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2026年7月1日，中國對外投資領域迎來歷史性時刻－《國務院關於對外投資的規定》（國務院令第837號，簡稱「837號令」 ）正式施行。 ODI境外投資新規正式施行！國務院837號令全面解讀，企業出海必看 2026年7月1日，中國對外投資領域迎來歷史性時刻－《國務院關於對外投資的規定》（國務院令第837號，簡稱「837號令」 ）正式施行。這是 我國對外投資領域的重要基礎行政法規 ，標誌著對外投資監管從部門規章層級正式提升至行政法規層級。 對於正在佈局或計劃出海的企業而言，瞭解837號令的核心變化，已成為必修課。 一、為什麼要出台837號令？ 長期以來，我國對外投資監管主要依賴發改委 《企業境外投資管理辦法》 （11號命令）、商務部 《境外投資管理辦法》 （3號令）等部門規章。這種「拼盤式」監管有三個突出問題： · 法律位階偏低 ，在海外投資仲裁缺乏足夠法律支撐； · 規則分散碎片化 ，各部門口徑不盡一致； · 關鍵領域存在製度空白 ，如個人境外投資、安全審查等面向。 例如，專案核准或備案、境外投資備案以及跨國資金登記，本身就涉及不同主管機關；如果專案進一步涉及技術出口、資料出境、國有資產或稅務事項，則需要分別適用相關領域的監管規定。 837號令的出台，是在國務院行政法規層級建立統一的對外投資管理框架，將先前分散在不同監管領域的要求進行更有系統的銜接。 換句話說： 企業今後不能只問“ODI備案有沒有辦下來”，而要進一步問： “整個境外投資項目，從立項、資金出境到境外運營和退出，是否都符合監管要求？” 二、837號令核心變化：六大要點值得關注 1. 監管對象擴大：個人首次被明確納入 這是最值得關注的變革之一。 先前11號令與3號令的適用範圍均限於“境內企業”，個人境外投資長期缺乏明確的法律依據。 837號令第二條明確將 「中國境內的企業、其他組織和居民個人」 全部納入投資者範圍。第三十三條進一步授權發改委、商務部製定居民個人對外投資的具體管理辦法。 這意味著，個人境外投資已正式進入對外投資頂層制度框架。對於過去透過BVI、開曼、SPV等安排進行境外投資的居民個人而言，後續具體監管規則值得持續關注。 此外，對投資者在港澳台地區的投資，參考本規定執行；對境外再投資、境外金融市場投資的管理，也納入本規定架構。 2. “核准—備案—報告” 等義務進一步統一，從事前監管轉向全過程監管 這是新規中非常值得企業管理階層關注的一點。 837號命令並未取消或取代傳統的ODI備案體系，而是將發改委、商務部、外匯局三部門的核准/備案製度 上升為國家法定義務 。 核准制 ：涉及敏感產業或敏感國家的境外投資，需報請國務院投資主管機關核定。 備案製 ：非敏感產業的一般性境外投資實施備案管理。 報告製 ：已備案項目發生重大事項變更（如投資主體、投資金額、股權架構、經營內容等），還需依適用規定履行相應報告、變更或其他程序。 傳統理解中，企業往往把境外投資合規的重點放在兩個階段： 項目能否完成核准或備案，以及資金能否順利匯出境外。 837號令則進一步強調「全過程監管」 。 專案完成投資後，境外企業的治理結構、內部控制、安全生產、風險管理、突發事件處置、員工及資產安全等事項，都成為持續需要關注的內容。 新規第十六條明確要求，投資者及其境外投資企業應完善治理結構，並建立合規經營、內部控制、安全生產及突發事件處置等製度。 因此：ODI不應再被理解為「一次性手續」 。 對於已完成境外投資的企業而言，後續營運、重大變更及退出安排，同樣屬於境外投資合規管理的一部分。 3. 科技、數據、人員跨境成為重點 不少企業過去進行海外佈局時，首先想到的是： “錢怎麼出去？” 837號令實施後，企業還需要同步考慮另外幾個問題： “技術能不能出去？” “數據能不能出去？” “人員和技術服務安排是否涉及受限事項？” 新規第十三條明確禁止投資人透過 「跨境派遣技術人員、組織人員赴境外工作、跨境提供技術指導、安排人員跨境培訓」 等方式，向境外轉移國家禁止或限制出口的貨物、技術、服務及相關數據。 第十四條進一步將資金匯兌、貨物及技術進出口、跨境服務貿易、跨境資料流動、人員出入境、經營者集中、出口管制、網路安全、稅務及國有資產監管等事項納入相關法規的銜接範圍。 這項條款對高科技企業影響尤為深遠。 以往許多企業認為「只要不直接出口設備，派人去指導」不算技術出口，現在這類安排的合規風險明顯上升。科技、AI、半導體、高端製造、金融科技、生物醫藥等領域的企業，必須將技術和數據合規審查 前置到專案立項階段 。未來進行海外投資時，投資部門、法務、財務、稅務、資料安全及業務團隊之間，需要更早形成協同。 「公司能不能設」與「業務能不能真正搬過去」 ，可能是兩個不同的問題。 4. 境外投資安全審查權重提升 第十五條明文規定，國家健全境外投資安全審查制度，對影響或可能影響國家安全的境外投資及相關資產、權益的轉讓、處分進行安全審查。 這意味著，對某些涉及關鍵技術、重要資料、核心資源或其他國家安全因素的交易而言，企業不能僅從「註冊主體在哪裡」「交易合約在哪裡簽署」判斷監管風險。 境外投資監管越來越關注交易的經濟實質、資產權益及風險本身。 因此，在複雜跨境架構中，單純增加香港、BVI、開曼等中間持股主體，並不代表原本適用的監管要求自然消失。 新規實施後， 安全審查已成為與核子準備案並行的獨立監管程序 。對於涉及關鍵技術、重要數據、戰略資源、關鍵基礎設施的項目，企業必須單獨評估安全審查風險。 5. 違規處罰大幅升級 這是最讓企業感到壓力的改變。 837號令第二十七條設定了前所未有的梯級處罰： 違規情形 可能後果 未依規定履行核准案，或提交虛假資料、隱瞞真實資訊 命令改正、沒收違法所得，並可處投資額1‰—5‰罰款 拒不改正 可責令停止投資、限期處分股份或資產，並處投資額5‰—10‰罰款 相關直接責任人員 可處2萬元—5萬元罰款 嚴重違規後的後續影響 相關部門可3年內不受理新的核准備案申請，或限制1—3年進行對外投資 先前ODI違規的後果主要是警告、命令整改等行政措施，幾乎沒有財產性處罰，也很少追究個人責任 。新規實施後，違規不僅會導致企業面臨巨額罰款，企業之外，直接負責的主管人員和其他直接責任人員亦可能面臨個人處罰。 6. 海外權益保護機制首次系統建立 837號令並非只有「管」的一面，也首次在法律層級系統建構了海外權益保護框架： 投資障礙調查 （第二十三條）：遭遇目的國投資障礙時，國務院有關部門可進行調查並採取因應措施。 反歧視反制 （第二十四條）：可依據《反外國制裁法》將相關組織、個人列入反制清單。 領事保護 （第二十條）：駐外外交機構有義務為中國公民和組織提供領事保護與協助。 三、企業需要關注什麼？ 1. 「先上車後補票」已成歷史 新規實施後，未備案即開展境外投資（ 「搶跑」）、虛假申報、隱瞞真實資訊等行為，將面臨高額罰款及業務限制。 「先設立海外公司、後補ODI備案」的營運模式風險極高。 2. 多層SPV架構需重新檢視 在真實性審查、安全審查及複雜境外架構下，監管關注已越來越不限於表層持股主體，可能進一步關注投資架構、資產權益、技術資料以及實際控制關係。單純依靠BVI、開曼多層架構實現「避稅」或規避監管的做法，合規門檻已顯著提高。 3. 技術、數據、人員跨境流動需審慎評估 涉及技術人員派遣、跨境技術指導或培訓的企業，不能僅將其視為普通人事安排，而應同步評估其中是否涉及受管制技術、服務或資料的跨境轉移。 4. 年度報告與持續合規 新規要求投資人在境外投資完成後，需依規定提交專案完成情形報告；境外企業需每年透過外匯局系統申報存量權益資料。 ODI不是「一次性」工作，而是需要長期合規管理的持續義務。 5. 企業出海，建議把這5項檢查前置 837號命令下，比較值得建立的並不是一份單純的「ODI材料清單」 ，而是一套境外投資合規檢查機制。 檢查維度 企業應重點考慮 投資架構 誰是實際投資主體？ 直接投資還是多層持股？ 各層架構是否有合理商業目的？ 資金路徑 投資資金來源是否真實、合法？ 資金如何出境？ 後續利潤、分紅及退出資金如何安排？ 科技與數據 是否涉及受管制技術、重要數據、跨境系統或技術人員輸出？ 境外經營 地方公司治理、反商業賄賂、勞動用工、稅務、環保及內部控制是否完善？ 重大變化與退出 增資、減資、股權轉讓、業務變更或專案終止後，是否需要辦理相應變更、申報或註銷程序？ 核心思路只有一個： 把「合規」放到投資決策之前，而不是等到銀行要求文件、交易交割或監理問詢時才開始補救。 新規提出的監管方向，本身也非常明確——分類分級實施全過程監管，並在加強風險控制的同時推動投資便利化。 寫在最後 837號令的核心邏輯可以概括為四個關鍵字： 鼓勵、規範、安全、保護 。 國家依然大力支持企業“走出去”，但“走出去”的門檻已經全面升級。從前大家更重視審批能否通過、資金能否順利出境；現在考驗的是 綜合合規能力 ──國家安全、技術管控、資料安全、海外風險應對，缺一不可。 對於已經佈局海外或計劃出海的企業而言，趁早吃透規則、完成自查整改，才能在接下來的國際化佈局中走得更遠、更遠。 參考資料： 《國務院關於對外投資的規定》（中華人民共和國國務院令第837號） ，《企業境外投資管理辦法》（國家發展與改革委員會令第11號） ，《境外投資管理辦法》（商務部令2014年第3號） [完結 - ODI境外投資新規正式施行！國務院837號令全面解讀，企業出海必看 ] For more details, please click on the title of the topic above. ================================= ~ Make It Right Today, Better Tomorrow ~ ================================= The article 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 1605, 16/F, West Tower, Shun Tak Centre,168-200 Connaught Road Central, Sheung Wan, Hong Kong Tel: (852) 39550277 www.complianceone.hk

The topics discussed in this monthly newsletter for Licensed Corporations are as follows: ComplianceOne Newsletter – September 2026 The topics discussed in this monthly newsletter are as follows: Market News Record year for investment product sales in Hong Kong with robust demand for FICC-related products: SFC-HKMA joint survey 2025 New synopsis by Julia Leung: Remarks at Media Briefing on SFC’s Strategic Action Plan Enforcement News - Intermediaries SFC bans Mok Cheuk Ling for 42 months SFC reprimands and fines Zheng Da International Financial Holding Limited HKD 7 million and suspends its responsible officer for regulatory breaches Enforcement News - ListCo SFC suspends dealings in Cloudbreak Pharma Inc. shares over suspected IPO rigging SFC suspends dealings in Silver Grant International Holdings Group Limited shares over suspicious diversion of over HKD 1 billion in loan proceeds to its then-major shareholder and related party Regulatory Updates SFC enhances guidance for authorised funds with exposure to private market assets SFC and AFRC extend regulatory cooperation to financial reporting of licensed firms and funds under new MoU Circular to Intermediaries Roadmap for Implementing the Hong Kong Investor Identification Regime for the Exchange-traded Derivatives Market SFC, Securities Commission Malaysia announce Single Submission Arrangement to streamline simultaneous listings in Malaysia and Hong Kong Markets News 1. Record year for investment product sales in Hong Kong with robust demand for FICC-related products: SFC-HKMA joint survey 2025 On 8 September 2026, the Securities and Futures Commission ( SFC ) and Hong Kong Monetary Authority ( HKMA ) published their 2025 joint survey showing that sales of non-exchange-traded investment products reached a record high in 2025, supported by higher participation from clients and firms and strong demand for fixed-income, currency and commodity ( FICC )-related products. The number of clients completing at least one transaction and the number of intermediaries selling investment products both increased compared with the prior year, with growth especially pronounced among large firms. Collective investment schemes overtook structured products as the top-selling product type for the first time since 2020. Money market funds and currency-linked products were prominent in client allocations, while debt securities sales continued to expand, led by sovereign and investment-grade corporate bonds. The survey also highlighted increasing digitalisation of distribution, with online sales accounting for a material share of aggregate transaction amounts. Metric Latest (2025) YoY Change Sales of non-exchange-traded investment products HKD 9.9 T +63% Clients with ≥1 transaction >1.6 M +33% Licensed corporations & registered institutions selling investment products 452 +9% Large firms (selling investment products) 128 +27% Collective investment schemes ( CIS ) sales +85% Structured products sales +53% Money market funds (share of top 5 CIS sales by large firms) 88% Currency-linked product sales HKD 698 B +50% Debt securities sales (vs 2022) +43% vs 2022 Online sales (share of aggregate transaction amount) +21% As Mr HUI Kenneth said “The strong growth captured in this year’s survey is a clear testament to investor confidence in Hong Kong’s asset and wealth management industry. The HKMA will continue to adopt a balanced, proportionate regulatory approach, to ensure robust investor protection while fostering a positive customer experience and supporting the industry’s continued growth” . SIGNIFICANCE: The survey confirms sustained growth in client participation and product demand, particularly in CIS and FICC-related products. Licensed corporations ( LCs ) should review product offerings and distribution channels to align with these trends, while ensuring suitability assessments and risk disclosures remain robust as transaction volumes and online sales increase. 2. New synopsis by Julia Leung: Remarks at Media Briefing on SFC’s Strategic Action Plan On 23 September 2026, the SFC posted a synopsis of CEO Ms Julia LEUNG’s remarks at a media briefing on the SFC’s Strategic Action Plan. In her remarks, Ms LEUNG outlined the SFC’s strategic priorities to support Hong Kong’s development as an international financial centre, including strengthening market resilience, advancing digital transformation, and deepening regional and international connectivity. She emphasised the SFC’s focus on maintaining high regulatory standards while fostering innovation and sustainable growth in the asset and wealth management sector. SIGNIFICANCE: The synopsis signals the SFC’s strategic direction and regulatory priorities for the coming period. LCs should monitor how these priorities translate into specific policy initiatives, supervisory expectations and licensing requirements, particularly in areas such as digitalisation, cross‑border activities and product innovation. Enforcement News - Intermediaries 3. SFC bans Mok Cheuk Ling for 42 months On 11 September 2026, the SFC prohibited Ms MOK Cheuk Ling, a former licensed representative of Sun Hung Kai Investment Services Limited ( SHKIS ) and Sun Hung Kai Commodities Limited ( SHKCOM ) (collectively, SHK ), from re‑entering the industry for 42 months, from 11 September 2026 to 10 March 2030. The SFC found that, between 2009 and 2021, Mok traded on a discretionary basis in the accounts of seven clients of SHK without obtaining their written authorisation and without disclosing these arrangements to her firm, contrary to its policy. Mok also provided false or misleading account information to two clients between 2015 and 2020, and furnished false account statements to three clients in 2021, including inflated balances and fabricated trade details. The SFC regarded Mok as not fit and proper, noting that her conduct spanned over 12 years, caused client losses of close to HKD 3 million, and that she partially compensated some clients with over HKD 1.2 million of her own funds. *For details, please refer to the statement of disciplinary action. SIGNIFICANCE: The case reinforces the SFC’s focus on written client authorisations for discretionary trading, proper disclosure to firms, and the integrity of account information and statements. LCs should ensure that discretionary arrangements are documented, approved and monitored in line with internal policies, and that client access credentials and account reporting controls are robust. Individuals should note that prolonged misconduct, client losses and falsification of account information can lead to substantial industry bans even where partial compensation is made. 4. SFC reprimands and fines Zheng Da International Financial Holding Limited HKD 7 million and suspends its responsible officer for regulatory breaches On 29 September 2026, the SFC has reprimanded and fined Zheng Da International Financial Holding Limited ( Zheng Da ) HKD 7 million for serious AML/CFT and regulatory failures between 01 December 2021 and 30 September 2023, and suspended the licensed of its Responsible Officers, Mr ZHONG Hao, for seven months. Material Deficiency Details No due diligence on Customer Supplied Systems (CSSs) 160 clients used automated systems for futures order placement, Zheng Da conducted zero testing or due diligence, exposing itself to unlicensed activity, nominee accounts, unauthorized access and ML risks. Inadequate client deposit scrutiny 8 accounts showed deposit inconsistent with declared financial profiles; despite claiming RO Zhong made enquiries, no records existed, failing to address ML/TF red flags. Failed ongoing monitoring No effective system to detect suspicious trading; 176 instances of identical buy/sell futures orders by the same client within the same second at the same price went undetected. Systemic control failures Overall systems and controls were inadequate to comply with the AMLO, AML Guideline and Code of Conduct. SIGNIFICANCE: This case shows the SFC’s AML regime is now rigorously enforced at both the institutional and individual level, especially where technology-driven trading meets weak oversight. LCs must treat CSS onboarding, deposit monitoring, and trade surveillance as core licensing obligations, not back-office formalities. Enforcement News - ListCo 5. SFC suspends dealings in Cloudbreak Pharma Inc. shares over suspected IPO rigging On 10 September 2026, the SFC directed the Stock Exchange of Hong Kong Limited ( SEHK ) to suspend dealings in the shares of Cloudbreak Pharma Inc. ( Cloudbreak ) ( HK Stock Code: 02592 ) under section 8(1) of the Securities and Futures (Stock Market Listing) Rules, with effect from 9:00 AM that day. The SFC stated that it has serious concerns that Cloudbreak’s initial public offering ( IPO ) may have been rigged to create an artificial impression of demand for the company’s shares. The suspension was considered necessary or expedient to maintain an orderly and fair market in Cloudbreak’s shares and to protect the interests of the investing public while the SFC’s investigation continues. The SFC indicated that it will not make further comments while the investigation, commenced under section 182(1) of the Securities and Futures Ordinance, is underway. Cloudbreak has been listed on the Main Board of the SEHK since 03 July 2025. SIGNIFICANCE: The suspension underscores the SFC’s willingness to intervene swiftly where there are serious concerns of IPO misconduct that may distort price formation and demand. Market participants, including sponsors, intermediaries and investors, should be mindful that suspected rigging activity can trigger trading suspensions and extended regulatory scrutiny. LCs involved in IPO distribution or market-making should reinforce controls around order allocation, client due diligence and monitoring of unusual subscription or trading patterns. 