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衷心感謝各位踴躍參與我們於2026 年 9 月 24 日（星期四） 舉辦的「從監管視角解讀522新規／通函 —— 內地投資者帳戶的合規管理對策」線上研討會。本次活動反應熱烈，吸引了眾多持牌法團管理層及合規專業人士線上出席與觀看直播，我們深感榮幸。 【活動回顧】 「從監管視角解讀522新規／通函 —— 內地投資者帳戶的合規管理對策」網絡研討會及要點總結 (2026.09) 衷心感謝各位踴躍參與我們於 2026 年 9 月 24 日（星期四） 舉辦的「從監管視角解讀522新規／通函 —— 內地投資者帳戶的合規管理對策」線上研討會。本次活動反應熱烈，吸引了眾多持牌法團管理層及合規專業人士線上出席與觀看直播，我們深感榮幸。 隨著監管機構針對內地投資者帳戶頒佈最新指引及 522 新規，持牌法團在開戶流程、身份核實、持續監察及合規審查等方面均面臨更嚴格的要求。 本次研討會由我們的專業團隊—— Tommy Chung 與 Ken Leung 主講，從監管角度剖析新規細節，並分享了具體可行的實務合規對策。 以下為本次演講的核心合規要點總結： 📌 網絡研討會要點總結 全面解讀監管通函與核心標準 ：精準拆解 522 新規的核心要點，協助持牌法團掌握最新的合規審查範疇與開戶/身份核實標準。 優化持續監察與風控流程 ：深入分析新規對日常業務營運的具體影響，強調定期落實持續監察機制以及時識別異常帳戶活動。 落實切實可行的合規應對方案 ：針對持牌法團的營運痛點，提供具體改善建議，助力機構主動降低潛在違規風險並強化內部控管。 感謝所有持牌法團管理層及業界同仁的支持！天匯合規將繼續致力於提供專業的合規支援，與大家攜手應對監管新趨勢。 我們非常重視您的寶貴意見。若您對本次培訓有任何建議，或希望我們在未來的研討會中涵蓋特定主題，歡迎隨時與我們分享。 期待不久的將來再次為業界舉辦更多具啟發性的專題分享！ 📞 歡迎聯繫我們，獲取專屬的合規咨詢服務和建議！ [Event Recap] Webinar & Key Highlights: "Regulatory Insights on the May 22 Circular — Compliance Strategies for Mainland Investor Accounts" (Sept 2026) We would like to express our sincere gratitude to everyone who participated in our online webinar, "Regulatory Insights on the May 22 Circular — Compliance Strategies for Mainland Investor Accounts," held on Thursday, September 24, 2026. We were truly honored by the overwhelming response and the active participation of management teams and compliance professionals from licensed corporations who joined the live broadcast. Following the latest guidelines and the May 22 Circular issued by the regulatory authorities regarding Mainland investor accounts, licensed corporations are facing heightened requirements across account opening procedures, identity verification, ongoing monitoring, and compliance reviews. In this webinar, our expert team— Tommy Chung and Ken Leung —analyzed the intricate details of the new regulations from a regulatory perspective and shared practical, actionable compliance strategies. Below is a summary of the key compliance highlights covered during the presentation: 📌 Webinar Key Highlights Comprehensive Interpretation of the Regulatory Circular & Core Standards: A detailed breakdown of the key elements of the May 22 Circular, helping licensed corporations navigate the latest compliance review scopes, as well as account opening and identity verification standards. Enhancing Ongoing Monitoring & Risk Control Protocols: An in-depth analysis of the specific impact of the new regulations on daily operations, emphasizing the routine implementation of ongoing monitoring mechanisms to identify abnormal account activities in a timely manner. Executing Practical Compliance Solutions: Actionable improvement recommendations tailored to the operational pain points of licensed corporations, enabling institutions to proactively mitigate non-compliance risks and strengthen internal controls. Thank you once again to all the management personnel and industry peers for your continued support! ComplianceOne remains dedicated to delivering professional compliance support and partnering with you to navigate emerging regulatory trends. We highly value your feedback. If you have any suggestions regarding this training or would like us to cover specific topics in future webinars, please feel free to share your thoughts with us. We look forward to hosting more insightful sessions for the industry in the near future! 📞 Contact us today for tailored compliance advisory services and professional guidance!

The Hong Kong Government will implement enhanced regulations for licensed money lenders in two phases. The first phase in August 2026 introduces a Debt Servicing Ratio (DSR) cap for low-income borrowers and bans the use of loan referees. The second phase in June 2027 mandates... ComplianceOne's Market Insights : Mainland Enterprises "GoGlobal" Task Force: Background, Development, and Professional Implementation (May 2026) I. Background: The "Value-Added Super-Connector" in National Strategy As Mainland enterprises transition from domestic dominance to global expansion, Hong Kong’s role at the intersection of the "Dual Circulation" strategy has evolved from a traditional window to a high-capacity "Value-Added Super-Connector." To systematically support Mainland firms in leveraging Hong Kong's advantages for international growth, the Chief Executive proposed a dedicated mechanism in the 2025 Policy Address to coordinate territory-wide resources for enterprises "going global." The Mainland Enterprises "GoGlobal" Task Force was officially established in October 2025. This high-level, cross-departmental platform led by the HKSAR Government serves as a proactive one-stop hub for recruitment and support. Within this policy framework, professional regulatory consultancies such as ComplianceOne play a pivotal role in translating policy into executable solutions, ensuring that enterprises enjoy policy dividends while aligning precisely with international regulatory standards. II. High-Level Governance: Cross-Agency Synergy and Professional Leadership The Task Force is overseen by the Secretary for Commerce and Economic Development (SCED), Mr. Algernon Yau, and is guided by a Steering Committee comprising the core pillars of Hong Kong’s financial, trade, and regulatory infrastructure: Policy & Coordination: Permanent Secretaries from the Commerce and Economic Development Bureau (CEDB), Constitutional and Mainland Affairs Bureau (CMAB), Financial Services and the Treasury Bureau (FSTB), and the Innovation, Technology and Industry Bureau (ITIB). Execution & Promotion: Invest Hong Kong (acting as the Secretariat), the Trade Development Council (HKTDC), and the Productivity Council (HKPC). Finance & Risk Management: The Hong Kong Monetary Authority (HKMA), HKEX, and the Hong Kong Export Credit Insurance Corporation (ECIC). While this "Whole-of-Government" approach ensures rapid access to administrative resources, the operational success of an enterprise hinges on technical execution. Specific nuances—such as the establishment of trust structures, company secretarial maintenance, and license applications—require professional service providers like ComplianceOne, a licensed Trust or Company Service Provider (TCSP), to bridge the gap between administrative frameworks and commercial reality. III. Development Milestones: From Strategic Consensus to Precision Implementation Since its inception, the Task Force has rapidly expanded its service network through high-profile engagements