訂閲我們 Menu Close 合規科技系統 萬利雲找換系統 金錢服務經營者依賴人手處理，既耗時亦存在合規風險。萬利雲找換系統專為香港海關要求而設，內置一鍵反洗錢篩查、最快三分鐘完成開單，並簡化紀錄備存流程。系統結合天匯合規的專業支援，助找換店高效營運，從容應對監管要求，安心拓展業務。 了解更多 東查查反洗錢/客戶管理系統 監管審查日益嚴苛，人手篩查已難以應付。東查查以人工智能驅動，結合Acuris Risk Intelligence全球數據庫，自動化處理客戶盡職審查、政治人物及制裁篩查、持續監察。系統提供即時預警、全面覆蓋，簡化流程，減輕營運負擔，確保合規無憂。 了解更多 eDon AML Transaction Monitoring (TM) System 未及發現的可疑交易，足以引發嚴重監管處罰。我們的人工智能交易監控系統配備近50條檢測規則、雙層個案管理流程，並能無縫對接主流交易平台。系統自動發出預警、優先處理真實威脅，減省人手審查，讓合規團隊迅速行動，同時維持營運效率。 了解更多 中國企業查 與內地企業開展業務，必須掌握準確可核實的數據。中國企業查從官方登記機構擷取權威企業信用報告，涵蓋股權結構、管理層資料及合規紀錄。無論是上市準備、貸款審批或業務合作，均能進行全面盡職審查，提供清晰資訊，助您作出明智決策。 了解更多

歡迎聯絡天匯合規（ComplianceOne）專業團隊！我們於香港上環信德中心及深圳設有辦事處，為您提供金融牌照申請、監管合規諮詢及反洗錢審計等全方位服務。 聯絡我們 登入 首頁 關於我們 關於我們 專業團隊 關於我們 專業團隊 服務範圍 金融牌照申請或續期 證監會法團牌照申請 香港交易所参與者及交易權申請 金錢服務經營者 (MSO) 牌照申請 金錢服務經營者 (MSO) 牌照續牌 保險經紀 (IA) 牌照申請 放債人牌照申請 貴金屬及寶石交易商(DPMS)註冊 美國貨幣服務業務 (MSB) 註冊 美國貨幣傳輸許可證（MTL）牌照申請 監管合規 持續合規服務 (持牌法團) 網上持續培訓 (CPT) 證監會現場審查 持續合規服務 (保險中介人) MSO 能力評核考試 公司秘書及企業服務 公司秘書服務 基金設立服務 會計及記帳服務 信託公司註冊 信託或公司服務提供者(TCSP) 牌照申請 環境、社會及管治咨詢與報告 (ESG) 家族辦公室成立服務 審計與內部監控 反洗錢獨立審計 內部監控審閱 合規文件定制 放債人的獨立審核職能 人力資源服務 人才招聘服務 香港工作簽證 牌照公司轉讓 牌照轉讓 合規科技系統 萬利雲找換系統 東查查反洗錢/客戶管理系統 eDon AML Transaction Monitoring (TM) System 中國企業查 金融牌照申請或續期 證監會法團牌照申請 香港交易所参與者及交易權申請 金錢服務經營者 (MSO) 牌照申請 金錢服務經營者 (MSO) 牌照續牌 保險經紀 (IA) 牌照申請 放債人牌照申請 貴金屬及寶石交易商(DPMS)註冊 美國貨幣服務業務 (MSB) 註冊 美國貨幣傳輸許可證（MTL）牌照申請 監管合規 持續合規服務 (持牌法團) 網上持續培訓 (CPT) 證監會現場審查 持續合規服務 (保險中介人) MSO 能力評核考試 公司秘書及企業服務 公司秘書服務 基金設立服務 會計及記帳服務 信託公司註冊 信託或公司服務提供者(TCSP) 牌照申請 環境、社會及管治咨詢與報告 (ESG) 家族辦公室成立服務 審計與內部監控 反洗錢獨立審計 內部監控審閱 合規文件定制 放債人的獨立審核職能 人力資源服務 人才招聘服務 香港工作簽證 牌照公司轉讓 牌照轉讓 合規科技系統 萬利雲找換系統 東查查反洗錢/客戶管理系統 eDon AML Transaction Monitoring (TM) System 中國企業查 金融牌照申請或續期 證監會法團牌照申請 香港交易所参與者及交易權申請 金錢服務經營者 (MSO) 牌照申請 金錢服務經營者 (MSO) 牌照續牌 保險經紀 (IA) 牌照申請 放債人牌照申請 貴金屬及寶石交易商(DPMS)註冊 美國貨幣服務業務 (MSB) 註冊 美國貨幣傳輸許可證（MTL）牌照申請 監管合規 持續合規服務 (持牌法團) 網上持續培訓 (CPT) 證監會現場審查 持續合規服務 (保險中介人) MSO 