6. SFC suspends dealings in Silver Grant International Holdings Group Limited shares over suspicious diversion of over HKD 1 billion in loan proceeds to its then-major shareholder and related party On 25 September 2026, the SFC directed SEHK to suspend trading in Silver Grant International Holdings Group Limited ( Silver Grant ) ( HK Stock Code: 0171 ) with effect from 9:00 AM that day, citing serious concerns under Section 8(1) of the Securities and Futures (Stock Market Listing) Rules. The action follows an SFC investigation which found that between March 2021 and December 2023, the company granted approximately HKD 2 billion in unsecured loans, of which over HKD 1 billion, around 63%, was indirectly routed through rapid onward transfers to its then-major shareholder and a related party. The SFC’s investigation further revealed that Silver Grant’s due diligence and credit assessments in relation to these loans were inadequate, and the company was unable to provide any satisfactory commercial explanation for the transactions. Given the significance of these concerns and the failure to address them, the SFC determined that a trading suspension was necessary to protect the investing public and maintain an orderly and fair market. The SFC’s investigation is still ongoing. SIGNIFICANCE: The SFC treats connected-party lending and related -party transactions as a serious red-line especially where large unsecured loans are extended to insiders or their associates without proper commercial rationale, the SFC will intervene swiftly, and any LC involved with the issuer (whether as sponsor, financial adviser, asset manager or broker) faces significant reputational and supervisory exposure. Furthermore, with the SFC’s broader 2026 enforcement posture, where disclosures are unconvincing and investor protection is at stake, the SFC will use its suspension powers proactively rather than waiting for a final investigation outcome. Regulatory Updates 7. SFC enhances guidance for authorised funds with exposure to private market assets On 03 September 2026, the SFC issued a circular setting out enhanced disclosure requirements for SFC‑authorised funds with exposure to private credit and private equity. The SFC noted that some funds may obtain indirect exposure to private market assets through layered structures and complex instruments that may lack transparency, while retail investors may have limited familiarity with these assets and their risks. Fund managers must provide a clear, sufficiently complete and balanced picture of the characteristics, nature and risks of a fund’s private market exposures. The SFC may also subject such funds to enhanced scrutiny and classify them as complex products with heightened distribution requirements where appropriate. For existing funds with potential private market exposure, fund managers are expected to review and update offering documents as soon as practicable. Area Before After Regulatory Focus Private-market exposure addressed mainly through general rules: 15% NAV limit for unlisted/non-market traded investments, general risk disclosure, and case-by-case SFC review Explicit, tailored guidance on private credit + private equity, including direct and indirect exposure Business Development Companies ( BDCs ), Collateralised loan obligation ( CLOs ), other financial derivative instruments. Disclosure in Offering doc General risk factors: “private assets may be illiquid/ hard to value”. Enhanced disclosures on: - Extent and means of access - Nature/characteristics of underlying assets - Specific risks and impact on NAV/redemptions/valuation. Key facts statement must reflect this too. Complex-product test No dedicated private-market threshold. Complexity assessed under existing complex product principles. More than 50% of NAV in aggregate direct + indirect private market assets of the fund’s NAV. Below 50% NAV may still designate as complex based on liquidity, leverage, or opacity. Distribution Obligation Complex-product rules applied if product already met existing complex product definition. Private-market funds crossing threshold face suitability obligation irrespective of solicitation/ recommendation, stronger distributor competency expectations, target-market alignment. SIGNIFICANCE: The circular tightens disclosure expectations for retail funds with private market exposure. Fund managers should review portfolio holdings and offering documents to ensure exposures and risks are clearly and accurately described. Where total direct and indirect exposure reaches or exceeds 50% of NAV, funds may be classified as complex products, triggering enhanced suitability and distribution obligations. 8. SFC and AFRC extend regulatory cooperation to financial reporting of licensed firms and funds under new MoU On 28 September 2026, the SFC and the Accounting and Financial Reporting Council ( AFRC ) signed a revised MoU replacing the 24 February 2021 version. The new MoU extends regulatory cooperation beyond listed-entity financial reporting to cover the financial and compliance reporting of SFC-LCs, SFC-licensed virtual asset service providers ( VASPs ), SFC-authorized collective investment schemes, and registered open-ended fund companies ( OFCs ), plus the audit/assurance work done for these entities. Under the MoU, the two regulators formalize: · Case referrals between SFC and AFRC on auditor conduct, licensed-firm reporting failures, fund/OFC reporting issues; · Information sharing subject to statutory confidentiality; · Coordinated Investigations/Inspections via a task force for significant cases; · Prior consultation/notice where AFRC investigates auditors serving Licensed Person, licensed VASP, Authorized CIS or Registered OFC; and · Capacity building/joint training on accounting, audit and compliance-reporting standards. As Ms LEUNG Julia, CEO, said, “ This MoU strengthens regulatory backing for our collaboration with the AFRC, ensuring our supervision evolves with market dynamics. Deepening our regulatory cooperation across financial sub-sectors is essential to upholding the quality of financial reporting and bolstering the confidence of global investors in Hong Kong’s regulatory system ”. For details of Dr WONG Kelvin’s speech, please click here . SIGNIFICANCE: Since the MoU provides for coordinated investigations and no unnecessary double action principles, a LC under SFC review may simultaneously face scrutiny of its auditor. LCs should expect a tighter documentary demands, joint interviews, and aligned messaging requirements. 9. Circular to Intermediaries Roadmap for Implementing the Hong Kong Investor Identification Regime for the Exchange-traded Derivatives Market On 30 September 2026, the SFC issued a circular setting out the implementation for the Hong Kong Investor Identification Regime – Derivatives Market ( HKIDR-DM ). It requires LCs and registered institutions that provide derivatives brokerage or conduct proprietary trading, collectively as Relevant Regulated Intermediaries ( RRIs ) to collect Client Identification Data ( CID ) for every relevant trading exchange-traded derivatives and map it to the Broker Client Account Number ( BCAN ). It extends the existing securities-market investor ID model to exchange-traded derivatives-futures options and stock options traded via the Hong Kong Futures Exchange Limited ( HKFE ) and HKEX. Core Obligations of RRIs as per Code of Conduct Paragraph 5.6A 1 Assign a BCAN to each relevant client 2 Collect CID of each relevant client 3 Submit BCAN-CID Mapping files to HKEX’s central repository 4 Tag the BCAN on every exchange-traded derivatives order. 5 Obtain express client consent from individual clients for collection/ transfer of personal data; corporate clients do not need privacy consent. 6 Apply data-privacy and security controls; participate in testing/ market rehearsals. Standard Requirement for CID Individuals Full Name, ID-issuing jurisdiction, ID type, ID number Corporates Full Name, Jurisdiction, ID Type (BR Certificate), ID number Trusts/ funds Trustee CID or asset manager/ fund CID Joint Accounts CID for all named holders under the same BCAN. RRIs must obtain express client consent for personal-data use covering SFC-specified purposes, submit BCAN-CID mapping files via HKEX’s Electronic Communication Platform, tag orders with BCAN, and join end-to-end testing/ market rehearsals before go-live which sets to be on Q2 of 2028. SIGNIFICANCE: The SFC’s road map of the HKIDR-DM is less a policy surprise and more an inevitability. Hong Kong is simply extending the transparency model already used in the securities market into futures, options and stock options. The SFC want order-level visibility, and intermediaries are the data pipeline. 10. SFC, Securities Commission Malaysia announce Single Submission Arrangement to streamline simultaneous listings in Malaysia and Hong Kong On 30 September 2026, the SFC and the Securities Commission Malaysia ( SC ) have launched the Single Submission Arrangement implementing the July 2026 MoU on a simplified dual-IPO framework. A company seeking a primary listing on either the Main Board of SEHK or Bursa Malaysia MAIN Market, with a simultaneous secondary listing on the other market, now needs only: · One listing application submission, and · One listing document accepted across both markets. The arrangement adds dedicated dual-listing review teams, a single coordinated communication channel through the primary-listing regulator, and aligned regulatory review timelines. Its purpose is to cut duplication and compliance costs at the IPO stage while preserving each jurisdiction’s listing, disclosure, and investor-protection standards. SIGNIFICANCE: This arrangement makes Hong Kong-Malaysia dual listing more practical and is expected to reduce duplication and compliance costs at IPO application stage. However, LCs must still carry full conduct, due diligence, and regulatory-standard obligations. It is important to note that this arrangement is NOT a waiver of substantive requirements for LCs involved in capital markets, IPOs, sponsorship, corporate finance advisory, underwriting, legal/compliance, and cross border fundraising. Hong Kong and Malaysia eligibility, prospectus/disclosure, and core shareholder-protection standards still apply. [End of ComplianceOne Newsletter – September 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 1605, 16/F, West Tower, Shun Tak Centre,168-200 Connaught Road Central, Sheung Wan, Hong Kong Tel: (852) 39550277 www.complianceone.hk