and strategic agreements: November 2025: Shanghai Promotion Conference The Task Force hosted the "Hong Kong: The Preferred Platform for Mainland Enterprises to Go Global" conference, highlighting Hong Kong’s core functions in cross-border supply chain management and offshore trade. December 2025: Launch of the Professional Services Platform Initiated by the Department of Justice (DOJ) with support from the CEDB, the "Hong Kong Professional Services Going Global Platform" was officially launched. In this context, ComplianceOne actively supports Mainland enterprises in establishing headquarters and expanding overseas through its one-stop compliance solutions, providing deep support in Anti-Money Laundering (AML) monitoring and corporate governance. February 2026: Elevating Ministry-Level Cooperation The CEDB signed a Memorandum of Understanding (MOU) with the Ministry of Commerce of the People's Republic of China regarding "Strengthening Exchange and Cooperation in the Field of Overseas Comprehensive Services." As a leading compliance expert, ComplianceOne is committed to upholding the spirit of this MOU by combining professional regulatory advisory with the Task Force's policy guidance to enhance the global adaptability of Mainland firms. March 2026: Beijing Seminar & Digital Launch InvestHK and the China Council for International Investment Promotion co-organized their first large-scale event in Beijing. Simultaneously, the "GoGlobal" Dedicated Website was launched. With the surge in demand for high-quality professional services, ComplianceOne stands as a trusted partner, offering expert insights into SFC licensing, corporate structural optimization, and cross-border tax compliance. IV. Vision: A "Safe Harbor" and "Booster" for Global Growth The core value of the Task Force lies in "Precision Matching" and "End-to-End Support." Looking ahead, the HKSAR Government will continue to provide policy leadership, while ComplianceOne will continue to serve as a professional regulatory consultant, transforming complex compliance requirements into efficient operational pathways. Through this dual protection of "Government Platforms + Professional Institutions," we help Mainland enterprises transform Hong Kong into an irreplaceable global headquarters, achieving generational legacy and stable growth. Sources of Reference HKSAR Government. (2026, March 20). Seminar on empowering Mainland enterprises to go global with Hong Kong's business advantages held in Beijing [Press Release]. Retrieved from: https://www.info.gov.hk/gia/general/202603/20/P2026032000232.htm Department of Justice, HKSAR. (2025, December 13). Launch of "Hong Kong Professional Services Going Global Platform" marks new phase in supporting Mainland enterprises [Press Release]. Retrieved from: https://www.doj.gov.hk/tc/community_engagement/press/20251213_pr1.html Xinhua News / LOCPG. (2026, March 23). InvestHK officially launches dedicated website for Mainland Enterprises "GoGlobal" Task Force . Retrieved from: http://big5.locpg.gov.cn/20260323/7889fc869007455880052fe575e3d005/c.html Commerce and Economic Development Bureau. (2025, November 6). "Hong Kong: The Preferred Platform for Mainland Enterprises to Go Global" promotion held in Shanghai [Press Release]. Retrieved from: https://www.cedb.gov.hk/tc/news/press_release/2025/pr06112025a.html HKSAR Government. (2025, October). The Chief Executive’s 2025 Policy Address: Reform for Enhancement — Building a Brighter Future Together [Section 80]. Retrieved from: https://www.policyaddress.gov.hk/2025/tc/p80.html InvestHK. (2025). Mainland Enterprises "GoGlobal" Task Force Steering Committee holds first meeting . Retrieved from: https://www.investhk.gov.hk/zh-hk/news/goglobal-task-force-steering-committee-holds-first-meeting/ [End of ComplianceOne's Market Insights : Mainland Enterprises "GoGlobal" Task Force: Background, Development, and Professional Implementation – 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

我們非常榮幸能與 MOSS Group 共同舉辦本次環境、社會及管治(ESG)「新常態」：從自願到合規生存關鍵研討會，並感謝近 200 位嘉賓的熱情參與！ 【活動回顧】MOSS Group x 天匯合規共同舉辦 - 環境、社會及管治(ESG)「新常態」：從自願到合規生存關鍵 (2026.03) 我們非常榮幸能與 MOSS Group 共同舉辦本次環境、社會及管治 (ESG) 研討會，並感謝近 200 位嘉賓的熱情參與！ 在研討會中，我們深入探討了 ESG 監管的最新發展。以下是當天的核心洞察分享： 1. 監管環境的根本轉變： 香港正對標 ISSB 國際標準，全面轉向具備全球可比性的披露框架。合規已從「不遵守就解釋」演進為核心監管要求 。 2. 氣候風險管理的實務挑戰： 2025 年新規定要求企業具備評估實體風險與轉型風險的能力。特別是範疇三排放的收集，需要與供應鏈合作夥伴建立有效的協作機制 。 3. 基金經理的合規義務： 證監會要求擁有投資酌情權的基金經理必須在投資流程中系統性考慮氣候風險，並遵循「相稱性」原則建立管治與風險管理體系 。 4. 建立防禦性的紀錄： 在監管趨嚴的背景下，「行動是關鍵，紀錄是證據」。企業應確保所有 ESG 評估與決策過程皆完整留痕，以應對未來的合規審查 。 再次感謝當日講師與嘉賓帶來的精彩討論。在 ESG 全面合規的新時代，ComplianceOne 與 MOSS Group 將繼續為您提供專業導航。 期待在下一次活動中與您再次交流！ We are honored to have co-hosted this seminar with MOSS Group and would like to extend our sincere gratitude to the nearly 200 distinguished guests for their enthusiastic participation. The session provided a deep dive into the latest developments in ESG regulation. Below are the key insights shared during the event: 1. Fundamental Shift in the Regulatory Landscape Hong Kong is rapidly aligning with ISSB international standards, transitioning toward a disclosure framework characterized by global comparability. Compliance has evolved from a "comply or explain" approach into a core regulatory mandate. 2. Practical Challenges in Climate Risk Management New regulations taking effect in 2025 require enterprises to possess the capability to assess both physical and transition risks. In particular, the collection of Scope 3 emissions data necessitates the establishment of effective collaboration mechanisms with supply chain partners. 3. Compliance Obligations for Fund Managers The Securities and Futures Commission (SFC) requires fund managers with investment discretion to systematically integrate climate risks into their investment processes. Furthermore, they must establish governance and risk management systems in accordance with the "proportionality" principle. 4. Establishing Defensive Documentation In an environment of tightening supervision, "action is key, but records are evidence." Companies must ensure that all ESG assessments and decision-making processes are fully documented to create a robust audit trail for future compliance reviews. Once again, we thank our guest speakers and attendees for the insightful discussions. In this new era of comprehensive ESG compliance, ComplianceOne and MOSS Group remain committed to providing professional guidance. We look forward to connecting with you again at our next event!