能力評核考試 公司秘書及企業服務 公司秘書服務 基金設立服務 會計及記帳服務 信託公司註冊 信託或公司服務提供者(TCSP) 牌照申請 環境、社會及管治咨詢與報告 (ESG) 家族辦公室成立服務 審計與內部監控 反洗錢獨立審計 內部監控審閱 合規文件定制 放債人的獨立審核職能 人力資源服務 人才招聘服務 香港工作簽證 牌照公司轉讓 牌照轉讓 合規科技系統 萬利雲找換系統 東查查反洗錢/客戶管理系統 eDon AML Transaction Monitoring (TM) System 中國企業查 加入我們 天匯合規合夥人計劃 職位空缺 天匯合規合夥人計劃 職位空缺 參考資料 證券及期貨從業員資格考試自我評估 牌照申請程序 客戶及案例分享 公司及市場發展動向 證券及期貨從業員資格考試自我評估 牌照申請程序 客戶及案例分享 公司及市場發展動向 市場資訊 聯絡我們 訂閲我們 Menu Close 香港上環干諾道中168-200號 信德中心西座16樓1605室 電話：+852 3955 0277 電郵：info@complianceone.hk 繁｜簡 ｜EN 留言查詢 姓名 公司名稱 電郵地址 電話號碼 查詢內容 提交查詢 Thanks for submitting! 聯絡我們 地址：香港上環干諾道中168-200號信德中心西座16樓1605室 電話：+852 3955 0277 電郵：info@complianceone.hk 微信公眾號

專業代辦香港證監會（SFC）1、2、4、6、9、10號牌照申請。由前 SFC 監管人員及資深 RO 團隊主理，提供架構規劃、合規文件擬定、勝任能力評估及營運流程建立等全程顧問服務。 香港上環干諾道中168-200號 信德中心西座16樓1605室 電話：+852 3955 0277 電郵：info@complianceone.hk 繁｜簡 ｜EN 登入 首頁 關於我們 關於我們 專業團隊 關於我們 專業團隊 服務範圍 金融牌照申請或續期 證監會法團牌照申請 香港交易所参與者及交易權申請 金錢服務經營者 (MSO) 牌照申請 金錢服務經營者 (MSO) 牌照續牌 保險經紀 (IA) 牌照申請 放債人牌照申請 貴金屬及寶石交易商(DPMS)註冊 美國貨幣服務業務 (MSB) 註冊 美國貨幣傳輸許可證（MTL）牌照申請 監管合規 持續合規服務 (持牌法團) 網上持續培訓 (CPT) 證監會現場審查 持續合規服務 (保險中介人) MSO 能力評核考試 公司秘書及企業服務 公司秘書服務 基金設立服務 會計及記帳服務 信託公司註冊 信託或公司服務提供者(TCSP) 牌照申請 環境、社會及管治咨詢與報告 (ESG) 家族辦公室成立服務 審計與內部監控 反洗錢獨立審計 內部監控審閱 合規文件定制 放債人的獨立審核職能 人力資源服務 人才招聘服務 香港工作簽證 牌照公司轉讓 牌照轉讓 合規科技系統 萬利雲找換系統 東查查反洗錢/客戶管理系統 eDon AML Transaction Monitoring (TM) System 中國企業查 金融牌照申請或續期 證監會法團牌照申請 香港交易所参與者及交易權申請 金錢服務經營者 (MSO) 牌照申請 金錢服務經營者 (MSO) 牌照續牌 保險經紀 (IA) 牌照申請 放債人牌照申請 貴金屬及寶石交易商(DPMS)註冊 美國貨幣服務業務 (MSB) 註冊 美國貨幣傳輸許可證（MTL）牌照申請 監管合規 持續合規服務 (持牌法團) 網上持續培訓 (CPT) 證監會現場審查 持續合規服務 (保險中介人) MSO 能力評核考試 公司秘書及企業服務 公司秘書服務 基金設立服務 會計及記帳服務 信託公司註冊 信託或公司服務提供者(TCSP) 牌照申請 環境、社會及管治咨詢與報告 (ESG) 家族辦公室成立服務 審計與內部監控 反洗錢獨立審計 內部監控審閱 合規文件定制 放債人的獨立審核職能 人力資源服務 人才招聘服務 香港工作簽證 牌照公司轉讓 牌照轉讓 合規科技系統 萬利雲找換系統 東查查反洗錢/客戶管理系統 eDon AML Transaction Monitoring (TM) System 中國企業查 金融牌照申請或續期 證監會法團牌照申請 香港交易所参與者及交易權申請 金錢服務經營者 (MSO) 牌照申請 金錢服務經營者 (MSO) 牌照續牌 保險經紀 (IA) 牌照申請 放債人牌照申請 貴金屬及寶石交易商(DPMS)註冊 美國貨幣服務業務 (MSB) 註冊 美國貨幣傳輸許可證（MTL）牌照申請 監管合規 持續合規服務 (持牌法團) 網上持續培訓 (CPT) 證監會現場審查 持續合規服務 (保險中介人) MSO 能力評核考試 公司秘書及企業服務 公司秘書服務 基金設立服務 會計及記帳服務 信託公司註冊 信託或公司服務提供者(TCSP) 牌照申請 環境、社會及管治咨詢與報告 (ESG) 家族辦公室成立服務 審計與內部監控 反洗錢獨立審計 內部監控審閱 合規文件定制 放債人的獨立審核職能 人力資源服務 人才招聘服務 香港工作簽證 牌照公司轉讓 牌照轉讓 合規科技系統 萬利雲找換系統 東查查反洗錢/客戶管理系統 eDon AML Transaction Monitoring (TM) System 中國企業查 加入我們 天匯合規合夥人計劃 職位空缺 天匯合規合夥人計劃 職位空缺 參考資料 證券及期貨從業員資格考試自我評估 牌照申請程序 客戶及案例分享 公司及市場發展動向 證券及期貨從業員資格考試自我評估 牌照申請程序 客戶及案例分享 公司及市場發展動向 市場資訊 聯絡我們 訂閲我們 Menu Close 證監會牌照申請 受規管活動類別 根據香港《證券及期貨條例》(“SFO”)，獲香港證券及期貨事務監察委員會 (“證監會”) 發牌的持牌法團是主要的持牌中介人類型，使公司能夠從事該條例所規定的受規管活動。持牌法團指根據《證券及期貨條例》第116條獲證監會發牌經營一項或多項受規管活動的公司。 該條例規定了以下13類受規管活動： 受規管活動類別 Type of RA 受規管活動名稱 Name of RA 第1類 證券交易 第2類 期貨合約交易 第3類 槓桿式外匯交易 第4類 就證券提供意見 第5類 就期貨合約提供意見 第6類 就機構融資提供意見 第7類 提供自動化交易服務 第8類 提供證券保證金融資 第9類 提供資產管理 第10類 提供信貸評級服務 # 第11類 場外衍生工具產品交易或就場外衍生工具產品提供意見 # 第12類 為場外衍生工具交易提供客户結算服務 第13類 為相關集體投資計劃提供存管服務 法團牌照申请主要要求 ✔ 註冊成立：申請人必須是在香港注冊成立的公司，或是根據《公司條例》第16部在公司註冊處註冊的海外公司。 ✔ 資本要求：最低速動資金及繳足股本要求因受規管活動類別而異（詳見第2.3節參考）。 ✔ 管理與管治：健全的內部監控措施，包括但不限於職能分隔、風險管理及完善的核心職能架構。 ✔ 營業處所與運營：位於香港的安全且合適的辦公場所，配備足夠的資訊科技系統及業務延續規劃。 ✔ 適當人選評核：適用於法團、大股東、董事及負責人員。考量因素包括刑事記錄、紀律處分記錄及相關經驗。 負責人員 負責人員（RO），就持牌法團而言，指根據《證券及期貨條例》第 125 條獲證監會批准為該持牌法團的負責人員的個人。 持牌法團的負責人員，同時亦是就其在該法團下所監督的受規管活動的持牌代表。 負責人員 數目要求 就每項受規管活動而言，持牌法團必須委任至少兩名負責人員， 其中至少一人須為該法團的執行董事。此項規定旨在確保有效的持續監督； 若營運結構複雜，則可能需要增聘更多負責人員。 相關行業經驗 須於過去6年內具備至少3年相關經驗。如涉及特定受規管活動 （例如：申請時包括第6類受規管活動的《收購守則》、虛擬資產相關牌照等）， 則須具備額外經驗。 本地監管架構試卷（“LRP”）要求 負責人員必須通過《勝任能力指引》第4.2.3.1條所載的相關試卷。 角色與職責 負責人員必須時刻能夠監督相關的受規管活動，並展現相關的行業知識。 