The topics discussed in this monthly newsletter for insurance are as follows: ComplianceOne Insurance Newsletter – January 2026 The topics discussed in this monthly newsletter are as follows: Market News HKFI Reports Interest from Insurers in Re-domiciling to Hong Kong IA Reports High Claims Settlement Progress for Wang Fuk Court Fire Incident (宏福苑火災) with 85% of Claims Processed IA Hosts Panel Discussion on Marine Insurance Opportunities as Hong Kong Strengthens Its Maritime Hub Status IA Statistics Show 32.5% Growth in Total Gross Premiums in first three quarters of 2025 Enforcement News Hong Kong Police Arrest Four Suspects in Connection with 22 Suspected Staged Traffic Accidents Involving Insurance Fraud Market News 1. HKFI Reports Interest from Insurers in Re-domiciling to Hong Kong On 15 January 2026, the Hong Kong Federation of Insurers (“ HKFI ”) indicated that around three insurance companies, primarily those registered in Bermuda, have expressed interest in re-domiciling to Hong Kong under the company re-domiciliation regime introduced in May 2025. This follows successful precedents set by major insurers. The legislation for implementation of company re-domiciliation regime, passaged on 14 May 2025, and gazetted on 23 May 2025 (See Companies (Amendment (No.2) Bill 2024 – Progress of the bill ) Manulife International Life Insurance (Hong Kong) Completed its re-domiciliation from Bermuda to Hong Kong in December 2025, becoming the first insurer to do so. Notice of Re-domiciliation Completion - Manulife AXA China Region Insurance Company (Bermuda) Limited Announced its successful re-domiciliation to Hong Kong on 26 January 2026, effective immediately, and was renamed AXA China Region Insurance Company (Hong Kong) Limited (安盛金融保險（香港）有限公司). The process aligned with the regime, reinforcing AXA's long-term commitment to the Greater China region. AXA plans to update its Macau branch name in the week starting 2 February 2026. Notice of Re-domiciliation Completion - AXA SIGNIFICANCE: The re-domiciliation benefits include streamlined regulatory compliance (e.g., avoiding dual Bermuda and Hong Kong requirements), simplified financial reporting, and enhanced alignment with Hong Kong's stable regulatory environment. The growing interest from approximately three additional insurers, combined with completed re-domiciliations by Manulife and AXA, demonstrates Hong Kong's increasing attractiveness as a domicile for international insurance groups amid global economic shifts. 2. IA Reports High Claims Settlement Progress for Wang Fuk Court Fire Incident (宏福苑火災) with 85% of Claims Processed On 3 February 2026, the Insurance Authority (“ IA ”) announced that around 85% of insurance claims arising from the fire at Wang Fuk Court have been successfully settled. The IA has been actively coordinating with insurers and monitoring the claims handling process since the incident to support affected policyholders. Key statistics: Total claims processed 1,032 (representing 85% of all claims), involving nearly HK$510 million in settlements. General insurance claims 1,030 total claims; 863 settled (84%), amounting to approximately HK$450 million. Long-term insurance claims 188 total claims; 169 settled (90%), amounting to approximately HK$60 million. The remaining unsettled claims primarily require on-site inspections and detailed damage assessments. The IA continues to follow up closely with the Hong Kong Federation of Insurers to ensure fair and efficient resolution in line with the principle of treating customers fairly. Mr Clement Cheung, Chief Executive Officer of the IA, stated: “The IA is aware that a majority of claims have been successfully settled based on the principle of treating customers fairly, and the remaining claims call for on-site inspections and damage assessments. We will continue to follow up actively with the Hong Kong Federation of Insurers.” 3. IA Hosts Panel Discussion on Marine Insurance Opportunities as Hong Kong Strengthens Its Maritime Hub Status On 26 January 2026, the IA organized a panel discussion at the Asian Financial Forum (“ AFF ”) titled "Charting Future Seas: Hong Kong's Maritime Development Opens New Blue Oceans for the Insurance Industry." The session, held during the AFF, explored how Hong Kong's development as an international maritime hub creates opportunities for marine insurance. The AFF serves as Asia's premier exchange platform, bringing together global leaders from government, finance, and business to discuss the global economy from an Asian perspective. The discussion was moderated by Mr. LIU Zhongjian, Executive Director (Policy and Legislation) of the IA. He emphasized that marine insurance is an indispensable element supporting Hong Kong's status as an international financial, shipping, and trading center. In the context of a complex and changing global trade landscape, Hong Kong's marine insurance sector needs to adopt a more strategic and forward-looking approach. Panel experts identified three key elements for promoting sustainable development in marine insurance: Cultivating talent to ensure a stable and continuous supply of professionals in marine risk management. Addressing technological innovations in shipping and digitalization of global supply chains to maintain competitiveness. Enhancing synergies among diverse services within Hong Kong's marine insurance ecosystem. For more details on the AFF agenda and the IA's panel are available on the Asian Financial Forum website . SIGNIFICANCE: This panel underscores the IA's proactive role in positioning Hong Kong as a leading maritime and marine insurance hub amid evolving global trade dynamics. By focusing on talent, technology, and ecosystem collaboration, the initiative aims to unlock new growth avenues for the insurance industry, enhance risk management capabilities in shipping and trade, and align with national strategic priorities. It reflects Hong Kong's commitment to diversifying its financial services beyond traditional sectors and capitalizing on its strategic location to attract international marine insurance business. 4. IA Statistics Show 32.5% Growth in Total Gross Premiums in first three quarters of 2025 On 23 January 2026, the IA published the provisional statistics for the first three quarters of 2025 (January to September 2025). The data reflects robust performance across both long-term and general insurance sectors, with total gross premiums reaching HK$6,370 billion, representing a significant year-on-year increase of 32.5%. Long Term Business (excluding retirement scheme business) : New office premiums surged 55.9% to HK$2,645 billion, driven primarily by non-linked individual business at HK$2,515 billion (up 55.2%). Within this, participating business rose 60.1% to HK$2,263 billion. Linked individual business increased 75.7% to HK$127 billion. Approximately 50,000 qualifying deferred annuity policies were issued, contributing HK$32 billion (1.2% of individual business total). In-force long-term business revenue premiums totaled HK$5,541 billion (up 36.6%), with claims and benefits paid amounting to HK$2,794 billion (up 3.4%). Total long-term assets grew to HK$52,841 billion, with net assets at HK$7,317 billion. General Business : Gross premiums reached HK$829 billion (up 10.5%), net premiums HK$560 billion (up 8.3%). Claims paid totaled HK$380 billion (down 0.9%). Overall operating profit stood at HK$101 billion (up 50.5%), supported by underwriting profit of HK$35 billion (up 63%). Direct business and reinsurance segments both showed positive growth and profitability trends. For more details, please refer to the summary of the provisional statistics is at Annex . SIGNIFICANCE: These provisional figures demonstrate the resilience and strong momentum of Hong Kong's insurance sector in 2025, with substantial growth in new business premiums and overall premiums. The performance highlights increasing demand for protection-oriented and participating products, reinforcing Hong Kong's position as a leading insurance hub in Asia. The data also provides valuable insights for insurers, intermediaries, and policyholders on market trends ahead of full-year 2025 results. Full details, including annex summaries, are available on the IA website. Enforcement News 5. Hong Kong Police Arrest Four Suspects in Connection with 22 Suspected Staged Traffic Accidents Involving Insurance Fraud Hong Kong Police have arrested four individuals (three men and one woman, aged 37 to 69) on suspicion of conspiracy to defraud related to 22 staged or falsified traffic accidents. The arrests occurred in early February 2026 as part of an investigation into a multi-year "crash-for-cash" insurance fraud operation. (Source: South China Morning Post) Key details of the Case Among the arrested are a married couple alleged to be central to the scheme, who reportedly posed variously as drivers, passengers, or pedestrians struck by private cars or taxis over a period of four to five years. Two local doctors were also detained in connection with the case, suspected of involvement in facilitating false claims. A taxi registered to the wife was impounded during the operation. All four suspects remain in custody while investigations continue. Police have linked these incidents to broader concerns over organized insurance fraud, including exaggerated or fabricated injury claims submitted to insurers for compensation payouts. The Stage Traffic Accidents Scheme in Hong Kong This development coincides with a recent surge in reported traffic-related scams, with over 100 suspected cases now under review (including referrals from the insurance industry and public reports). Some involve minor bumps, no collisions, or delayed high-value civil claims, often involving repeated claimants, shared law firms, or medical providers. Authorities, including the HKFI have warned drivers and insurers to remain vigilant and report suspicious patterns promptly. SIGNIFICANCE: Staged traffic accidents represent a persistent and evolving threat to Hong Kong’s insurance sector, contributing to inflated motor insurance claims, higher premiums for honest policyholders, and erosion of market trust. This recent crackdown demonstrates proactive law enforcement collaboration to disrupt organized syndicates, which often involve coordinated roles across drivers, medical professionals, and claimants. Insurers are encouraged to strengthen fraud detection through enhanced verification of claims (e.g., reviewing patterns in injury reports, late filings, or repeat participants), internal controls, and referral of suspicious cases to police. The arrests underscore the financial and reputational risks of such misconduct, reinforcing the need for robust anti-fraud measures amid rising "new-generation" variants of crash-for-cash schemes. [End of ComplianceOne Insurance Newsletter – January 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 1605, 16/F, West Tower, Shun Tak Centre,168-200 Connaught Road Central, Sheung Wan, Hong Kong Tel: (852) 39550277 www.complianceone.hk

The topics discussed in this monthly newsletter for Licensed Corporations are as follows: ComplianceOne Newsletter – May 2026 The topics discussed in this monthly newsletter are as follows: Market News Hong Kong overtakes Switzerland as the World’s Top Offshore Wealth Centre Enforcement News SFC obtains disqualification orders against former directors of China Candy Holdings Limited SFC obtains two-year disqualification order against former financial controller and company secretary of Qunxing Paper Holdings Company Limited Movie producer Wong Pak Ming convicted of insider dealing in SFC’s prosecution SFC bans Nerico Brothers Limited’s former responsible officer, manager-in-charge and director Paul Wan Kai Leung for life over US$222 Million Client Asset Scandal SFC Raids Two more Chinese Brokerages in Widening IPO Probe Regulatory Updates SFC steps up measures to address forged documents, money laundering risks and account opening standards FTSB and SFC conclude consultations on Virtual asset advisory and management regimes SFC issues news guidance to help securities issuers prepare for upcoming uncertificated securities market regime Markets News 1. Hong Kong overtakes Switzerland as the World’s Top Offshore Wealth Centre For decades, Switzerland has been synonymous with offshore wealth and private banking, however this era has formally ended. According to the Boston Consulting Group (“ BCG ”)’s latest Global Wealth Report, Hong Kong has surpassed Switzerland in 2025 to become the world’s single largest destination for cross-border wealth. Assets booked in the city jumped 10.7% in the past year to a massive total reaching USD2.95 trillion. Switzerland comparatively had a 7.6% growth coming in at USD2.94 trillion. The drivers of this surge in growth can be attributed to the following events: a resurgent IPO market that returned Hong Kong to the top of global fundraising tables, a steady flood of capital from mainland China and market infrastructure reforms at the HKEX spanning equity financing, debt issuance and commodity trading. BCG’s analyst described Hong Kong’s rise as reflecting “the growing gravitational pull of Asian wealth and capital markets,” with cross-border flows becoming more concentrated in a smaller number of globally connected hubs.This momentum is expected to keep growing as denoted by BCG’s projection of annual cross-border wealth growth of approximately 9% for Hong Kong through 2030, suggesting the gap with competitors will widen rather than narrow. SIGN IFICAN CE: Wealth managers, private banks, external asset managers and financial institutions with regional ambitions this ranking is a commercial sign. The structural case for expanding cross-border wealth management operations in Hong Kong has arguably never been stronger. Firms that are watching cautiously from the sidelines should reconsider their capacity, product and positioning in the city before the next competitive cycle locks in market share. Enforcement News 2. SFC obtains disqualification orders against former directors of China Candy Holdings Limited When auditors flag discrepancies in company financial statements and management promises to fix them, independent directors cannot simply take those promises at face value. This was the central lesson delivered by the Court of First Instance this month, when it issued