The topics discussed in this monthly newsletter for Licensed Corporations are as follows: ComplianceOne Newsletter – July 2026 The topics discussed in this monthly newsletter are as follows: Market News Hong Kong’s AUM grew 20% to record high: SFC’s 2025 survey on asset and wealth management The Hong Kong Securities & Futures Professional Association Urges the SFC to Optimize the CVAP Examination and Raises Concerns over Operating Costs under New VA Policies SFC welcomes new initiatives to advance Hong Kong’s fixed income and currency markets Research Paper No.79: Half-yearly Review of the Global and Local Securities Markets Enforcement News SFC Suspends Wong Tim Hi for Nine months SFC reprimands and fines Victory Securities Company Limited $1.7 million and suspends its responsible officer for regulatory breaches SFC reprimands and fines China Industrial Securities International Asset Management Limited HKD 6.8 million for failing to properly identify and address red flags in dubious arrangements and other failures in managing private fund SFC reprimands and fines Bright Smart Securities International (H.K.) Limited HKD 2.8 million for internal control failures in monitoring suspicious trades SFC reprimands and fines Luk Fook Securities (HK) Limited HKD 2.1 million for inadequate cybersecurity control to fend off cyberattack Market Misconduct Tribunal finds Sir Dickson Poon culpable of insider dealing ahead of disclosure of HKD 1.15 billion corporate windfall A 26-year-old Hong Kong trader is rumoured to have embezzled HKD 150 million by trading Hynix ETFs Regulatory Updates SFC and CSRC hold high-level enforcement cooperation meeting SFC and Securities Commission Malaysia sign MoU to expand mutual recognition of funds and facilitate simplified dual IPO listing framework SFC mandates phishing-resistant authentication methods for internet brokers and VATPs to protect client accounts SFC enhances regulatory framework for daily leveraged and inverse products to ensure orderly market trading Markets News 1. Hong Kong’s AUM grew 20% to record high: SFC’s 2025 survey on asset and wealth management The SFC’s Asset and Wealth Management Activities Survey 2025 confirms that Hong Kong had a record-breaking year. Total assets under management rose 20% year on end to $42.2 trillion, surpassing the previous peak in 2021, driven by a near tripling of net fund inflows (+193%). Growth was based across every major segment: asset management and fund advisory, private banking and private wealth management, and trust services. Metric 2025 YoY Change Total AUM HKD 42,202 billion +20% Net Fund inflows HKD 2,065 billion +193% Asset Management & Fund Advisory AUM HKD 30,957 billion +19% Private Banking & Private Wealth Management AUM HKD 12,945 billion +24% Assets held under Trusts HKD 6,214 billion +8% Mainland-related firms’ AUM HKD 3,949 billion +28% Registered open-ended fund companies 676 +43% Type 9 licensed corporations 2,358 +7% Type 9 licensed individuals 15,747 +5% Total industry headcount 56,557 +5% This survey points to a maturing, institutionally oriented and geographically diversified industry. International investors continued to account for the majority of AUM (54%), while asset managers increasingly allocated capital globally. 56% of Hong Kong managed assets were invested outside the Mainland and Hong Kong, with bonds recording double-digit growth for a second consecutive year. The report is indicative of high growth in Hong Kong’s fund ecosystem as SFC-authorised fund NAV rose 38% alongside registered OFC’s rising 43%. Single-family office population also grew to over 3,380 (rising roughly 680 over two years). Mainland-related firms outperformed the broader market, and mutual market access schemes (Stock Connect, ETF Connect, WMC, MRF) all saw expanded two-way activity. SIGNIFICANCE: Following the release of strong growth data, expect continued momentum on OFC reform, ETF related product rules and mainland connectivity. The standout signals such as the 43% jump in YoY OFC Growth signals Hong Kong’s domestic fund structures are gaining strong market traction and displacing traditional offshore vehicles for regional strategies. Additionally, the rise in mainland-affiliated asset net inflows (80%) underscores the continuing importance of “Southbound” capital corridor and cross-boundary connect schemes. Licensed firms growing 7% to 2,358 and licensed individuals rising to 15,747. This expands the addressable market for compliance and legal teams while heightening competition for qualified regulatory talent. 2. The Hong Kong Securities & Futures Professional Association Urges the SFC to Optimize the CVAP Examination and Raises Concerns over Operating Costs under New VA Policies The Hong Kong Securities and Futures Professional Association ( HKSFPA ) met with the Legislative Council’s Deputy Commissioner for Financial Affairs and the Treasury, Mr. CHAN Joseph, and senior SFC officials including the executive director of intermediaries, senior director, and the head of the fintech group on 03 July 2026. The two sides exchanged ideas on a four core issues including the latest policies on virtual assets ( VA ), the licensing regime, operating costs, and the industry-wide Certification Programme for Virtual Asset Professionals ( CVAP ). Numerous policy changes were discussed, including the removal of the previous 10% minimum exemption for virtual asset management and an immediate effective date of new rules without a transition period . However, arrangement details are yet to be clarified. Representatives of the HKSFPA stated plainly that new regulatory provisions are based on principle and lack operational guidance, placing significant operational and compliance pressures on firms engaged or entering into the virtual asset businesses. CVAP Examination Reform Commitments Commitment Detail Separation of course and examination HKSI will decouple mandatory coursework from the examination. Candidates will be able to sit the exam without attending compulsory classes, reducing talent training costs for firms Examination Fee Reduction Standalone exam will be supported by official study materials Fees will be reduced to align with existing SFC examination benchmarks (HKSI Paper 2&3) VATP Issues and Recommendations Issue Industry Concern Recommendation Hardware Security Modules ( HSM ) HSM Supply is near monopolized driving high costs and limited bargaining power for intermediaries. Regulators should adopt “technology neutral” principle and accept Multi-Party Computation ( MPC ). Hot/cold Wallet Ratio Requirement Hot wallet cap at 2% of total client assets and minimum 3 persons required per asset transfer requires significant manpower and time costs in daily operations. Review and optimize ratio while maintaining risk controls. Insurance Coverage 50% cold wallet insurance coverage is required with only 2 insurers that currently underwrite VA insurance. This creates extremely high premiums, reportedly demanding as high as 50% profit margins. Encourage regulators to engage insurance industry to revise coverage ratios and introduce more rational actuarial models. On-chain transfer fees Substantial gas fees are generated by real-time individual transfers. Allow batch processing within a compliant framework to reduce operational burden and transfer costs. Beyond the discussion