負責人員的勝任能力測試 繳足股本及速動資金的最低要求 受規管活動牌照 受規管活動 繳足股本的最低數額 (港元) 速動資金的最低數額 (港元) 1 如該法團屬核准介紹代理人或買賣商 N/A 500,000 1 如該法團提供證券保證金融資 或擔任私人開放式基金型公司 (OFC)的保管人 10,000,000 3,000,000 1 如屬其他情況 5,000,000 3,000,000 2 如該法團屬核准介紹代理人、買賣商或期貨非結算交易商 N/A 500,000 2 如屬其他情況 5,000,000 3,000,000 3 如該法團屬核准介紹代理人 5,000,000 3,000,000 3 如屬其他情況 30,000,000 15,000,000 4 不得持有客戶資產 N/A 100,000 4 如屬其他情況 5,000,000 3,000,000 5 不得持有客戶資產 N/A 100,000 5 如屬其他情況 5,000,000 3,000,000 6 如該法團擔任保薦人及持有客戶資產 10,000,000 3,000,000 6 如該法團擔任保薦人及不得持有客戶資產 10,000,000 100,000 6 如該法團並非擔任保薦人及持有客戶資產 5,000,000 3,000,000 6 如該法團並非擔任保薦人及不得持有客戶資產 N/A 100,000 7 N/A 5,000,000 3,000,000 8 N/A 10,000,000 3,000,000 9 不得持有客戶資產 N/A 100,000 9 如屬其他情況 5,000,000 3,000,000 10 不得持有客戶資產 N/A 100,000 10 如屬其他情況 5,000,000 3,000,000 11 N/A (有待確定) (有待確定) 12 N/A (有待確定) (有待確定) 13 N/A 10,000,000 3,000,000 虛擬資產相關活動 虛擬資產(VA) 包括加密貨幣及代幣，其可能符合亦可能不符合《證券及期貨條例》下的「證券」定義。下表列出的活動均歸屬於現有的受規管活動類別，但涉及虛擬資產相關活動： 受規管活動 RAs 虛擬資產相關活動 Virtual asset-related activitie 第1類及第7類 *經營虛擬資產交易平台(VATP) 第1類 *透過綜合帳戶安排提供虛擬資產交易服務 第1類 *作為虛擬資產交易平台的介紹代理人 第4類 *就虛擬資產提供意見 第9類 *管理投資超過 10%於虛擬資產的投資組合 第9類 # 管理投資不超過 10%於虛擬資產的投資組合 * 屬於發牌條件規管的範圍。 # 不屬於發牌條件規管的範圍。 前期準備 ➤ 制定股權架構並註冊香港有限公司； ➤ 委任至少兩名符合勝任能力要求的擬任負責人員； ➤ 設立組織架構及核心職能負責人； ➤ 擬定業務計劃與經營範圍； ➤ 設計符合擬營業務的內部監控措施。 天匯合規能為您提供的服務 天匯合規提供一站式的牌照申請支援，服務包括： ➤ 註冊香港有限公司； ➤ 招聘負責人員及相關人員； ➤ 撰寫業務計劃與內部監控政策； ➤ 代表申請人向監管機構提交牌照申請； ➤ 代表申請人與監管機構溝通以回應查詢； ➤ 協助開立銀行賬戶； ➤ 辦理工作簽證； ➤ 以及其他相關服務。 時間表 一般情況下，整個流程約需5至9個月。 前期準備約需1至2個月，以及需要1個月招聘合適的負責人員（如需） 提交申請後，發牌過程一般約需4至7個月；然而，此時間框架可能因多種因素而延長，包括審核期間發現的問題複雜程度，以及證監會當時正在處理的申請數量等。 外部參考 1) 發牌手冊 2) 證券及期貨事務監察委員會 持牌人或註冊人操守準則 2026年申請香港證監會 9 號牌（資產管理）全攻略：流程、時間表與費用預算 如何符合 SFC 負責人員（RO）的資格？學歷、行業經驗與「學科能力」審批關鍵 證監會 1 號牌（證券交易）及 4 號牌（就證券提供意見）合併申請指南與協同效應 什麼是「虛擬資產（VA）投資內控」？證監會對 9 號牌升級（VA Uplift）的最新合規要求 解密核心職能主管（MIC）制度：與 RO 的法律責任有何不同？ 參考資訊 免費下載：香港證監會法團牌照申請指南 您的公司計畫從事證券交易、資產管理或虛擬資產相關活動？您需要申請哪類受規管活動（RA 1–13）牌照？在負責人員（RO）委任、勝任能力測試、最低速動資金及 MIC 核心職能架構上有何具體要求？ 全面掌握《證券及期貨條例》（SFO）下持牌法團的審批與監管標準。內容涵蓋四階段申領流程、虛擬資產合規框架、內部監控手冊擬定及自動化反洗錢篩查工具，助您的金融業務順利獲批牌照並持續合規。 立即下載 聯絡我們 如欲了解更多資訊或索取報價，請隨時與我們聯絡： WhatsApp: ‪ +852 39550277 微信: ComplianceOneHK 電郵: info@complianceone.hk