disqualification orders against four former directors of China Candy Holdings Limited (“ China Candy ”) (HK Stock Code: 8182 ), whose cash balances had been inflated by as much as 97% in its annual filings from 2016. The external control reviewers at China Candy identified problems in 2015 and 2016 regarding missing petty cash records, inconsistent management accounts and unresolved bank reconciliation gaps. The four directors, two executive chairpersons and two independent non-executives, confessed to passively relying on external professionals to identify and report potential red flags, which eventually led to the failure to properly scrutinise these issues and verify whether the proposed remedies had been implemented. As a result, their duties were abdicated by the court. Name Position P enalty Ms Yvonne HUNG (洪綺婉) Executive Director 33 months of disqualification Ms Li YUNA (李宇娜) Executive Director 24 months of disqualification Mr FANGUS Chu Wai Wa (朱偉華) Independent Director 12-month ban Mr ONG King Keung (王競強) Independent Director 12-month ban Following these sanctions the case is not over as the three alleged architects of the fraud, including the former chairman and CEO, are awaiting separate judgment following a hearing that concluded in March 2026. SIGNIFICANCE: Independent directors cannot outsource their oversight obligations to management or external advisers. When Internal control reviews surface issues, the senior management needs to track remediation to completion. Financial institutions should use this case to promptly review on how their senior management handle follow-through on audit and control findings 3. SFC obtains two-year disqualification order against former financial controller and company secretary of Qunxing Paper Holdings Company Limited This month, the SFC secured a two-year disqualification against Mr POON Tsz Hang, the former financial controller and company secretary of Qunxing Paper Holdings Company Limited (“ Qunxing ”), for disclosing false and misleading information regarding the annual turnover of Qunxing published in its financial statements from 2007 to 2011. Mr POON, the most senior finance office, held a unique vantage point from where the irregularities should have been visible. The SFC found that he failed to exercise basic oversight of the accounting and finance functions that reported to him. He also failed, in his company secretary role, to promptly escalate a critical restructuring event at a subsidiary that pointed to a sudden deterioration in the group’s finances. Furthermore, the company’s former chairman and his son were ordered by the Court back in 2018 to compensate investors, and HKD92 million was eventually distributed to approximately 27,000 eligible investors in 2023. Poon’s case represents the tail end of an enforcement effort that has now spanned nearly a decade. SIGNIFICANCE: Finance professionals in listed companies carry significant personal accountability. As the SFC has demonstrated it will pursue individuals’ years after misconduct occurs, CFOs and company secretaries should take note of the regulatory consequences of inadequate oversight and failure to escalate issues as they can lost beyond a company’s demise. 4. Movie producer Wong Pak Ming convicted of insider dealing in SFC’s prosecution Well-known film producer and chairman of Pegasus Entertainment Holdings, Mr WONG Pak Ming, was convicted for an insider dealing scandal this month following a 16-day criminal trial. Case Details In 2017, Mr WONG received serious, price-sensitive information about the sale of his controlling stake in the company, and within the same day received a HKD 10 million earnest payment from a prospective buyer. Immediately, upon receiving the earnest money, Wong transferred HKD 2 million to his sister, and advised her to buy over nine million Pegasus shares at prices well below Pegasus’ ensuing market price preceding the deal announcement. Based on the SFC’s calculations it was estimated that Wong’s sister earned more than HKD 1 million from these transactions. After a 16-day criminal trial at the Eastern Magistrate Court, Mr Wong was convicted of insider dealing whilst sentencing has been adjourned to June 9 th , 2026. The SFC commenced criminal proceedings against him in February 2025. Case Timeline Date 25 Aug 2017 25 Aug – 30 Aug 2017 25 Aug – 17 October 2017 25 October 2017 Event Mr. Wong received $10 million in earnest money. Transferred $2 million to his sister. Wong’s sister bought over nine million Pegasus shares below market price. Deal Announced SIGNIFICANCE: This case is a reminder that insider dealing does not require complex trading structures or anonymous offshore accounts. A simple word to family members backed by sensitive information is sufficient to constitute a serious criminal offence. Firms should ensure that information barriers are clearly communicated to senior individuals, and that personal trading policies explicitly address the prohibition on tipping family and friends. The SFC’s readiness to win criminal trials reinforces that consequences are not just regulatory, they are criminal. 5. SFC bans Nerico Brothers Limited’s former responsible officer, manager-in-charge and director Paul Wan Kai Leung for life over US$222 Million Client Asset Scandal The SFC has drawn a firm line under one of Hong Kong’s most egregious client asset scandals by permanently banning Mr Paul WAN Kai Leung, former responsible officer, manager-in-charge, and director of Nerico Brothers Limited (“ NBL ”) from the industry. Between mid-2020 and early 2021, NBL covertly used over USD 68 million of a single client’s funds for the firms gain, breaching the client agreement. The firm then went further, facilitating a fraudulent scheme misappropriating an additional USD 154 million of the same client’s money leading to a combined loss of more than USD 222 million. The orchestrator of this external scheme, Neo Ng Yu, had his firm’s license revoked and received a lifetime ban in separate proceedings. Furthermore, Mr WAN’s ban follows those already imposed on NBL’s director Jerff Lee Cheuk Fung and the connected principals of Amber Hill Capital in 2025. The SFC is systematically working through the management chain of this misconduct, making clear that a failure to prevent client asset misuse carries equal consequence as the perpetration of client asset misuse. SIGNIFICANCE: The effects of these actions send a powerful message to senior management: ignorance or passivity toward the misuse of client funds is not a valid exemption to avoid regulatory scrutiny. All responsible officers and managers must treat client asset protection as a front-line personal obligation, not a compliance department task. Regular independent reconciliation, escalation protocols, and board oversight of client asset controls are now considered as baseline requirements. 6. SFC Raids Two more Chinese Brokerages in Widening IPO Probe On May 27 the SFC cracked down on the investment banking sector. Enforcement officers raised the Hong Kong offices of CCB International (“ CCBI ”), local arm of China Construction Bank, and China Securities International (“ CSCI” )), a subsidiary of China Securities Co. Electronic devices and documents were seized for investigation into suspected misconduct linked to share offerings. The raids were notable as they represent a large-scale widening investigation rather than an isolated action. In March 2026, the SFC conducted what was described as one of the most significant enforcement sweeps of the investment banking sector in the past decade, targeting CITIC Securities and Guotai Junan International, during which eight individuals were arrested. The May raids followed 2 months later, targeting two more state-linked Chinese institutions. Following Hong Kong’s IPO boom, the city surged back to the top of global fundraising rankings, with a wave of new listings across mainland Chinese companies. The SFC has made clear that this boom cannot come at the cost of due diligence standards. The recent raids share the enforcement arm of this message. The SFC, CSCI and CCBI declined to comment and no formal charges have been filed and no fines announced at the time of writing. SIGNIFICANCE: Investment banks and underwriters active in Hong Kong’s ECM market should conduct internal audits of their IPO due diligence and listing advisory procedures. The SFC’s willingness to raid major state-linked institutions signals that firm size and market position provide no regulatory protection or special treatment. Financial institutions and licensed corporations that are proactive in self-reviewing and remediating errors will be better placed than those who wait to be investigated. Regulatory Updates 7. SFC steps up measures to address forged documents, money laundering risks and account opening standards On 22 May 2026, the SFC issued a circular outlining the expected controls for account opening and maintenance of client relationships. The China Securities Regulatory Commission has also specified relevant remediation plans for certain illegal cross-boundary securities, futures, and investment fund-related activities conducted in Mainland China. We have prepared an impact analysis on the expected controls for account opening and ongoing client relationship management. An SFC review of account opening practices across 12 securities has uncovered deficiencies in due diligence on account opening documentation and acceptance of forged documents making their way into client files. Firms accepting them are either unaware or choose not to look hard enough and consequently, the SFC has responded with a forceful circular that sets out binding expectations for every licensed corporation. The regulator identified a collection of recurring failures as a result of superficial due diligence at onboarding, inadequate handling of client introductions through overseas intermediaries, and a general culture of growth at expense of know-your-client procedures. The SFC is explicit that forged documents create pathways for money laundering and terrorist financing through Hong Kong’s securities infrastructure. The Circular Requirements: LCs must conduct an internal review to identify whether questionable or forged documents were accepted at account opening. The SFC has specified additional requirements for accounts held by Chinese Mainland Investors including: Closure of accounts with forged or questionable documents Closure of zero-balance dormant investment accounts Written investor declarations and a requirement that all settlements and fund movements use only the client’s own named bank accounts with eligible banks. The SFC also reminds investors that submitting false documents to open a brokerage account can constitute a criminal offence under the Hong Kong Crimes Ordinance. SIGNIFICANCE: The circular demands immediate action from firms to designate a senior individual to own the internal review, set a clear completion deadline, and document findings. For mainland investor accounts specifically, the additional measures apply to all new accounts going forward. The SFC has signaled that follow-up inspections and enforcement will follow firms that have self-identified and remediated problems will be far better positioned than those discovered to have done nothing. 8. FTSB and SFC conclude consultations on Virtual asset advisory and management regimes Hong Kong has spent the last three years building a legal framework for digital assets. On the 26 th of May, the Financial Services and the Treasury Bureau (“ FSTB ”) and SFC took the final significant step in that project, publishing consultation conclusions that pave the way for licensing regimes covering virtual asset advisory and management service providers. The framework is deliberately designed to mirror the conventional securities licensing structure: VA advisory services will be regulated in line with Type 4 (advising on securities) and VA asset management will track Type 9 (asset management). The “same activity, same risks, same rules” principle means that firms already operating in asset management or investment advisory should find compliance architecture even if underlying assets are new. The consultation drew 51 responses from a broad range of stakeholders. The FSTB and SFC have confirmed they are targeting the legislative bill itself to introduce into the legislative council before the end of 2026. The full suite of VA service providers, trading platforms, stable coin issuers, managers, advisors, etc. will sit within a regulated ecosystem upon the approval of the framework. SFC CEO Ms Julia LEUNG, described the development as “the final leg of our journey to complete the regulatory framework for digital assets” while Secretary Christopher Hui framed it as part of a broader effort to build a digital asset ecosystem “comparable to conventional finance.” SIGNIFICANCE: Firms currently providing VA advisory or portfolio management services in Hong Kong should start engaging with the SFC on pre-application discussions now to understand fit and scoping before the bill is tabled. For LCs that already hold Type 4 and Type 9, adding the VA versions may be smoother but still requires separate licensing and possible substantive obligations on licensing, conduct, and client asset handling. 9. SFC issues news guidance to help securities issuers prepare for upcoming uncertificated securities market regime Hong Kong’s securities market is on the verge of a structural reform that has been years in the making. Physical share certificates, a relic of the paper-era financial system, are being phased out. The SFC has published a Guidance Note to prepare issuers for the Uncertified Securities Market (“ USM ”) regime, which is scheduled to go live on November 16 th , 2026. Under the implementation of USM, issuers are obliged to maintain an approved securities registrar at all times. Currently, six companies have applied to becoming approved securities registrars. Issuers are also required to complete their amendment exercise by the first anniversary of USM launch by the 16 th of November 2027 or by the date of their first annual general meeting post USM launch. SIGNIFICANCE: Listed issuers should treat the November 16 th launch date deadline as an immediate action item. Issuers are recommended to appoint legal counsel and identify a preferred approved securities registrar from the applicant pool and build the USM amendments into their next AGM agenda. Proactive adoption is critical, delaying until 2027 will result in a missed AGM cycle and potential compliance risk. [End of ComplianceOne Newsletter – May 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 1605, 16/F, West Tower, Shun Tak Centre,168-200 Connaught Road Central, Sheung Wan, Hong Kong Tel: (852) 39550277 www.complianceone.hk