of CVAP and VA operating costs, the association raised five structural regulatory questions seeking further clarity. Firstly, to clearly delineate technology services and regulated activities. It aims to foster innovation by enhancing licensing transparency and expediting product approvals, while simultaneously clarifying market arrangements for tokenized assets. Furthermore, it will define the regulatory division of labor for VA payments and establish clear guidelines for private equity fund self-custody arrangements. Key Area Industry Concern/ Recommendation Technology vs Regulated Activities Urges clearer delineation of regulated activities; pure tech service providers not handling client assets or charging fees should not face unnecessary licensing burdens. Requests categorical guidance for models like tech access, system development, trading support and advisory. Licensing Approval Transparency Notes SFC manpower constraints causing uncertain VASP processing times; recommends adopting phased frameworks (e.g. “serviced offices“ model) and clearer timelines aid resources and capital planning. Innovative Products & Tokenized Assets Retail market limited to 5 spot pairs with no shorts/hedging; SFC’s Feb 2026 perpetual contract framework for pros lacks timelines/pilot details. Urges faster derivatives approval and clarity on price discovery, offshore data and trading hours for cross-market tokenized assets. VA Payment Regulatory Division Concerns over firms with only MSO (Customs) licenses conducting large-scale VA payments; MSO does not cover VA businesses. Urges clarification of inter-agency responsibility and clear policy direction/timeline. Private Fund Self-Custody Lack of guidance on SFC notification, mandatory requirement (asset segregation, authority management), risk controls and audit standards for self-custody arrangements. Expect specific guidance to build internal compliance. SIGNIFICANCE: The two CVAP commitments are near-term improvements that will directly reduce training costs for VATPs seeking to bring practitioners into regulatory compliance. Firms should factor these changes into their CVAP planning timelines once implementation details are published by HKSI and the SFC. Licensed VATPs and firms preparing to apply for VATP status should monitor HKSI and SFC announcements for the revised CVAP examination structure and fee schedule. For operating firms, internal review of operating costs through compliance channels will be beneficial. Technology service providers operating adjacent to the VA regulatory perimeter should seek legal advice on whether their business models fall within the definition of regulated activities. 3. SFC welcomes new initiatives to advance Hong Kong’s fixed income and currency markets On 7 July 2026, the SFC jointly announced eleven measures alongside the People’s Bank of China ( PBOC ) and Hong Kong Monetary Authority ( HKMA ) to advance the Hong Kong fixed income and currency ( FIC ) markets and offshore RMB ecosystem. The SFC’s commentary focused on two initiatives directly within its regulatory remit. The centrepiece is a new electronic FIC trading platform to be developed by the China Foreign Exchange Trade System ( CFETS ) in collaboration with Hong Kong Exchanges and Clearing Limited ( HKEX ). The platform will be registered and operated in Hong Kong making the SFC its primary regulatory and thus requiring participants of the platform to have relevant SFC licenses. The platform is built around four key principles: adherence to international market standards; openness to international institutional participation’ alignment with Hong Kongs broader financial ecosystem and market-driven focus on improving trading efficiency and transparency while reducing transaction costs. A launch timeline will be announced in due course. Beyond the FIC trading platform, a second initiative was welcomed by the SFC to expand the range of eligible collateral for HKEX’s two clearing houses (HKFE Clearing Corporation Limited and The SEHK Options Clearing House Limited) to onshore China Government Bonds and policy banks through Northbound Bond Connect. Target is set for end of year 2026. Additional plans to enhance Swap Connect by adding seven-day fixing repo rate for depositary institutions as a reference rate for RMB interest rate swaps are planned for Q4 2026. HKEX also confirmed it will launch five-year China government bond futures contracts on 3 August 2026, providing global investors with an offshore hedging too. SIGNIFICANCE: The FIC Trading Platform invites global banks, fund managers, and other institutional participants to access Chinese fixed income and currency markets through a Hong Kong regulated, internationally friendly venue. Institutions planning to participate in said platform need to obtain or extend SFC licenses to cover relevant regulatory compliance. The collateral eligibility expansion for Northbound Bond Connect holdings and the 7-day Fixing Depository-Institutions Repo Rate ( FDR007 ) Swap Connect enhancements should be noted by treasury and fixed income desks to factor into their hedging and collateral strategies. 4. Research Paper No.79: Half-yearly Review of the Global and Local Securities Markets On 30 July 2026, the SFC issued a report analysis on Global and Hong Kong market performance, trading activity, and cross-border connectivity trends in H1 2026 against a backdrop of heightened geopolitical tensions, US monetary policy uncertainty, and divergent AI-driven rallies across markets. Key highlights include performance of global markets and trading and fund-raising activities in the first half of 2026: Overseas and Mainland China indices delivered positive H1 2026 performance, led by Nasdaq and SZCOMP, while Hong Kong benchmarks underperformed sharply. The disconnect reflects stronger AI-driven momentum in overseas markets and weaker technology exposure within local Hong Kong indices. SIGNIFICANCE: Markets face ongoing volatility from lingering Middle East conflicts, higher-for-longer US rates, stretched overseas valuations, and revealed global debt levels. Geopolitical and trade policy uncertainty remain key headwinds to investors sentiment. By explicitly stating that Hong Kong lacks the AI/semiconductor heavyweights propping up US markets, the SFC is managing expectations. It is an admission that the local market is more vulnerable to geopolitical shocks and old-economy headwinds. The SFC anticipates stress in the second half of 2026 and is laying the groundwork for why it will enforce stricter margin, liquidity, and risk controls because the fundamental market structure does not offer the same tech shield as the NASDAQ. Enforcement News 5. SFC Suspends Wong Tim Hi for Nine months The SFC suspended Mr. Wong Tim Hi (also known as Timmy Wong) ( Wong ) ( CE No: ACN818 ), a former licensed representative of Yuanta Securities (Hong Kong) Company Limited, for nine months from 3 June 2026 to 2 April 2027. The disciplinary action followed Wong’s misconduct between June 2016 and May 2017, during which Wong allowed two third parties to effectively take control of four client accounts without written authorisation from the account holders. His involvement was active, sharing confidential client account information directly with those third parties, including account details, transaction