The topics discussed in this monthly newsletter for insurance are as follows: ComplianceOne Insurance Newsletter – Jun 2026 The topics discussed in this monthly newsletter are as follows: Market News IA Warns that Any Attempt to Circumvent Remuneration Rules Via Cross-Border Structures Will Result in Its Timely Intervention IA Hosts AI Cohort Symposium and Welcomes Three New Core Participants Regulatory Updates IA Draws Attention to HKMA Circular on Remuneration Structures for Banks IA Shares Key Observations and Best Practices from Recent Onsite Conduct Inspections Markets News 1. IA Warns that Any Attempt to Circumvent Remuneration Rules Via Cross-Border Structures Will Result in Its Timely Intervention On 16 June 2026, Chief Executive of Insurance Authority (“IA”) - Mr Clement CHEUNG (張雲正) publicly warned that the IA has observed indications of market participants attempting to circumvent the new remuneration measures through indirect methods. The IA has been closely monitoring the market and will intervene at the appropriate time, with public announcements to follow. Source: Bloomberg – Hong Kong Insurance Regulator Vows Crackdown on Rule-Breakers (15 June 2026) ; HKEJ – “保監揭行業規避新例 適時介入” (16 June 2026) To address excessive front-loading of commissions and misaligned intermediary incentives in the participating policy market, the IA has implemented the following measures in quick succession: Announce Date Effective Date Measure Reference 30 Jul 2025 01 Jan 2026 Caps introduced on demonstration interest rates for participating policies, effective on 01 Jan 2026. Commissions payable to intermediaries for participating policies capped at 70% of total commissions, with at least 30% required to be spread evenly over a minimum of five subsequent years Circular 30 Jul 2025 ; Practice Note 01 Sep 2025 01 Oct 2025 Referral fees paid by licensed broker companies to referrers capped at 50% of total commissions Circular 01 Sep 2025 ; Mr Cheung stated that while the IA has not specified the exact evasion methods observed, it will take timely follow-up action where necessary. Maintaining Compliant Cross-Border Insurance Business Mr Cheung also addressed market concerns arising from recent China Securities Regulatory Commission (“CSRC”) actions against illegal cross-border securities activities and the potential impact on Hong Kong insurance business involving Mainland visitors. He reaffirmed that the IA will continue to focus on ensuring insurance funds enter Hong Kong through legal and compliant channels, while proactively applying forward-looking monitoring to reduce market disruption risks. The IA has consistently prioritised cross-border insurance compliance over the years: Year Cross-Border Actions Source (for reference only) 2005 Coordinated with Mainland regulators on “underground policies” and took disciplinary action against insurers and intermediaries suspected of improper sales. Finance Sina (10 Mar 2005) 2016 Following concerns over large premium payments via UnionPay cards under the capital account, coordinated with Mainland authorities and introduced the Important Facts Statement to verify that all policies are signed within Hong Kong, requiring insurers to obtain and retain supporting documentation. INS/TEC/6/64 ; IFS-MP 2024 Jointly with the Independent Commission Against Corruption (“ICAC”), cracked down on insurance broker companies suspected of cross-border unlicensed and illegal policy sales. IA-Press Release (11 Apr 2024) SIGNIFICANCE: The IA’s warning signals that it is actively scrutinising how the new remuneration requirements are being applied in practice and is ready to act where it identifies attempts to bypass them. Insurers and intermediaries should promptly review their commission payment structures, including any overrides, bonuses, and referral arrangements, to ensure they remain aligned with the IA’s expectations under the current framework. For firms with significant cross-border client activity, the IA’s emphasis on forward-looking monitoring highlights the need for heightened vigilance. Companies are advised to strengthen internal controls, documentation standards, and ongoing monitoring of sales processes involving non-Hong Kong clients. Maintaining clear records and robust oversight in these areas will help demonstrate compliance as the IA continues to focus on this segment of the market. 2. IA Hosts AI Cohort Symposium and Welcomes Three New Core Participants On the 15 of June 2026, the IA hosted the AI Cohort Symposium and welcomed three new core participants to the programme. This brings the total number of core participants to 10 since the initiative was launched in August 2025. The full list of core participants now comprises: AIA Group FWD Group AXA Hong Kong and Macau HSBC Life (International) Limited * BOC Group Life Assurance Company Limited * Manulife (International) Limited * China Life Insurance (Overseas) Company Limited Prudential Hong Kong Limited China Taiping Insurance (HK) Company Limited YF Life Insurance International Limited *Newly Join from June 2026 Core participant status carries defined obligations as set out in the IA’s AI Cohort Annex . Each firm commits to: Establishing a Centre of Excellence for AI adoption and innovation in Hong Kong; Developing internal AI talent pipelines; Contributing to positioning Hong Kong as a regional AI hub; Forging a vibrant AI ecosystem; Nurturing talents through capability building; and Sharing knowledge and experience with brokers and smaller participants. At the symposium, representatives from core participating insurers shared their achievements and strategic plans in these areas. Chairman of IA - Mr Stephen YIU highlighted two themes he is monitoring closely: Sector(s) Mr Stephen YIU speech AI governance Insurers are showing stronger ownership and governance, with greater discipline in choosing use cases that support business value and customer outcomes Ecosystem dimension At the same time, Hong Kong’s AI and Insurtech ecosystem has continued to strengthen, with more solution providers bringing capabilities relevant to core insurance functions. This matters because AI adoption does not happen in isolation. It depends on insurers, technology companies and the broader ecosystem progressing together. Representatives from Cyberport and the Hong Kong-Shenzhen Innovation and Technology Park highlighted opportunities for cross-sector collaboration. Technology companies also set up booths to introduce their proprietary AI offerings relevant to insurance functions. **Source: IA Press Releases 15 June 2026 SIGNIFICANCE: The AI Cohort reaching 10 core participants, including major players demonstrates that responsible AI adoption is rapidly becoming a strategic priority and industry benchmark for leading insurers in Hong Kong. Insurers not yet participating should assess whether their AI governance frameworks, talent development plans and use case selection processes would meet the standards expected of core participants. Regulatory Updates 3. IA Draws Attention to HKMA Circular on Remuneration Structures for Banks On 5 June 2026, the IA issued a circular to draw the industry’s attention to the parallel circular issued by the Hong Kong Monetary Authority (“HKMA”) on the same date, titled “Remuneration Structures of Licensed Insurance Intermediaries which are Authorized Institutions for Participating Policies with Regular Payment Terms”. The HKMA Circular sets out regulatory expectations on commission spreading requirements applicable to authorized institutions (“banks”) acting as licensed insurance intermediaries when selling participating policies with regular payment terms. These expectations are consistent with the fundamental principle that properly prorated remuneration structures help align the interests of intermediaries with those of policyholders and support the delivery of both pre-contract and ongoing services. The IA circular reminds authorized insurers that they are expected to take into account the requirements in the HKMA Circular when designing remuneration structures for their appointed licensed insurance intermediaries that are authorized institutions. It further states that the IA’s Practice Note on Remuneration Structures of Authorized Insurers for Licensed Insurance Intermediaries for Participating Policies (issued 30 July 2025) and the HKMA Circular together form a comprehensive regulatory framework that should be interpreted and applied holistically. SIGNIFICANCE: Authorised insurers should reassess existing remuneration arrangements for bancassurance channels to ensure they are consistent with the IA and HKMA requirements. Firms should also review governance processes, monitoring mechanisms and contractual arrangements with banking partners to demonstrate that remuneration practices support fair customer outcomes and encourage ongoing servicing throughout the duration of participating policies. 4 . IA Shares Key Observations and Best Practices from Recent Onsite Conduct Inspections On 29 May 2026, the Insurance Authority issued a circular to share key observations from its recent onsite conduct inspections of authorized insurers. The circular, addressed to Chief Executives and Key Persons in the Intermediary Management Control Function, aims to highlight positive practices, identify common areas requiring improvement, and recommend measures to strengthen compliance and operational resilience. The detailed findings are set out in the accompanying Annex , which covers a wide range of areas including corporate governance and culture, recruitment and onboarding of agents and broker companies, training, remuneration structures, financial needs analysis, premium collection, cooling-off and policy delivery, claims handling, gift offerings, orphan policy management, and policy replacement. The IA emphasises that onsite inspections serve both as a backward-looking verification of compliance and a forward-looking assessment of controls. It encourages insurers to treat the findings constructively, noting that “prevention is always better than cure”. Summary of the Annex Content: Area Common Issues Identified Recommended Focus Areas Corporate Governance & Culture Siloed mindset, weak tone from the top, reactive oversight Strengthen shared accountability and culture metrics Remuneration Structures Misaligned incentives, inadequate monitoring of commission ratios Align structures with fair customer treatment principles Financial Needs Analysis Benefit illustrations generated before FNA, undocumented deviations Enforce system controls and proper documentation Claims Handling Communication gaps with policyholders, delays in disputed claims Set clear timelines and improve claimant updates Orphan Policies & Replacements Delayed assignments, weak monitoring thresholds Implement proactive assignment and aggregated review processes SIGNIFICANCE: This circular provides insurers with a valuable consolidated view of the IA’s current supervisory focus following onsite inspections. Firms should treat the Annex as a practical self-assessment tool and review their policies, procedures, and controls against the common findings and recommended best practices outlined. Particular attention should be given to areas with direct impact on customer outcomes, such as remuneration alignment, financial needs analysis quality, and claims handling efficiency. Insurers that proactively address the gaps highlighted in the report will be better positioned to strengthen their compliance framework and demonstrate a robust culture of fair treatment to the regulator. [End of ComplianceOne Insurance Newsletter – Jun 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 1605, 16/F, West Tower, Shun Tak Centre,168-200 Connaught Road Central, Sheung Wan, Hong Kong Tel: (852) 3955 0277 www.complianceone.hk

The topics discussed in this monthly newsletter for insurance are as follows: ComplianceOne Insurance Newsletter – May 2026 The topics discussed in this monthly newsletter are as follows: Regulatory Updates IA Publishes Consultation Conclusions on Enhancements to the Risk-based Capital Regime to Incentivise Infrastructure Investment Regulatory Updates 1. IA Publishes Consultation Conclusions on Enhancements to the Risk-based Capital Regime to Incentivise Infrastructure Investment On 8 May 2026, the Insurance Authority (“ IA ”) published the consultation conclusions on proposed amendments to the Insurance (Valuation and Capital) Rules (Cap. 41R) under the Risk-based Capital (“ RBC ”) regime. **These amendments relate to the Risk-based Capital regime and apply only to authorised insurers. They do not apply to licensed insurance intermediaries, which are subject to a separate regulatory framework under the Insurance Ordinance. ** The draft amendment rules were first published in February 2026 for public consultation following a comprehensive review of the RBC regime. Respondents were generally supportive of the proposals. Feedback focused mainly on the scope of eligible infrastructure investments and the applicable reduction factors. The IA has carefully reviewed all comments and incorporated appropriate refinements into the final draft. The finalised amendment rules will be submitted to the Legislative Council for negative vetting, with a target implementation date of 31 December 2026. The IA expressed its appreciation to all stakeholders who participated in the consultation process. SIGN IFICAN CE: For authorised insurers, the changes will provide greater flexibility in asset allocation. Insurers with substantial long-duration liabilities are expected to review their investment strategies and consider increasing exposure to eligible infrastructure assets once the rules take effect. The IA’s willingness to refine the proposals based on industry feedback reflects a balanced approach that maintains prudential standards while supporting broader policy objectives. Licensed insurance intermediaries and service providers should be aware of this development when advising insurer clients on investment strategy and asset-liability management, even though the changes do not directly impact broker operations. [End of ComplianceOne Insurance Newsletter – May 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 1605, 16/F, West Tower, Shun Tak Centre,168-200 Connaught Road Central, Sheung Wan, Hong Kong Tel: (852) 3955 0277 www.complianceone.hk

本次改革为香港场外衍生品增设及扩充证监会受规管活动，预计于 2027 年下半年生效。 天匯合規：合規提示 場外衍生工具發牌制度生效 (2026年8月) 免責聲明: 本文件所載內容及建議僅為本公司內部意見及指引，僅供內部參考及評估之用。 本文件並不構成專業或正式法律意見。文件所載資料可能因應證券及期貨事務監察委員會或其他有關監管機構的進一步修訂或更新而有所變動。本公司概不就本文件的內容承擔任何法律責任。持牌法團在參考或使用本文件時，應根據本身的情況及最新監管規定作出獨立判斷，並在有需要時，向合資格律師或專業顧問尋求獨立法律意見。 本公司保留權利，可隨時修改或更新本文件，而毋須事先通知。 目錄 1..... ..... 背景 2 .......... 適用範圍及發牌規定 3 .......... 建議的第 11 類受規管活動（場外衍生品交易商）牌照申請規定 4 .......... 過渡安排 5 .......... 核心要點及下一步行動 6 .......... 我們可以如何協助 1. 背景 證券及期貨事務監察委員會（「 證監會 」）正推行場外衍生品活動改革的主要部分，方法是引入： 兩項 新增 受規管活動—— 第 11 類受規管活動 （場外衍生品產品交易或就場外衍生工具產品提供意見）及 第 12 類受規管活動 （為場外衍生品交易提供客戶結算服務）；及 兩項經 擴大 受規管活動—— 第 7 類受規管活動 （自動化交易服務）及 第 9 類受規管活動 （資產管理），兩者將涵蓋場外衍生工具產品。 證監會估計新制度將於 2027 年下半年 生效。 持牌法團評估其現有或計劃中的活動是否屬於這些新增或經擴展受規管活動的範圍，並及早於生效日期前採取準備行動。 2 . 適用範圍及發牌規定 持牌法團應仔細考慮其建議進行／現行的業務活動是否觸發發牌規定： 活動 是否須領有牌照 所需拍照類別 以代理形式進行場外股票衍生品交易（附註 1） × 第 1 類 以代理形式進行場外期貨衍生品交易 × 第 2 類 以主事人形式進行場外股票衍生品交易 √ 第 11 類 進行利率衍生工具、信貸衍生工具、商品衍生工具等交易 √ 第 11 類 就場外衍生工具產品提供意見 √ 第 11 類 場外衍生品持倉的自營結算 × 無需就第12類申領牌照 透過中央對手方向第三方客戶提供結算服務 √ 第 12 類 為場外衍生工具產品營運電子交易平台 √ 第 7 類（經擴大） 為場外衍生工具產品提供僅限執行的自動化交易服務 √ 第 7 類（經擴大） 為外部客戶管理載有場外衍生工具產品的投資組合 √ 第 9 類（經擴大） 為全資集團公司管理場外衍生工具投資組合 × 第 9 類 附註 1 發牌規定 在新的場外衍生工具發牌制度下，證監會就進行場外股票衍生工具交易時以代理人身分行事及以主事人身分行事，劃出明確界線。 代理形式 代表其客戶 執行交易， 並不會成為該交易的對手方，亦不會承擔主事人的市場風險或信貸風險 。 在此身分下，有關活動不屬新增第 11 類受規管活動的範圍，並會繼續受現有的第 1 類受規管活動（證券交易）及第 2 類受規管活動（期貨合約交易） 牌照所涵蓋。 主事人形式 持牌法團以直接 對手方的身分 與其客戶訂立 場外股票衍生工具 交易，承擔市場風險，實際上是以自己的帳戶「買賣」該等產品。 這構成一項交易活動，直接觸發新的第 11 類受規管活動發牌規定。 至於 非股票類 場外衍生工具（例如利率、信貸、商品衍生工具），代理／主事人的區分並非決定性因素——除非有特定豁免適用， 否則不論該公司是以代理人抑或主事人身分行事 ，進行該等產品的交易或提供意見一般均須領有第 11類牌照。 因此，公司應仔細評估其業務模式及入帳安排，以確定其是以代理人抑或主事人身分行事，尤其是在進行場外股票衍生品交易時，因為此項區分將直接影響其在新制度下的牌照義務。 3 . 第 11 類受規管活動牌照擬申請要求 焦點范疇 資產管理集團中央場外衍生品交易商 場外衍生品交易商經濟 場外衍生品交易商 資本規定 繳足股本資本: 3,000萬港元 規定速動資金: 1,500萬港元 繳足股本資本: 6,000萬港元 規定速動資金: 3,000萬港元 低於指明門檻 [1] ： 有形資本：5 億港元 規定速動資金：7,800 萬港元 其他情況 有形資本：10 億港元 規定速動資金：1.5 億港元 資本要求的計算方法 基本計算法 (BMRA / BOCCRA) 標準計算法（SMRA／SOCCRA） 風險管理資源 由於不擔任主事人對手方，風險程度較低 風險數據匯集及計算較為簡單 須使用複雜計算方法及較精確的風險數據 需要維持精密的風險管理系統 負責人員的勝任能力 於過去 6 年內具備至少 3 年的相關行業經驗 熟悉場外衍生工具制度下的風險管理及資本標準 [1] 12 個月內場外衍生工具交易的合計名義總額達 6 億港元 4. 過渡安排 為避免對市場造成干擾，證監會已設定了一項為期 6 個月的過渡安排，預計 將於 2027 年 7 月開始實施 ，讓現有合資格的市場參與者可於根據新制度取得正式牌照前，繼續進行其業務活動。 註2 適用於 未持有 新增第11類及第12類，或擴大的第7類及第9類受規管活動牌照的持牌法團、負責人員及持牌代表。 註3 適用於 現有 第9類牌照持有人，而其為外部客戶管理包含場外衍生工具產品的投資組合。 註4 持牌法團符合「合資格」條件的要求： 在生效日期前的至少2年內一直進行該項活動； 至少有2名合資格的負責人員。 負責人員符合「合資格」條件的要求： 在生效日期前的至少2年內一直進行該項活動。 5 . 核心要點及下一步行動 高級管理層應確保在2027年下半年之前完成以下五項準備工作： 1. 全面檢視現有業務活動是否屬於第11類、第12類，或擴大的第7類及第9類受規管活動範圍。 2. 確定公司是否符合視為獲發牌機制的資格。 3. 檢視實體及交易入賬安排，評估相關風險的入賬及管理安排。 4. 評估監管框架如何適用於有關業務。 5. 確保管治、風險管理及內部監控措施適合受規管的營運環境。 6. 我們可以如何協助 天匯合規團隊由具備豐富經驗的專業人士組成，在合規、風險管理以及政策檢視與制定方面擁有深厚專業知識。我們能夠準確識別相關通函所載監管期望與貴公司現行政策及程序之間的差距。 憑藉對監管要求複雜性的深入理解，我們可根據貴公司的具體需要提供度身訂造的方案及分析，並協助處理任何重大不足之處。我們的專業能力可協助貴公司持續符合監管標準，同時全面提升合規管理水平。 如有任何疑問，歡迎隨時聯絡我們的合規支援團隊。 [完結 - 天匯合規：合規提示 | 場外衍生工具發牌制度生效 (2026年8月) ] For more details, please click on the title of the topic above. ================================= ~ Make It Right Today, Better Tomorrow ~ ================================= The article 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 1605, 16/F, West Tower, Shun Tak Centre,168-200 Connaught Road Central, Sheung Wan, Hong Kong Tel: (852) 39550277 www.complianceone.hk

The topics discussed in this monthly newsletter for Licensed Corporations are as follows: ComplianceOne Newsletter – March 2026 The topics discussed in this monthly newsletter are as follows: Regulatory Updates SFC drives Asia-Pacific regulatory consensus to strengthen market resilience through collaboration and new technology Uncertificated securities market regime – targeted for launch in November 2026 Market News HKMA, SFC, IA and MPFA Launch GenA.I. Sandbox++to foster A.I. innovation across financial services SFC publishes review on SEHK’s performance in regulating listing matters Strategic innovation drives growth of Hong Kong’s listing and digital asset markets: SFC Quarterly Report Earnings and transaction value surge to five-year highs for Hong Kong’s securities industry in 2025 Enforcement News - Intermediaries SFC and ICAC joint operation in alleged insider dealings and corruption involving senior executives of licensed corporations SFC bans KUO Che-jung for four and a half years and fines him HKD 1 million for executing match trades that are advantageous to his beneficial interest SFC bans LUI Pak Tong for life and fines him HKD 17.43 million involving a conflict of interest of five unsecured loans to a company under his control Enforcement Reporter: No Safe Harbour: Holding Intermediaries to Account Regulatory Updates 1. SFC drives Asia-Pacific regulatory consensus to strengthen market resilience through collaboration and new technology On 05 March 2026, the Securities and Futures Commission (“ SFC ”) led discussions at key International Organization of Securities Commissions (“ IOSCO ”) Asia-Pacific Regional Committee (“ APRC ”) meetings in Sydney, Australia. SFC CEO Ms Julia LEUNG chaired the main APRC meeting, fostering consensus on critical regional capital market pathways. The discussion focused on public/ private markets, regional supervisory/enforcement priorities, combating online scams, and regulatory implications of tokenisation and artificial intelligence. In a keynote speech by Ms LEUNG, she outlined a strategic response to global fragmentation. The approach emphasises: Building market resilience by broadening regional markets. Responsible adoption of technology. Enhancing cross-border partnerships for efficient capital flows. Strengthening regional cooperation to jointly tackle online scams, financial digitalization, and sustainable finance amidst technological and climate-related challenges. * Please refer to Ms LEUNG’s speech for more details. SIGNIFICANCE: The regulators have essentially outlined what is expected to come. The key now is how relevant companies prepare in advance to seize the opportunities. The companies poised for future success will be those that deliberately pursue digital transformation, proactively foster cross-border partnerships, and consistently advance sustainable finance initiatives. 2. Uncertificated securities market regime – targeted for launch in November 2026 On 30 March 2026, the SFC announced a clear implementation timeline for Hong Kong’s new Uncertificated Securities Market (“ USM ”) regime. The regime is targeted to be launched on 16 November 2026. Market participants will be invited to participate in testing the USM-related systems and processes in the coming months. Details and Implementation Arrangements Item Timeline/Phase Description Legislative Process Second Quarter of 2026 A commencement notice to bring the USM legislation into effect will be tabled before the Council. Implementation for New Listings Upon launch (post-legislation) All newly listed securities will be required to issue paperless form from the time of listing. Transition for Existing Listings Gradual integration over a five-year period starting from launch For securities already listed before the launch date, issuers will be gradually integrated into the USM regime. Investor Flexibility Post-launch, with advance notice Investors holding physical share certificates will have flexibility to decide when to convert to paperless form. Issuers and the market will receive advance notice of specific arrangements. How to prepare for the USM regime? Intermediaries are encouraged to work closely with Hong Kong Exchanges and Clearing Limited (“ HKEX ”) to prepare for the USM launch. While the existing nominee structure in Central Clearing and Settlement System (“ CCASS ”) will be retained, there will be changes, most notably to the process for depositing securities into and withdrawing them from CCASS. These changes may require adjustments to intermediaries’ business models, operational process, and client documentation. The SFC urges intermediaries to progress their preparation work quickly to be ready for the November launch. SIGNIFICANCE: The USM launch is not just a market infrastructure update but a direct operational mandate. It necessitates proactive internal preparation, system update, process redesign, cost structure review, and client communication to ensure a smooth transition and ongoing compliance by the November 2026 deadline. Market News 3. HKMA, SFC, IA and MPFA Launch GenA.I. Sandbox++to foster A.I. innovation across financial services On 5 March 2026, the Hong Kong Monetary Authority (“ HKMA ”), SFC, Insurance Authority (“ IA ”) and Mandatory Provident Fund Schemes Authority (“ MPFA ”), in collaboration with the Hong Kong Cyberport Management Company Limited (“ Cyberport ”), jointly announced the launch of the Generative Artificial Intelligence (“ GenA.I. ”) Sandbox++ initiative. Building on the success of the original GenA.I. Sandbox launched in 2024, the expanded Sandbox++ now covers multiple financial sectors, including banking, securities and capital markets, asset and wealth management, insurance, mandatory provident fund (“ MPF ”) schemes, and stored value facilities. The initiative continues to prioritise three high-impact application areas: i) Risk management ii) Anti-fraud measures iii) Customer experience enhancement It further advances “A.I. vs. A.I.” strategies — using A.I. technologies to identify, monitor and mitigate risks arising from A.I. adoption itself. Participating financial institutions will benefit from Targeted supervisory guidance from the four regulators; Technical support; and Complimentary access to graphics processing unit (“ GPU ”) computing resources at Cyberport’s A.I. Supercomputing Centre. This risk-controlled environment enables institutions to develop, pilot and refine generative A.I. use cases more efficiently. The Sandbox++ encourages both sector-specific and cross-sector applications, including but not limited to: A.I.