records, fund balances and fund movement data without client knowledge or consent. This case is linked to a larger market manipulation scheme involving shares of Ching Lee Holdings Limited ( HK Stock Code: 8318 ), where three individuals – including one of the third parties operating through client accounts – were convicted of conspiracy to carry out false trading between 52 and 80 months in May 2024. The SFC took into account Wong’s remorse, acceptance of the sanction, and otherwise clean record in, sentencing him to a nine-month suspension rather than a longer or permanent ban. *For more details, please click on the Statement of Disciplinary Action for Wong’s case. SIGNIFICANCE: Firms should utilize this case to reinforce training on specific prohibition against sharing client account information with third parties, including family members, friends or referrers of the client. Written third-party authorisation must be obtained and retained on file before any access is granted. Firms should also note that long enforcement horizons are the norm, not the exception as represented by this case. Additionally, being a peripheral participant in a scheme that later produces criminal convictions does not insulate a licensed individual from regulatory consequence. 6. SFC reprimands and fines Victory Securities Company Limited $1.7 million and suspends its responsible officer for regulatory breaches On 24 July 2026, the SFC reprimands Victory Securities (Hong Kong) Limited ( Victory ) and ordered it to pay a fine of HKD 1.7 million for regulatory breaches related to client due diligence failures and temporarily suspended its responsible officer Mr. CHIU Che Leung ( CE No: AAF386 ) for three months from 22 July 2026 to 21 October 2026. The SFC found that in October 2019, Victory accepted account opening documents from a client including purported broker statement as proof od shareholding without conducting adequate scrutiny. The firm failed to verify the authenticity of these documents before executing sell orders, breaching the Code of Conduct and AML/CFT regulations regarding KYC and due diligence obligations. Client Onboarding and Red Flags A client opened an account on 29 October 2019 intending to sell shares held elsewhere. The client provided broker statements as proof of holdings, but the claimed share value was incommensurate with the client’s declared financial profile—a clear red flag under CDD and AML expectations. Failure to Scrutinize Victory executed sell orders without making adequate enquiries or obtaining satisfactory explanations for the discrepancies before acting on the client’s instructions. Possible False Documents Subsequent information suggested the client may have submitted false documents to facilitate a transaction, yet Victory did not report the suspicious or potentially fraudulent conduct to the SFC as required. *For more details, please click on the Statement of Disciplinary Action for Victory’s case. SIGNIFICANCE: This case serves as a reminder to the industry that the cost of compliance failures goes far beyond fines; they also include license risks, reputational damage, and loss of customer trust. Licensed corporations should take this opportunity to conduct a comprehensive review of existing KYC, transaction monitoring, and suspicious transaction reporting mechanisms, ensuring effective collaboration among frontline staff, compliance departments, and management to avoid repeated failures. 7. SFC reprimands and fines China Industrial Securities International Asset Management Limited HKD 6.8 million for failing to properly identify and address red flags in dubious arrangements and other failures in managing private fund On 27 July 2026, the SFC publicly reprimanded and fined China Industrial Securities International Asset Management Limited ( CISIAM ) ( CE NO: AZB374 ) HKD6.8 million for regulatory failures as manager of a private fund set up for Tahoe Life Insurance Company Limited between August 2019 and September 2020. At the request of Tahoe Life’s Chief Investment Officer, CISIAM executed a chain of unnecessarily complex trades—buying structured notes linked to debt issued by a Tahoe Life related company, then moving those notes into a different manager’s fund. The structure added cost and risk, had no clear commercial rationale, and raised red flags about hidden asset flows/ connected-party dealing. CISIAM did not exercise independent investment discretion, skipped adequate due diligence, and failed to identify or challenge the red flags. It also let the fund breach its own investment restrictions/ objectives and had no effective risk identification, management, or monitoring framework. As Mr. DUIGNAN Michael, SFC Director of Enforcement, said: “Fund managers must remain vigilant and must not allow their services to be used as a conduit for facilitating misconduct. Before proceeding with a proposed fund arrangement, a fund manager should critically assess an investor driven proposal for potential red flags and ensure that any legitimate concerns have been satisfactorily addressed. Those who fail to make reasonable enquiries may face serious regulatory consequences.” *For more details, please click on the Statement of Disciplinary Action for CISIAM’s case. SIGNIFICANCE: This SFC has moved from guidance to enforcement on its long-standing rule that a licensed asset manager may not act as a passive execution conduit for client-driven, structurally complex arrangements and the penalty lands on both the licensed corporation and its senior individuals, even when an institutional client hands a detailed trade idea to the fund manager, the licensed corporation still owe the fund independent investment judgement. “We just followed the client’s instruction” is explicitly rejected by the SFC as a defence. 8. SFC reprimands and fines Bright Smart Securities International (H.K.) Limited HKD 2.8 million for internal control failures in monitoring suspicious trades On 27 July 2026, the SFC reprimanded and fined Bright Smart Securities International (H.K.) Limited ( BSSIHK ) ( CE NO: AEZ575 ) HKD 2.8 million for failing to maintain adequate and effective internal controls to monitor and detect client wash trades . From 01 November 2023 to 13 September 2025, BSSIHK’s weak controls allowed 1,021 pairs of wash trades across 615 clients accounts, involving 763 stocks and warrants. Before March 2024, BSSIHH relied mainly on post-trade monitoring and manual review, so clients could complete wash trades before detection. On March 2024, BSSIHK introduced a pre-trade interception arrangement, but it was manual, not automated, and only triggered after a second instance of wash trading was already detected. However, this fix was still inadequate. *For more details, please click on the Statement of Disciplinary Action for BSSIHK’s case. SIGNIFICANCE This BSSIHK case is significant to every SFC licensed corporation because it reframes wash-trades surveillance from a back-office nice-to-have into a core licensing obligation under the Code of Conduct. The SFC did not allege BSSIHK itself traded fraudulently, it penalized the broker for letting clients do it through deficient controls. That distinction is what makes the precedent matter to all licensees. A licensed corporation is responsible for maintaining the system that would have prevented the client abuse, independent of intent. 