-driven insurance underwriting and claims processing Automated suitability assessments for investment product distribution Intelligent compliance tools for regulatory requirements Advanced fraud detection systems Enhanced customer service via intelligent chatbots Broader industry-wide solutions Key Statements from Regulators Mr Eddie YUE, Chief Executive of the HKMA Mr YUE described the launch as a significant milestone under the “Fintech 2030” strategy, aimed at unlocking A.I.’s potential to drive growth, efficiency and customer-centricity while reinforcing Hong Kong’s position as a leading international financial centre. Ms Julia LEUNG, Chief Executive Officer of the SFC Ms LEUNG highlighted the expansion as a collective commitment to responsible market innovation, urging licensed corporations to participate actively to enhance operational efficiency, resilience and growth through A.I. Mr Clement CHEUNG, Chief Executive Officer of the IA Mr CHEUNG noted that the initiative fosters an accountable, inclusive and prudent environment for A.I. innovation, aligning with the IA’s AI Cohort Programme and supporting talent attraction to strengthen Hong Kong’s regional A.I. hub status. Mr CHENG Yan-chee, Managing Director of the MPFA Mr CHENG encouraged MPF trustees and intermediaries to explore advanced fintech solutions, including A.I., to improve operational efficiency and service quality for scheme members. SIGNIFICANCE: The GenA.I. Sandbox++ represents a landmark cross-regulatory collaboration that significantly broadens the scope for responsible generative A.I. adoption across Hong Kong’s entire financial services ecosystem. By providing supervisory guidance, technical resources and a safe testing ground, including powerful GPU computing access the initiative lowers barriers to innovation while maintaining strong focus on risk management, fraud prevention and customer protection. The emphasis on “A.I. vs. A.I.” approaches and cross-sector applications positions Hong Kong at the forefront of A.I.-enabled financial services in Asia, fostering deeper partnerships between regulators, financial institutions and technology providers. This coordinated effort not only accelerates practical deployment of high-impact use cases in insurance, securities, banking and MPF, but also enhances the competitiveness, resilience and customer-centricity of Hong Kong’s financial sector, reinforcing its status as a global leader in fintech and responsible innovation. 4. SFC publishes review on SEHK’s performance in regulating listing matters On 18 March 2026, the SFC released a review report that summarizes its key findings and recommendations on the performance of The Stock Exchange of Hong Kong Limited (“ SEHK ”) in its listing matters during 2024. Main Scope of Review : 1) Vetting of Internal Control Reviews by Listed Issuers : Primarily examining how the SEHK required and reviewed independent internal control reviews conducted by issuers, mostly in cases of long suspensions and small number of disciplinary cases. 2) Vetting of Listed Issuers’ Handling of Late Auditor Resignations : Reviewing how the SEHK supervised and reviewed the process and disclosures of issuers and their audit committees when auditors resigned close to the financial results announcement deadline. Findings and Recommendations : 1) Regarding internal control reviews, the SFC recommends the SEHK should more consistently identify cases requiring such reviews, ensure the review scope is adequate, place greater reliance on independent consultants and external auditors for verification, and enhance assessment of the independence and qualifications of internal control consultants. 2) Regarding late auditor resignations, the SFC recommends the SEHK should take steps to reduce their frequency, enhance scrutiny of the disclosed reasons for resignation, and strengthen supervision of how audit committees fulfil their duties when a late resignation occurs. SIGNIFICANCE: The industry market can extract clear signals on rising standards for internal controls, a more interventionist approach to audit committee oversight, a push for greater transparency in auditor changes, and more structured processes for remediating certain listing rule breaches. Relevant listed companies should review their policies and procedures in these areas in anticipation of the SEHK implementing the SFC’s recommendations. 5. Strategic innovation drives growth of Hong Kong’s listing and digital asset markets: SFC Quarterly Report On 19 March 2026, the SFC issued a report outlining how Hong Kong’s capital market achieved breakthroughs in multiple areas, including Initial Public Offerings (“ IPOs ”), digital assets and asset management, by the end of 2025 through institutional innovations and product innovations, while also strengthening regulation to consolidate its position as an international financial centre. The report highlights: World’s Leading IPO Market : Hong Kong became the world’s top venue for IPOs in 2025, raising over USD 280 billion. The newly established Technology Enterprise Channel performed notably well, attracting a large number of listing applications from pre-profit biotech and specialist technology companies. Thriving Digital Asset Ecosystem : The scale of tokenized retail money market funds, newly introduced in 2025, grew steadily. The market capitalization of Asia’s first batch of virtual asset spot ETFs, launched in 2024, increase significantly. Robust Growth in Asset and Wealth Management: Hong Kong domiciled funds saw substantial year-on-year growth in net-inflows, asset under management, and total number in 2025. The overall market size expanded markedly driven by the ETF sector. Regulatory Measures : To ensure market quality, the SFC has issued a circular addressing deficiencies in IPO application documents and sponsor conduct, and will conduct thematic inspections. Licensing Activity : A 17% year-on-year increase in license applications indicates a growing and competitive marketplace. Licensed Corporations should be prepared for this evolving competitive landscape. * For more details, please refer to the SFC Quarterly Report SIGNIFICANCE: Hong Kong’s capital markets saw a strong finish to 2025, as a wave of strategic innovation drove breakthroughs for the listing and digital asset markets. Licensed Corporations should use this information on strategic market and regulatory update to calibrate their business focus and ensure their compliance frameworks are attuned to these highlighted areas. 6. Earnings and transaction value surge to five-year highs for Hong Kong’s securities industry in 2025 On 31 March 2026, the SFC issued its comprehensive report on the performance of Hong Kong securities sector, covering licensed securities dealers and securities margin financiers. The report primarily uses financial data to benchmark the industry’s health and growth. The industry achieved a record-breaking performance of net profits and total value of transactions in 2025. Financial Performance Highlights of Hong Kong’s Securities Industry (2024 vs 2025) Metric 2024 2025 Change (HKD) Change (%) Net profits (Securities Dealers & Margin Financiers) 44.4 billion 71.7 billion +27.3 billion +62% Total Value of Transactions (Securities Dealers & Margin Financiers) 144.1 trillion 219.0 trillion +74.9 trillion +52% Hang Seng Index (HIS) Closing level (as of 31 Dec) 20,024* 25,631 +5,607 +28% Average Daily Turnover (SEHK) 131.8 billion 249.8 billion +118.0 billion +90% Key Income Streams (Securities Dealers & Margin Financiers) Income Category 2024 2025 Change (HKD) Change (%) Net Commission & Gross Interest Income 65.2 billion 75.5 billion +10.3 billion +16% Net Securities Commission Income 20.2 billion 30.2 billion +10.0 billion +50% Advisory & Underwriting Income 23.6 billion 29.9 billion +6.3 billion +27% Asset Management Fee Income 37.5 billion 48.6 billion +11.1 billion +30% Other Income (including Proprietary Trading) 96.3 billion 113.5 billion +17.2 billion +18% Market Structure & Client Data (as of 31 Dec) Category 2024 2025 Change Number of Securities Dealers & Margin Financiers 1,397 1,475 +78 Total Active Clients (Securities Dealers & Margin Financiers) 4.4 million 5.1 million +0.7 million (+17%) Asset Under Management (AUM) 11.8 trillion 14.9 trillion +3.1 trillion Outstanding Margin Loans 177.2 billion 216.4 billion +39.2 billion (+22%) The report depicts a Hong Kong securities industry that experienced exceptionally strong growth in 2025, marked by record transaction volumes, surging profitability across all business lines and a significantly expanding client base and asset base. Enforcement News - Intermediaries 7. SFC and ICAC joint operation in alleged insider dealings and corruption involving senior executives of licensed corporations On March 10 and 11, 2026, the SFC and the Independent Commission Against Corruption (ICAC) conducted a joint operation targeting senior executives of two licensed corporations and a hedge fund management company. The ICAC arrested six men and two women who were then the senior executives of a licensed securities firm who accepted over HKD 4 million bribe from the owner of the licensed hedge fund management firm to disclosure of confidential, material non-public information concerning the share placements of several Hong Kong-listed companies prior to their public announcements. Following receipt of the material non-public information, the implicated hedge fund management company established short positions in the relevant stocks. Subsequent to the public announcement of the share placements, these positions generated illicit profits of approximately HKD 315 million. As this case remains an active investigation, no further comments will be provided by the SFC or the ICAC at this time. SIGNIFICANCE: This incident serves as a critical wake-up call to licensed corporations. It necessitates an immediate re-evaluation of culture, controls, ethics training and practical enforcement of compliance measures to prevent insider dealing and bribery. 8. SFC bans KUO Che-jung for four and a half years and fines him HKD 1 million for executing match trades that are advantageous to his beneficial interest On 19 March 2026, the SFC has prohibited Mr KUO Che-jung, a former responsible officer of Yuanta Securities (Hong Kong) Company Limited, from re-entering the securities industry for four and a half years, from 19 March 2026 to 18 September 2030, and has fined him HKD 1,000,000. This action follows findings that between 02 July 2020 and 24 November 2020, Mr KUO engaged in market misconduct by executing 25 matched trades in Hang Seng Index options between Yuanta’s proprietary trading account and a securities account held in his wife’s name at an external broker. These trades were executed at prices systematically favourable to his wife’s account and disadvantageous to Yuanta’s account. Furthermore, Mr KUO failed to disclose his beneficial interest in his wife’s account and two other personal trading accounts, a direct violation of Yuanta’s staff dealing policies. This non-disclosure prevented the firm from monitoring his personal trading activities and managing the resultant conflicts of interest. * For more details of the background, please refer to the Statement of Disciplinary Action . SIGNIFICANCE: This case serves as a clear reminder to all licensed corporations and licensed individuals that robust personal account dealing policies are not merely administrative but also essential for market integrity and effective supervision. Staff dealing policies must be strictly implemented and abide by the relevant individuals. 9. SFC bans LUI Pak Tong for life and fines him HKD 17.43 million involving a conflict of interest of five unsecured loans to a company under his control On 24 March 2026, the SFC imposed a lifetime prohibition from re-entering the securities industry on Mr LUI Pak Tong, a former licensed representative of Thunder Capital Limited. The action follows findings of egregious misconduct. It was determined that between September 2017 and June 2022, a company under Mr LUI’s control entered into five unsecured loan agreements, securing a total of HKD 22.5 million from segregated portfolios managed by Thunder Capital. This arrangement yielded illicit financial benefits of approximately HKD 17.43 million for his company. Crucially, Mr LUI intentionally failed to disclose his involvement in the borrowing company to Thunder Capital’s Investment Committee, thereby concealing the material conflicts of interest. This deliberate non-disclosure constituted a severe breach of fiduciary duty, as it prevented the firm from taking necessary steps to ensure fair treatment for the investors in the affected portfolios. * For more details of the background, please refer to the Statement of Disciplinary Action . SIGNIFICANCE: A lifetime prohibition is the most severe individual sanction available, reserved for cases involving dishonesty, fraud, misconduct that causes substantial investor loss. This case signals that the misappropriation of client funds and intentional concealment of conflicts for personal enrichment will be met with the ultimate career-ending penalty, underscoring the zero-tolerance for acts that strike at the heart of investors’ confidence . 