9. SFC reprimands and fines Luk Fook Securities (HK) Limited HKD 2.1 million for inadequate cybersecurity control to fend off cyberattack On 28 July 2026, the SFC has reprimanded and fined Luk Fook Securities (HK) Limited ( LFSHK ) ( CE No: ACU547 ) HKD 2.1 million for failing to maintain adequate and effective cybersecurity controls, a lapse that left LFSHK unable to withstand a 19 September 2022 ransomware attack and took roughly three weeks to fully recover core systems. Cybersecurity System Deficiencies on LFSHK Insufficient Network Security Controls Inadequate Controls over Remote Access Inadequate User Access and Privileged Account Management Poor Password Management Practices Use of Unsupported Legacy Systems Lack of Control over External Device Security Outdated Antivirus Protection Insufficient Cybersecurity Awareness Training *For more details, please click on the Statement of Disciplinary Action for LFSHK’s case. SIGNIFICANCE Cyber resilience is a Code of Conduct obligation, not an IT-department footnote. Senior management owns the design, testing and currency of controls outdated patches, unencrypted secrets, and “we restored in phases” are no longer acceptable narratives. With the SFC’s newer guidance pushing automated threat detection, OTP retirement and AI-era hardening, LFSHK sets the baseline enforcement benchmark for every Type 1/ Type 7/ VATP-adjacent licensee. 10. Market Misconduct Tribunal finds Sir Dickson Poon culpable of insider dealing ahead of disclosure of HKD 1.15 billion corporate windfall On 31 July 2026, the Market Misconduct Tribunal ( MMT ) rules that Sir Dickson Poon and his vehicle equity advantage engaged in insider dealing by buying 2.76 million Dickson Concepts (International) Limited ( Dickson Concepts ) ( HK Stock Code: 113 ) shares in late 2019 while sitting on price-sensitive news: PayPal’s USD 4 billion acquisition of Honey Science Corporation would deliver HKD 1.15 billion cash into Dickson Concepts, a gain of HKD 929 million over book value. He withheld the information from the board until late December, causing both personal trading violations and a corporate disclosure failure under Section 270 and Section 307B of the SFO. The MMT did not find Pearson Poon, also an executive director, liable for the company’s breach since he only relied on his father and the senior management to assess price sensitive information. As Mr. DUIGNAN Michael, the SFC’s Executive Director of Enforcement, says “The Tribunal's findings reinforce two sacrosanct principles of Hong Kong's securities market: namely, insiders, particularly senior professionals on whom others rely, must not trade while in possession of material non-public information, and listed companies must disclose price-sensitive information as soon as reasonably practicable. Since a fair and orderly market depends on investors having equal and timely access to material information, the SFC will continue to take resolute action against insider dealing and corporate disclosure failures that undermine market integrity and investor confidence.” SIGNIFICANCE This case tells every SFC licensee that MNPI must reach beneficial owners and control-person vehicles, that pre-disclosure trading is culpable regardless of issuer silence, and that reliance defences survive only with documented governance and not with organizational hierarchy. This MMT ruling is a compliance benchmark that reinforces three layers of exposure: personal trading by connected persons, institutional handling of client/MNPI, and the duty to police disclosure pipelines of listed issuers that SFC-licensed corporation advise or trade for. 11. A 26-year-old Hong Kong trader is rumoured to have embezzled HKD 150 million by trading Hynix ETFs On 27 July 2026, a 26-year-old trader at Chief Wealth Investment Limited (rumoured to be subsidiary of Chief Group) was arrested for the theft after allegedly misappropriating HKD 50 million of company funds from January to July 2026 into a margin account and used the funds to purchase CSOP 2x Leveraged SK Hynix ETF (XL2CSOPHYNIX) ( HK Stock Code: 07709 ), a double-leveraged derivative tracking the South Korean memory-chip maker. The combined effect of margin financing and the ETF’s built-in 2x daily leverage amplified losses sharply when the semiconductor sector corrected in July. The ETF had surged to a record high of HKD 193.65 per share at the end of June 2026 but plunged to HKD 52.58 by July 20, a drop of more than 72%. Due to the leveraged involved, the HKD 50 million principal translated into a marked-to-market loss approximately HKD 150 million. According to police, the positions remain open, meaning the final loss could still fluctuate with market movements. SIGNIFICANCE This case is not merely a theft case; it is a control-design failure. Paragraph 4.3 of SFC’s Code of Conduct requires licensees to prevent unauthorized trading through marker-checker fund transfers, hard pre-trade limits on margin utilization, and mandatory approval gates for leveraged products. Though Chief Wealth Investment Limited is not a licensed corporation, when a single individual can convert HKD 50 million into HKD 150 million of contingent liability without triggering any alert, the firm’s internal controls and authority-setting procedures are, by definition, inadequate. Regulatory Updates 12. SFC and CSRC hold high-level enforcement cooperation meetin g The SFC and China Securities Regulatory Commission ( CSRC ) convened for their 17 th high-level enforcement meeting in Hong Kong, attended by Mr. DUIGNAN Michael, the SFC’s Executive Director of Enforcement, and Mr. LI Yubai, the CSRC’s Director-General of the Enforcement Bureau. The meeting covered three substantive areas: sharing updates on enforcement priorities and trends in both jurisdictions, discussion of important cross-boundary enforcement cases including experience sharing on investigatory assistance, and exploration of ways to further deepen collaboration in combating cross-boundary securities crimes and misconduct. Mr. Duignan emphasised that continuing to deepen enforcement cooperation and information sharing between the two regulators will enhance effectiveness in enforcement and contribute to stable and orderly development of financial markets in both jurisdictions. SIGNIFICANCE As market integration deepens, regulatory enforcement is increasing. This meeting singles that neither regulator treat the Hong Kong-Mainland border as a shield for market misconduct. The focus on expanding information exchange means investigative lead times for cross-border market manipulation, insider trading or fraudulent disclosures will continue to shorten. Increased coordination increases probability of concurrent or joint enforcement actions spanning both jurisdictions. 13. SFC and Securities Commission Malaysia sign MoU to expand mutual recognition of funds and facilitate simplified dual IPO listing framework The SFC and the Securities Commission Malaysia ( SC ) signed a Memorandum of Understanding on 23 July 2026 to expand cross-border capital market connectivity between Hong Kong and Malaysia across two distinct channels: an expanded mutual recognition of funds ( MRF ) scheme and a new simplified dual IPO listing framework. MRF Scheme Overview The SFC and SC signed an MoU to enable Malaysian and Hong Kong funds to be offered across both markets through a streamlined authorization process. Expanded Product Scope MRF now covers non-Islamic Exchange Traded Funds ( ETFs ) (including futures-based, leverages & inverse and commodity ETFs) and REITs, significantly broadening the range of cross-border investment products. Fund Eligibility Malaysian funds must remain authorized and supervised by the SC, satisfy MRF eligibility requirements, and obtain a SC certification before applying for SFC authorization. Distribution Requirements Malaysian funds offered in Hong Kong must be distributed through SFC-licensed or registered intermediaries and appoint a Hong Kong representative in accordance with the UT code. Regulatory Cooperation The SFC and SC will strengthen supervisory cooperation through information sharing, ongoing oversight, and coordinated regulatory action to support investor protection. Market impact Allows greater cross-border capital flows, expands investment opportunities and improves connectivity between Hong Kong and Malaysian asset management markets. Expansion of Fund Eligibility in Malaysian Markets ETFs MRF now covers a wider range of Hong Kong ETFs including: Passive index-tracking ETFs Futures-based leveraged & inverse ETFs Synthetic ETFs Commodity ETFs Country-specific government bond/fixed income ETF Listed REITs Eligible Hong Kong listed REITs can be offered under the MRF, provided they satisfy minimum market capitalization, regulatory track record and public float/security holding spread requirements. Fund Structure Eligible funds may now be constituted as Open-ended Fund Companies ( OFCs ), unit trusts or other forms of collective investment schemes recognized under Hong Kong law. *For more details, please click on the Mutual Recognition of Funds (MRF) between Malaysia and Hong Kong and Cross-listings of Malaysian real Estate Investment Trust in Hong Kong . SIGNIFICANCE The introduction of new product scopes creates new distribution channels for Hong Kong and Malaysian ETF managers seeking listing venues mutually. Additionally, the simplified dual IPO framework addresses the historical dual listing process between Hong Kong and Malaysia, dramatically reducing paperwork hassles and legal costs, the pipeline of dual listings between Malaysian companies seeking access to Hong Kong’s investor base and vice versa is likely to accelerate. This positions Hong Kong as a gateway to mainland Chinese capital for Malaysian issuers and investors, while positioning Malaysia as a gateway for Southeast Asian capital for Hong Kong-listed companies. The SFC Chairman, Dr. WONG Kelvin’s framing of the two markets as “Vital financial gateways connecting global capital with Chinese Mainland and Southeast Asia” is a precise articulation of this complementarity. 14. SFC mandates phishing-resistant authentication methods for internet brokers and VATPs to protect client accounts On 09 July 2026, the SFC issued a landmark circular tightening cybersecurity rules for licensed virtual asset trading platforms ( VATPs/VASPs ) and internet brokers—driven by a sharp rise in phishing-related breaches. In 2025 alone, phishing made up 57% of all cybersecurity incidents reported to Hong Kong Computer Emergency Response Team ( HK-CERT ), with large-scale SMS phishing campaigns enabling account takeovers via man-in-the-middle attacks that intercepted OTPs. The core message is clear: OTPs sent via email or SMS are no longer acceptable for client login or device binding. The SFC is mandating a shift to Fast Identity Online ( FIDO) certified, phishing-resistant passkeys paired with robust device binding, backed by proactive threat monitoring and strict incident response obligations. Key Requirements Passkey rollout All clients must transition to passkeys within 12 months, by 8 July 2027. New clients enroll during standard KYC onboarding; existing clients with no bound device post-deadline must complete biometric, ID document, or in-person verification to set up new credentials. Device Binding Accounts must be tied to specific hardware attributes, with prohibited weak verification methods and approved checks including biometric matching, ID verification, or in-person validation. Enhanced monitoring Firms must track logins, device binding, and transactions in real time, with mandatory alerts for new device logins, passkey changes, high-risk transactions (withdrawals, contact updates, password resets), and unusual geographic or behavioural patterns. Accountability Senior management—specifically the Managers-in-Charge ( MICs ) for Overall Management Oversight and Information Technology—bear personal liability for timely implementation and preventing client losses. Larger VASPs are expected to deploy controls immediately, while all firms may continue using OTPs during the 12-month transition—but only with heightened monitoring and under close regulatory scrutiny. No deadline extensions will be granted without prior SFC approval. Beyond compliance, this is a strategic opportunity: moving away from vulnerable legacy authentication to a modern, passkey-based framework significantly reduces breach risk and builds stronger client trust—a clear competitive advantage in a crowded market. As Dr. YIP Chi-hang, Executive Director of the SFC’s Intermediaries Division, emphasized: “Protecting customer accounts requires a comprehensive approach combining prevention, detection, response, and education. Licensed companies should strengthen their first line of defence, remain vigilant, and respond promptly.” *For more details, please click on the circular. SIGNIFICANCE This circular marks a new phase in the SFC's cybersecurity regulation of licensed corporations, requiring a shift from passive defense to a proactive, comprehensive, and accountable security system. Licensed corporations should treat this as a strategic priority rather than just a matter of IT compliance, and plan and implement relevant upgrades early to avoid regulatory penalties and protect client trust. 15. SFC enhances regulatory framework for daily leveraged and inverse products to ensure orderly market trading On 24 July 2026, the SFC issued an update on regulatory framework for daily leveraged and inverse ( L&I ) products authorized for retail sale in Hong Kong. The SFC now permits L&I products with leverage ratios other than the traditional fixed arrangement of 2x for leveraged products and -2x for inverse products. Product providers may propose more tailored daily rebalanced leverage, subject to SFC approval. Item New Requirement Expanded Product Scope Moves beyond traditional Index L&I Products to include Single Stock L&I (initially offshore mega-caps, now including HK-listed mega-caps per 2026 updates) and Defined Outcome Funds (options-based, capped upside/downside). Stricter Naming & Branding L&I Products cannot be called "ETFs." Mandatory formats include "Daily (2x)" and distinct "L" or "I" prefixes with unique stock code ranges on HKEX. Flexible Leverage Structure Introduces dynamic leverage (e.g., dropping from 2x to ~1.1x during stress). Providers must publish the next day’s target leverage on the product/HKEX websites daily after market close. Capacity Monitoring & BCP Continuous monitoring of swap/broker capacity is now a live obligation. For Single Stock L&I: requires proven track record, robust BCPs