10. Enforcement Reporter: No Safe Harbour: Holding Intermediaries to Account On 31 March 2026, the SFC published its 7 th Edition of Enforcement Reporter themed as “No Safe Harbour: Holding Intermediaries to Account”. This is the official enforcement recap of the SFC that sends a clear message to licensed corporations and its senior management that fund mismanagement, conflict of interest, client-asset misuse, window-dressing of financial resources and provision of false information will attract serious regulatory action, including revocation of license, lifetime industry bans, substantial fines and operational restrictions. This issue spotlights significant cases in the asset-management sector. Fund Manager Misconduct Cases Entity Name Misconduct SFC Action Agg Asset Management Limited Two former responsible officers engaged in serious misconduct such as window-dressing liquid capital, investing fund assets in conflicted related-party debentures, misappropriating investor subscriptions, and failing to manage conflict of interest and risks. Revocation of license of the company Lifetime industry ban and HKD 1.7million fine on the sole director/ responsible officer Suspension of 12 months for the other involved responsible officer Nerico Brothers Limited and Amber Hill Capital Limited Misuse and misappropriation of client funds and provision of false information to the SFC, investors, and auditors. Revocation of license for both company and lifetime industry ban of three responsible individuals. Sponsor Misconduct Cases Entity Name Misconduct SFC Action RaffAello Capital Limited Failed to properly investigate red flags in the applicant’s retail sales data and its dealings with key suppliers, relying excessively on untested management representations during due diligence. Reprimanded and fined the company HKD 4 million. Sponsor principal given a two-year industry re-entry ban Changjiang Corporate Finance (HK) Limited Serious and extensive failures that includes Inadequate prospectus disclosures, misapplication of Listing Rules, systemic record-keeping failures. Reprimanded and fined the company HKD 20 million. One year suspension from new SEHK sponsor work Former responsible officer banned from re-entering the industry for seven years. SIGNIFICANCE: The 7 th Edition of Enforcement Reporter illustrates the SFC’s heightened enforcement stance as warned in its circular in 09 October 2024 where there will be zero tolerance for dishonesty, imposing severe penalties like license revocation, suspension and lifetime bans for serious misconducts involving misappropriation and fabrication. Licensed Corporations should conduct a compliance gap analysis to mitigate similar risk. [End of ComplianceOne Newsletter – March 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 1605, 16/F, West Tower, Shun Tak Centre,168-200 Connaught Road Central, Sheung Wan, Hong Kong Tel: (852) 39550277 www.complianceone.hk

2026年7月24日，聯交所正式發布《上市機制競爭力檢討》諮詢總結，修訂後的《上市規則》即日生效。 港交所上市改革重磅落地：保密遞表擴至所有公司，同股不同權門檻大降 2026年7月24日，聯交所正式發布《上市機制競爭力檢討》諮詢總結，修訂後的《上市規則》即日生效。本次改革獲市場73份意見近全數支持，涵蓋 保密遞表、同股不同權門檻、創新產業認定、海外上市及財務準則 等大範疇，這是繼2018年放寬同股不同權以來，被視為香港上市制度近年的最大調整之一。港交所上市主管伍潔鏇亦表示：「此次改革是提升香港上市機制靈活性和多樣性的重要一步，確保我們的上市機制與時俱進，能夠應對日益激烈的國際競爭。」 下文將簡要對比新舊規定，並拆解多項重要亮點，助有意來港上市的公司快速掌握新要求。 一、改革總覽：新舊規定對比 改革範疇 原有規定 新規定（2026.7.24起） 主要影響 保密遞表 只有合資格的第二上市申請人、生物科技公司及特專科技公司，或個別情況下獲得豁免的申請人，才可以保密形式遞交上市申請 所有新申請人可 非公開形式 遞交，通過聆訊後才公開 保護商業機密，降低初創企業披露顧慮 同股不同權（WVR）市值門檻 測試(A)：400億港元測試(B)：100億港元 + 收入≥10億港元 測試(A)： 200億港元 測試(B)： 60億港元 + 收入≥6億港元 大幅降低門檻，吸引更多新經濟企業 WVR投票權比率 最高10:1（所有情況） 若市值≥400億港元，比率上限可提高至 20:1 為超大市值公司提供更大控制權彈性 「創新產業」認定 主要按科技創新界定 明確納入 業務模式創新 ；生物科技及特專科技申請人 自動認定 （即使不按18A/18C章） 擴大適用範圍，覆蓋更多新型商業模式 海外發行人第二上市 同股同權：測試(B)市值≥100億港元WVR架構：門檻與主要上市不同 同股同權：降至 60億港元 WVR架構：與主要上市門檻看齊 降低海外企業來港第二上市難度 財務匯報準則 僅限特定情況可用美國公認會計原則（US GAAP） 擴大至 美國上市母公司旗下子公司 及 在美有大量業務的公司 便利相關企業使用慣用準則 二、五大亮點逐項拆解 亮點① 保密遞表 — 所有申請人適用 項目 詳情 適用對象 所有新上市申請人（不限行業） 申請流程 遞交A1表格時可選擇 非公開 方式，毋須同步上載招股書初稿至港交所網站 公開時點 通過上市委員會聆訊後，才須對外披露初步招股文件 退回機制優化 退回申請時，除保薦人外， 所有參與準備申請材料的專業機構 （律師、會計師等）名稱及角色也會公開，並註明退回原因 亮點② 同股不同權（WVR）門檻下調 指標 原有門檻 新門檻 市值測試(A) ≥400億港元 ≥ 200億港元 市值測試(B) ≥100億港元 + 收入≥10億港元 ≥ 60億港元 + 收入≥ 6億港元 投票權比率上限（市值≥400億） 10:1（不允許提高） 可提高至 20:1 亮點③ 「創新產業」認定範圍擴大 類別 原有認定方式 新認定方式 科技創新公司 按技術研發等標準個別審核 維持，但 業務模式創新 亦可納入 生物科技公司（18A） 需按第18A章申請 自動視為 創新產業公司，即使不按18A章上市 特專科技公司（18C） 需按第18C章申請 自動視為 創新產業公司，即使不按18C章上市 非科技類但商業模式新穎 難以認定 明確提供客觀、可衡量的標準/途徑，允許以WVR架構上市 亮點④ 海外發行人第二上市門檻 發行人架構 原有第二上市市值門檻 新門檻 同股同權 測試(B)：≥100億港元 ≥ 60億港元 不同投票權架構 與主要上市要求不一致 與主要上市門檻保持一致 （即測試A 200億／測試B 60億+6億收入） 轉為主要上市 無明確指引 聯交所提供 清晰轉板指引 ，便利第二上市轉為（雙重）主要上市 亮點⑤ 財務匯報準則進一步放寬 適用對象 原有規定 新規定 美國上市母公司旗下香港子公司 須按香港或國際財務報告準則 可使用 美國公認會計原則（US GAAP） 在美國有大量業務的公司符合特定條件 須額外申請豁免 可直接使用US GAAP（無需逐項對賬） 三、實施時間及後續安排 項目 詳情 生效日期 2026年7月24日（即日生效） 適用申請 所有當日或之後提交的上市申請，以及正在處理中但尚未聆訊的申請（可選擇適用新規） 下一階段 港交所將於未來數月就 進一步提升上市機制競爭力 進行第二階段諮詢，另行徵集市場意見 結語 此次改革在維持投資者保障的前提下，顯著降低了優質企業來港上市的門檻與成本，尤其有利於 高增長初創、新商業模式企業及海外上市公司 。在全球交易所競爭白熱化的當下，港交所能否藉此吸引更多「新經濟」龍頭落戶，將是市場未來關注焦點。 [完結 - 港交所上市改革重磅落地：保密遞表擴至所有公司，同股不同權門檻大降] For more details, please click on the title of the topic above. ================================= ~ Make It Right Today, Better Tomorrow ~ ================================= The article 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 1605, 16/F, West Tower, Shun Tak Centre,168-200 Connaught Road Central, Sheung Wan, Hong Kong Tel: (852) 39550277 www.complianceone.hk

香港政府已完成公眾咨詢, 並將分階段實施新的放債人規管措施。首階段 (將於2026年8月生效)為低收入借款人設立「還款佔入息比率」上限，並禁止使用「貸款諮詢人」。第二階段 (將於2027年6月生效)強制放債人與信貸資料平台「信資通」共享借款人信貸資料。 天匯合規：最新市場資訊 新放債人規管措施影響分析 (2026年8月及2027年6月生效) (2026年3月) 香港政府已完成公眾咨詢, 並將分階段實施新的放債人規管措施。首階段 (將於2026年8月生效)為低收入借款人設立「還款佔入息比率」上限，並禁止使用「貸款諮詢人」。第二階段 (將於2027年6月生效)強制放債人與信貸資料平台「信資通」共享借款人信貸資料。 一、 對申請放債人牌照客戶的影響 1. 更嚴格的牌照條件 (營運模式受衝擊) 政府正修訂放債人牌照條件及行政指引。貴公司作為新申請人，必須從一開始就證明有能力遵守新的還款佔入息比率上限和信貸資料匯報要求。 因此，你的業務模式和貸款系統必須能自動驗證借款人收入並準確計算「還款佔入息比率」上限： 借款人每月收入 「還款佔入息比率」上限 6,000 港元或以下 不超過35% 6,001 至 12,000港元 不超過40% 不合規將直接違反牌照條件。 2. 強制系統升級與數據管治 到2027年6月，所有從事無抵押個人貸款的持牌人必須加入「信資通」，並每30天上傳借款人的信貸額度及還款紀錄。 對新持牌人而言，這代表在營運之初就需要投入成本，設置穩健的資料收集、加密及傳輸系統，以符合嚴格的數據管治要求。 3. 貸款組合與風險策略的改變 還款佔入息比率上限實際上限定了最高貸款額。例如，月入HK$6,000的借款人，其最高貸款額僅約HK$22,246，這將限制來自低收入客戶的潛在收入。 此上限加上「信資通」的強制數據共享，旨在防止借款人向多個放債人過度借貸。這雖然有助降低因借款人隱性負債而違約的風險，但也會顯著縮小高風險、高利率貸款的整體市場規模，預計將令行業出現整合，只有合規且優質的公司才能持續經營。 4. 行業常見手法的禁令 禁止要求借款人提供「貸款諮詢人」，移除了過往一種常見的聯繫及催收手段。貴公司不能依賴此方法作聯繫或施加還款壓力，市場推廣和收債策略必須全面修訂以符合新規定。 二、 對使用外部審計服務的客戶的影響 1. 新規例合規性的驗證 收入確認及減值撥備： 審計人員需要驗證向低收入借款人 (即每月收入低於HK$12,000)發放的貸款是否符合法定還款佔入息比率上限。若發現違規貸款，可能需要視為不可執行或需退還利息，這將直接影響貸款組合的估值，並需計提特定減值撥備。 合規性測試： 審計重點將包括測試貴公司驗證借款人收入及計算還款佔入息比率上限的內部監控措施。審計意見將需考慮公司是否有有效系統確保符合新牌照條件。 2. 「信資通」資料核對 新規定要求放債人向「信資通」上傳資料。審計人員需要抽樣核對貸款組合與已提交至信貸平台的資料，以確保報告的完整性和準確性。這將是審計範圍內一個新的、需要提供審計保證的監管報告領域。 3. 持續經營能力及商業模式評估 若貴公司的業務模式過度依賴向低收入借款人提供高利息及多重貸款，可能面臨收入大幅下降和合規成本持續上升的雙重壓力，這將直接影響管理層對公司持續經營能力的評估。 4. 市場推廣及收債手法的檢討 隨著「貸款諮詢人」被禁，審計人員會檢討公司最新的收債政策，確保持牌人已根據規管措施更新相關政策及操作流程。 廣告須加入公司註冊處指明之風險提示字句的新要求，也屬於合規審計的範圍。 [完結 - 天匯合規最新市場資訊 :新放債人規管措施影響分析 (2026年8月及2027年6月生效) - (2026年3月)] For more details, please click on the title of the topic above. ================================= ~ Make It Right Today, Better Tomorrow ~ ================================= The article 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 1605, 16/F, West Tower, Shun Tak Centre,168-200 Connaught Road Central, Sheung Wan, Hong Kong Tel: (852) 39550277 www.complianceone.hk

在全球經濟充滿不確定性的大變局下，企業對資產配置、風險管理及資金靈活調配的需求日益迫切。香港特區政府日前正式公布《香港企業財資中心發展行動計劃》，制訂了具針對性及前瞻性的策略。 天匯合規：市場資訊 政府推企業財資中心新政：天匯合規攜手業界， 助企業以香港為「戰略母港」穩健出海 在全球經濟充滿不確定性的大變局下，企業對資產配置、風險管理及資金靈活調配的需求日益迫切。香港特區政府日前正式公布《香港企業財資中心發展行動計劃》，制訂了具針對性及前瞻性的策略。此舉隨即引來特區政府官員、專業公會、國際四大會計師行（Big 4）以及天匯合規（ComplianceOne）的高度關注與正面回應。 本次新政的核心在於強化香港作為跨國企業財資中心（CTC）主要樞紐的定位，為內地及海外企業打造「引進來、走出去」的雙向超級聯繫人平台。 業界四大核心持份者權威觀點 政策出台後，政府、專業公會、國際會計師行及天匯合規分別從政策、稅制、商業戰略及合規落地四個維度發表了重要聲明： 持份者 核心關注點 核心政策與工具 企業戰略價值 香港特區政府 提高政策可預見性，優化現有寬免措施，協助企業避險與分散資產。 預先審核機制 壯大區域總部功能，讓企業安心將資金與融資、盈利管理留在香港。 香港會計師公會 提升香港稅務競爭力，應對國際稅制變革帶來的挑戰。 「4T」框架 （革新稅制、擴展稅務協定網絡、推廣、人才） 應對 BEPS 2.0（全球最低稅）挑戰，吸引跨國企業集中管理資金。 國際四大會計師行 協助企業處理海外資金及投資的風險管理，鞏固國際財資中心地位。 擴展全面性避免雙重課稅協定網絡 提升香港作為內地企業「出海首選」及戰略母港的樞紐優勢。 天匯合規 跨境合規架構的經濟實質性、營運實質性與日常監管的精準對接。 一站式跨境合規方案與監管溝通機制 確保企業在靈活調配資金的同時，完美符合本地及國際合規風控要求。 天匯合規深度專家觀點：捕捉政策紅利，合規先行是關鍵 針對此次《行動計劃》的發布，天匯合規（ComplianceOne）發表官方聲明指出： 「政府增設的『預先審核機制』無疑為企業注入了一劑強心針，大幅提升了稅務的確定性與行政彈性。然而，在 BEPS 2.0（國際稅務改革框架）全面實施的背景下，企業前來香港設立財資中心，絕非單純的稅務申報，而是涉及深層次的經濟實質（Economic Substance）、反洗錢（AML）及跨境資金流動合規架構的搭建。 企業在追求資金回報與調配靈活性的同時，必須建立完善的內控與風控機制。天匯合規作為扎根香港、深諳國際與本地監管法規的專業夥伴，將全面配合政府的行動計劃，為企業提供從架構設計、牌照諮詢到日常監管溝通的全方位合規護航。」 正如上市公司山東黃金等大型企業選擇落戶香港，將融資、出海機遇與盈利管理進行全鏈條整合，未來的企業財資中心將更加依賴高質量的金融基建與專業服務。 攜手天匯合規，開啟您的香港及全球商務布局 香港作為國際金融中心的實力無庸置疑，而完善的合規營運則是企業穩健發展的基石。如果您正計劃： • 在香港設立企業財資中心（CTC）或地區總部 • 申請相關金融牌照或對接稅務局的「預先審核機制」 • 優化跨國業務的合規與風險管理架構 天匯合規隨時準備為您提供最專業、最接地氣的合規諮詢服務。 歡迎瀏覽我們的官方網站 www.complianceone.hk 與我們的專家團隊取得聯繫，讓我們助您的企業在國際舞台上乘風破浪。 [完結 - 天匯合規最新市場資訊 | 政府推企業財資中心新政：天匯合規攜手業界，助企業以香港為「戰略母港」穩健出海] For more details, please click on the title of the topic above. ================================= ~ Make It Right Today, Better Tomorrow ~ ================================= The article 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 1605, 16/F, West Tower, Shun Tak Centre,168-200 Connaught Road Central, Sheung Wan, Hong Kong Tel: (852) 39550277 www.complianceone.hk

在全球經濟充滿變數的大變局下，企業對於跨境資產配置、風險管理及資金靈活調配的需求日益迫切。 在香港發展金融業務，該考慮買牌還是申牌？ 相信不少想在香港發展金融業務的小夥伴們第一步都會有一個疑問：到底是買現成的牌照公司好，還是重新向SFC申請牌照公司好？下文會以簡潔方式為大家在不同範疇對比一下買牌跟申牌的分別，協助你快速做對決策。 1. 所需時間對比 比較項目 買牌 申牌 整體週期 不涉及新大股東審批 （坊間亦稱為334架構）：約 2-3個月 涉及新大股東審批：約 6-8個月 新成立公司，辦公室／系統／人員／銀行籌備加批牌： 8-12個月 SFC審批時間 不涉及新大股東審批：股權變更 無需 事前審批，僅需在股權交易後7個工作天內通知SFC涉及新大股東審批：股權變更涉及有新大股東需SFC事前書面同意，審批約 6 – 8 個月 需經SFC全面審批，週期漫長，遞交申請表後SFC一般需 6 - 8個月 去審批 額外分享： 小夥伴們可能會不理解何謂大股東或334架構，現在先為大家簡單科普一下。 SFC「大股東」之定義： 情況 是否定義為大股東 直接持有：直接持有牌照公司 ≥10% 股份或投票權 ✅ 是 間接持有：持有控股公司 ≥35% 股份，且控股公司持有牌照公司≥10%投票權 ✅ 是 股東之間存在「有聯繫者」關係（例如：夫妻、未成年親子、公司與董事、僱主與僱員、控制與被控制關係等）連同「有聯繫者」持有直接持有牌照公司 ≥10% 股份或投票權 或 間接持有牌照公司之控股公司 ≥35% 股份 ✅ 是，需合併計算持股，並會一併被定義為大股東 334架構： 指直接收購100％持有持牌法團的控股公司，並由3名或以上的自然人／實體分別以不超過35%股權方式收購及持有該控股公司 （34%/33%/33% ），那該3名或以上的自然人／實體就不會被定義為大股東具不需要向SFC申請批准。 驟眼看，買牌的時間會快很多，但亦需考量市場是否有適合標的公司，買賣磋商及盡調過程等是否順利。實際情況下，經常會遇上買賣牌照之中間人過多，各中間人為爭取更多利潤會令到買賣過程變得更複雜及有更多阻礙。另外亦需留意就算不涉及新大股東審批，SFC仍會要求新股東提供其背景資料，資金／收入證明，交割證明等，若個別股東財務背景／適當人選資格有問題，SFC亦可要求持牌法團撤換股東，令到收購牌照失敗。因此，在決定買牌時的股東人選，亦需非常小心謹慎。 2. 成本對比 成本類別 買牌 申牌 主要成本 「殼價」（以2026年上半年市場情況，目前4/9號牌市場價大概 180 - 200萬港幣左右 ）+ 公司淨資產值 （4/9號牌淨資產一般在80 - 100 萬港幣左右） 協助申牌的 合規顧問／律師費，選對合適的合規顧問，顧問費用分分鐘只是買牌費用的十分之一。 交易成本 中間人介紹費 + 盡職調查服務費 + 律師費用（交易文件起草及託管服務） + 顧問費用（備案及回覆監管查詢服務費） 不適用 隱性成本 牌照公司即時及未來的 僱員薪酬、辦公室租金 等運營成本 隱藏債務 － 潛在欠款／罰款單在收購完成後突然收到 申牌期間的 辦公室租金 （可選服務式辦公室節省成本） SFC牌照申請費用 RO成本 若原RO薪酬較高，可能較難磋商調整並需考慮以新RO取替需考慮原RO留任安排；若完成收購後原RO離職導致RO不足法定人數，則無法開展業務 如需從市場招聘RO，需支付擬任RO在申牌期間的 報酬， 一般能磋商申牌期間半薪安排若RO全部來自現有團隊，可大幅減少成本 額外分享： 以2026年暫時上半年市場情況，目前4/9號牌市場價大概180 - 200萬港幣左右4/9號牌淨資產一般在80 - 100萬港幣左右，下列費用對比會以此例子去比較一下買牌跟申牌到獲取牌照當刻的所需費用（僅供參考）。 費用項目 買牌 申牌 牌照殼價 180萬 ～ 200萬 不適用 中間人介紹費 交易金額的 10%～20%（約18萬～40萬） 不適用 盡職調查服務費 約4萬港元起 不適用 律師／顧問費用 約4萬港元起 20萬～30萬 2萬～3萬 SFC牌照申請費 不適用 2萬～3萬 牌照獲取前總支出 （ 不含租金及人員 ） ≈ 206萬 ～ 248萬 （取中間值殼價190萬＋介紹費19萬＋盡調4萬＋律師4萬） ≈ 22萬 ～ 33萬 （顧問＋SFC申請費） 牌照獲取前 租金＋人員開支 每月最少 8萬～10萬（過渡期需自行承擔以上是小型辦公室人員組合低消，豐儉由人） 顧問可協助控制在 6～8個月批核期內 總開支約 50萬～60萬 （含2位外聘RO、人力仲介、辦公室租期） ✅ 取得牌照當刻 累計總費用 （含必要營運成本） 約 200萬 以上 （殼價＋費用）＋ 過渡期數月租金人員（另計） 約 70萬～90萬 （顧問費＋申請費＋批核期營運開支） 從上表可見，申牌所需的費用會比起買牌來得便宜，這亦是申牌的重大優勢之一。 3. 風險對比 風險類別 買牌 申牌 合規風險 🔴 高 — 承接目標公司歷史上的合規瑕疵（違規操作、客戶投訴、內控記錄缺失等） 🟢 低 — 從零建立合規體系，無歷史包袱 財務風險 🔴 高 — 可能存在隱藏債務 🟢 低 — 無需承接任何歷史債務 盡調侷限 🔴 賣方設定的盡調期限通常較短，盡調廣度深度依賴賣方誠信及配合度；若賣方刻意隱瞞，買方難以完全防範 🟢 不適用 盡職調查能否完全防範合規風險？ ❌ 不能完全 — 雖可通過交易協議追究賣方責任，但聲譽受損、業務受阻等非金錢損失難以彌補及賣家亦已失蹤 🟢 不適用 營運風險 🔴 收購後原RO離職可能導致持牌公司RO不足， 無法即時開展業務 🔴 原公司可能空有牌照，其他系統／營運文件／流程均全未準備好，收購後亦無法即時展業 🟢 可自主配置RO團隊 審批風險 若有新大股東，需經SFC審批，存在被拒或延誤風險 就算不涉及新大股東，SFC仍會要求新股東提供其背景資料，資金／收入證明，交割證明等，若個別股東財務背景／適當人選資格有問題，SFC亦可要求持牌法團撤換股東 🟡 審批時間長，存在因文件不足而被拒或延誤的風險 額外分享：從上表可見，各類風險是買牌的最大劣勢，如風險控制是重要考量，申牌亦會有絕對優勢。 4. 核心差異總結 比較項目 買牌（收購現成SFC牌照公司） 申牌（自行向SFC申請新牌照） 所需時間 約2-3個月（不涉及新大股東審批）至6-8個月（涉及新大股東審批） 8至12個月 核心優勢 快 — 可「即買即用」，迅速開展業務 乾淨、無歷史包袱 主要風險 承擔目標公司的歷史合規瑕疵、隱藏債務等「潛在炸彈」 目標公司分分鐘只是空有牌照，系統／業務文件等全未到位，無法展業 審批時間長，仍存在被拒風險 金錢成本 較高：需支付「殼價」+ 交易成本 （淨資產價值） + 盡職調查費用（如適用） + 中介費用 較低：律師／顧問費 + 申牌期間辦公室租金 + RO薪酬（如適用） 適用場景 資金實力雄厚、需要快速開展業務、已有客戶等待服務 無迫切時間壓力、希望從零建立合規體系 5. 總結：如何選擇？ 選擇方向 考慮事項 買牌 • 需要 快速 開展業務，有客戶正在等待•目標公司已向SFC申請的業務範圍跟擬進行的業務匹配• 能接受承接目標公司的歷史風險• 有足夠預算支付殼價及交易成本• 能找到合適的334架構 申牌 • 沒有迫切的時間壓力• 希望從零建立 乾淨、無歷史包袱 的合規體系• 現有團隊已具備RO資格，可大幅節省成本 • 希望自由選擇辦公室地址、人員／系統配置• 不願意承擔收購帶來的隱藏風險 額外分享： 選擇買牌方式： 切記不可為求快而忽略事先摸底、風險評估和獲牌後規劃的工作 。若收購交易會導致持牌公司出現新大股東／或新股東有適當人選問題，整體週期可能比申牌更慢，加上潛在的風險問題，請務必審慎評估。 選擇申牌方式：切記挑選口碑好、可靠及能提供一條龍服務的合規顧問，由其需留意一些個體戶，如合規顧問中途突然結業／失聯，會損失大量時間或金錢成本。另一方面，建議選擇一條龍服務的合規顧問，其絕對能在公司成立／辦公室／人員／銀行籌備上提供全面協作以快速推進業務。 看完上文後仍無法作出決定？歡迎小夥伴們跟我們天匯合規顧問團隊查詢聯繫，當您告知我們大概背景及需求後，我們定能為您詳細分析及提供可行方案建議！ 🔗 深入了解多牌照申請與合規指引： https://complianceone.cn/services [完結 - 在香港發展金融業務，該考慮買牌還是申牌？] For more details, please click on the title of the topic above. ================================= ~ Make It Right Today, Better Tomorrow ~ ================================= The article 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 1605, 16/F, West Tower, Shun Tak Centre,168-200 Connaught Road Central, Sheung Wan, Hong Kong Tel: (852) 39550277 www.complianceone.hk