with specific triggers (volatility, capacity), and pre-agreed stop-loss mechanisms. Enhanced Disclosures Heavy emphasis on Product KFS warnings (not for long-term holding, roll costs, volatility). Mandates a Performance Simulator (except for pure delta-one) with historical data and clear narratives. Market Making & Margin Zero Tolerance on Market Makers: If all market makers resign, the product must terminate. HKEX monitors performance strictly. No Margin Financing: HKEX advises against providing margin financing for these products. Distribution Obligations Reaffirms application of Code of Conduct 5.1A–5.3 (Derivative Products). Emphasizes investor education, staff training, and acting in the client’s best interest (prohibiting gearing-on-gearing). *For more details, please click on the revised circular. SIGNIFICANCE This circular is a market-development gesture with investor-protection strings attached. Issuers get a path to Single Stock L&I and Defined Outcome funds; distributors get a wider shelf. In return, everyone in the chain absorbs tighter naming rules, daily leverage transparency, capacity-reporting duties, BCP obligations for single-stock products, and a distribution regime that threats these instruments as sophisticated trading tools mis-sold to buy-and-hold clients at the firm’s own risk. Early consultation with the Investment Product Division is advised not because the SFC is being polite, but because the facts-and-circumstances calls, what counts as “highly liquid mega-cap”, what leverage a volatile single stock can bear, how a Defined Outcome fund discloses barriers events, will define whether your authorization sails through or stalls. [End of ComplianceOne Newsletter – July 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

導語：許多機構在成功取得香港證監會（SFC）頒發的金融牌照後，往往忽視了持牌後的「持續合規責任」。 拿到香港金融牌照就萬事大吉？ 一文梳理持牌法團必看的「持續合規責任」指南 導語： 許多機構在成功取得香港證監會（SFC）頒發的金融牌照後，往往忽視了持牌後的 「 持續合規責任 」 。在香港，取得牌照僅僅是第一步，持牌法團（LC）、負責人員（RO）及持牌代表（LR）必須 時刻保持 「 適當人選 」 （Fit & Proper）資格 。一旦違反持續合規要求，輕則面臨罰款，重則可能被暫時吊銷甚至撤銷牌照！ 一、 基礎合規與人員值勤安排 持牌法團需時刻遵循《證券及期貨條例》（第571章）及SFC的相關守則。 合規項目 監管標準與核心要求 展示牌照及商業登記證 必須在主要營業地點的顯眼處（如客戶接待處）展示牌照及商業登記證（建議相架掛起）；如有多個營業地點，須展示核證副本。 負責人員 (RO) 值勤安排 (非港交所參與者 non-EP) 至少 1 名 RO 必須常駐香港並在本地直接監督業務。 常駐 RO 休假/公幹期間，必須保持聯絡通暢並具備適當的替代監控措施。 法定配置要求： 每項受管活動必須任命 至少 2 名 RO （其中至少 1 名 RO 必須爲執行董事）。 負責人員 (RO) 值勤安排 (港交所參與者 EP) 因交易所參與者業務較頻繁及複雜，證監會一般期望 至少兩名 RO 均須常駐香港，時刻在本地直接監督每日經紀及交易操作。 二、 關鍵財務與審計申報表 申報項目 呈交頻率 提交限期 財政資源申報表 (FRR) (持有客戶資產) 每月 下一个月 21天内 財政資源申報表 (FRR) (不持有客戶資產: 4, 5, 6, 9, 10類) 每半年 半年度（6 月及12月）結束後 21天內 經審核賬目 (Audited Financial Report) 每年 財政年度終結後 4個月內 停止进行受规管活动後的經審核帳目 - 停止日後4個月內 業務及風險管理問卷 (BRMQ) 每年 財政年度結束後 4個月內 (通過 WINGS 提交) 三、 7個營業日 ！重要事項變動通知機制 (WINGS 2.0) 根據香港證監會（SFC）《證券及期貨(許可及註冊-指南)規例》，持牌法團及持牌個人在發生指定重要變更時， 必須通過 SFC WINGS 電子平臺呈交通知 。 變更分類 申報時限 涉及的主要變更事項 / 具體情形 合規要點與特別說明 法團與業務事項 事後 7 個營業日內 法團名稱 / 商業名稱變更 資本結構及股權比例變動 銀行賬戶開立 / 撤銷 / 變動 核心職能主管 (MIC) 委任 / 卸任 業務性質、內部監控或核數師變動 適當人選資格變動（訴訟與刑事紀律、監管處分、財務狀況與破產） 須在 WINGS 平臺提交對應表格，並附帶董事決議案或相關支持證明文件（MIC同意委任信）。 注意： 如股權變更涉及大股東（Substantial Shareholder）變更， 必須事先取得 SFC 批准 ，不可事後補報。 人员与董事变动 事後 7 個營業日內 董事（包括非執行董事）任免 RO / LR 個人基本資料變動 持牌人兼任外部董事或參與其他業務權益 終止僱傭關係或終止行事 適當人選資格變動（訴訟與刑事紀律、監管處分、財務狀況與破產、董事及管理能力 - 涉及誠信或專業失當） RO／LR 兼任外部董事或參與其他業務權益需先取得持牌法團同意，並於其個人WINGS 賬戶及時申報。 营业地址变更 事前 7 個營業日內 擬變更主要營業地址 擬增加或撤銷其他營業地點 紀錄儲存地點變更 不可事後補報！ 必須在擬搬遷或變動前 至少 7 個營業日 預先通知證監會。 如涉及紀錄儲存地點變更，需事前向SFC申請並獲審批後 才 可使用。 四、 週年申報表及年費 呈交週年申報表 (Annual Return)： 持牌法團及持牌人士每年均須通過 WINGS 提交週年申報表以確認/更新資料。下表爲需確認資料內容： 中介人類別 週年申報表資料內容 持牌人士 個人資料 外部董事職務及業務權益 持牌法團 聯絡資料 發行股本 股權架構 控股集團-董事名單 繳付年費： 須在批給牌照或註冊當日之後每年的同月同日後一個月內繳交。下表爲年費金額： 中介人類別 受規管活動類別 年費金額（每類受規管活動） 1. 持牌法團 除第3類外的受規管活動 $4,740 第3類 $129,730 2. 持牌代表 除第3類外的受規管活動 $1,790 第3類 $2,420 3. 負責人員 除第3類外的受規管活動 $4,740 第3類 $5,370 4. 註冊機構 除第3類及第8類外的受規管活動 $35,000 逾期呈交週年申報表與年費的嚴重後果： 1. 遲交/欠繳年費附加費機制（依據 SFO §138(3) ）： 逾期第 1 個月內： 按未付年費金額加收 10% 附加費。 後續每一個月： 按未付年費金額逐月加收 20% 附加費（不足 1 個月按 1 個月計）。 2. 遲交週年申報表與年費對牌照的影響（依據 SFO §195/197）： 暫停牌照： 若在到期日後 3 個月內仍未提交，SFC 在發出不少於 10 個營業日的書面通知後，其牌照將被暫時吊銷 (Suspended)（依據 SFO §195(4)(5)）。 撤銷牌照： 若逾期超過 4 個月，SFC 可直接啓動程序撤銷其牌照 (Revoked)（依據 SFO §197(5)）。 特別提醒： SFC 對遲交週年申報表 並沒有設任何金錢罰款 ，而是直接採取極其嚴格的牌照處分！ 五、 持續專業培訓 (CPT) 要求 持牌人士每個歷年必須完成指定的 CPT 學時： 持牌代表 (LR)： 每年至少 10 小時 負責人員 (RO)： 每年至少 12 小時 必修主題要求： 至少 2 小時： 職業道德 (Ethics) 或 合規 (Compliance) 課題； 至少 5 小時： 與獲發牌進行的受規管活動直接相關； RO 另加 2 小時： 監管合規 (Regulatory Compliance) 相關課題。 六、 其他法定合規事項（公司法與稅務） 1. 公司週年申報表 (NAR1)： 按《公司條例》（第622章）規定，每年向公司註冊處申報及更新公司高級人員及股東資料。 2. 商業登記 (BR)： 開業後 1 個月內向稅務局辦理，並每年繳交商業登記費及續期。 3. 稅務與如期報稅（利得稅報稅表）： 首份利得稅報稅表： 一般在公司成立後約 18 個月由稅務局發出，須按時完成審計並提交。 後續報稅要求： 收到稅務局發出的報稅表後，必須在 1 個月內（或隨附的指定延期時限內）完成填報及遞交，切勿逾期。 4. 勞工保險（僱員補償保險）： 根據香港《僱員補償條例》，所有僱主必須爲其全職及兼職僱員投保僱員補償保險（俗稱 「 勞保 」 ），以承擔僱主在法律及條例下的賠償責任，否則屬於違法。 常見問題解答 (FAQ) Q1：爲什麼需要做持續合規責任？不做行不行？ 答： 絕對不行。 在香港，取得證監會（SFC）牌照並不代表一勞永逸。持牌法團及持牌人員必須時刻滿足並維持 「 適當人選 」 （Fit & Proper）資格。如果不履行持續合規責任（如逾期提交申報表、資本不足或違反監管指引），SFC 有權採取紀律行動，包括公開譴責、高額罰款，甚至暫時吊銷或撤銷牌照，相關責任人員（RO）亦可能面臨行政處罰或法律責任。 Q2：什麼是持牌法團的 「 持續責任 」 ？包含了哪些內容？和申領牌照時的條件有什麼區別？ 答： 定義與區別：申領牌照條件 是公司在 「 進場 」 時需達到的門檻；而 持續責任 則是入場後 「 維持牌照資格 」 的日常運營規範。 包含內容： 主要涵蓋六大核心板塊： 1. 人員與架構： 時刻維持足夠數量及合格的 RO/LR 值勤； 2. 財務資源 (FRR)： 定期呈交財政資源申報表，確保速動資金及繳足股本達標； 3. 信息申報 (WINGS 2.0)： 7個營業日內呈交重要事項變動通知； 4. 審計與問卷： 每年提交經審覈賬目及業務與風險管理問卷（BRMQ）； 5. 專業培訓 (CPT)： 持牌人員每年完成指定時數的持續專業培訓； 6. 公司法與稅務： 按時完成公司週年申報（NAR1）及商業登記（BR）續期。 Q3：香港的牌照會年審嗎？審核什麼內容？ 答： 香港證監會並沒有傳統意義上的 「 年度現場年審牌照 」 流程，而是通過 「 週年申報表 (Annual Return) + 經審核賬目 (Audited Accounts) + 現場/非現場審查 (SFC Inspection) 」 的組合機制來進行日常與年度監管： 年度申報： 每年需向 SFC 提交週年申報表，確認公司及人員資料未變或已更正及是否已完成CPT，並繳付年費。 財務與風險審核： 財政年度結束後 4 個月內，必須提交由獨立核數師出具的經審核賬目及 BRMQ 問卷。 日常監管： SFC 會定期或不定期對持牌法團進行現場抽查（Inspection），審查內部監控、客戶資產隔離及 AML/CTF 反洗錢合規情況。 Q4：公司的持續責任在職的 RO 能不能做？還是需要另外請人？ 答： 在職的負責人員（RO）本身就負有監督公司合規運營的法定責任。 理論上 RO 可以自行辦理 ，但在實際操作中：RO 通常需要專注於業務拓展、投資決策與日常團隊管理，而合規申報涉及繁複的法律條文、WINGS 平臺操作、FRR 財務計算及政策跟進。很多持牌機構會選擇 聘請專業合規顧問公司進行日常協助 。合規顧問作爲外腦，能協助 RO 進行臺賬整理、預警申報節點、草擬變動文件並應對 SFC 質詢，既能降低 RO 的合規風險與工作負荷，又能避免因內部人員疏忽導致違規。 Q5：持續責任服務包不包括出具年審等財務審核？ 答： 不包括。 持續合規顧問服務與財務審計屬於不同的專業領域： 合規顧問公司： 負責合規制度搭建、WINGS 變動申報、FRR 財務申報表編制指導、BRMQ 填報指導、CPT 管理等日常合規事務。 獨立執業會計師： 根據《證券及期貨條例》，持牌法團必須聘用獨立的香港執業會計師出具年度經審核賬目及核數師報告。合規顧問可以協助對接並配合會計師完成審計工作，但不能直接替代會計師出具審計報告。 Q6：如果公司已經或面臨審查或問題，是找律師還是找合規顧問公司？ 答： 這取決於問題的性質與嚴重程度，兩者通常在不同階段配合使用： 找合規顧問公司： 適用於 日常合規預警、SFC 常規現場檢查應對、合規漏洞整改、回應 SFC 問訊函及業務流程優化 。合規顧問更熟悉 SFC 的日常監管習慣與實操細則，能快速提供性價比高的落地整改方案。 找律所 / 律師： 適用於 已進入 SFC 法規執行部調查階段、收到正式調查通知、涉嫌嚴重違法違規、面臨刑事指控或擬發起司法複核/上訴 等涉及重大法律風險的情形。 Q7：公司拿了牌照一直沒有經營，需不需要 「 持續責任 」 ？ 答： 必須履行。 即使公司處於零業務或未開業狀態： 法定申報義務不變： 仍需按時呈交 FRR 申報表、週年申報表、繳納年費，且 RO 和 LR 仍需按要求完成每年的 CPT 學時。 資本要求不變： 必須時刻滿足最低繳足股本及速動資金要求。 注意 「 掛牌不經營 」 風險： 如果持牌法團在獲批牌照後長期（如超過 6 個月）沒有啓動受規管活動，SFC 可能會主動詢問原因，甚至質疑公司是否存在持續經營意圖，進而評估是否暫時吊銷或撤銷其牌照（依據 SFO §197(1)(b)）。建議在暫無業務期間，更應做好合規維護與情況說明。 總結 獲得香港金融牌照僅是業務發展的起點，建立並維持嚴謹、高效的持續合規體系，纔是持牌法團在香港資本市場長久立足與穩健擴張的基石。複雜的監管細則與緊湊的申報時限，對持牌機構的內部控制與運營合規提出了極高的要求。 天匯合規顧問有限公司擁有經驗豐富的金融合規專家團隊，致力於爲持牌法團提供涵蓋牌照申請、WINGS變動申報、FRR財務呈報、CPT培訓規劃及SFC現場檢查應對等一站式合規解決方案。我們秉持 「 Make it Right today, Better tomorrow 」 的理念，幫助您的企業輕鬆應對監管挑戰，專注拓展核心業務。歡迎隨時聯繫天匯合規團隊，獲取專屬合規諮詢服務！ [完結 - 拿到香港金融牌照就萬事大吉？一文梳理持牌法團必看的「持續合規責任」指南] 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

2026 年 7 月 31 日，第二十三屆中國國際數碼互動娛樂展覽會（ChinaJoy）於上海盛大開幕。本屆展會以「與 AI 同遊」為主題，匯聚全球近 900 家數字科技、遊戲娛樂及跨境服務企業，集中展示全球數字產業的前沿技術與全新生態。 【活動回顧】ChinaJoy 2026 直擊 | 天匯合規攜手支付行業巨頭，共話支付出海合規新篇章! (2026.07) 與 AI 同遊，聚首 ChinaJoy 2026 2026 年 7 月 31 日 ，第二十三屆中國國際數碼互動娛樂展覽會（ChinaJoy）於上海盛大開幕。本屆展會以「與 AI 同遊」為主題，匯聚全球近 900 家數字科技、遊戲娛樂及跨境服務企業，集中展示全球數字產業的前沿技術與全新生態。 作為跨境合規領域的專業顧問， 天匯合規團隊深入展會一線全程參與 ，深度探討企業出海的新趨勢、新機遇與新挑戰。 1. 攜手行業領頭羊，共研跨境發展新動向 在本次展會期間，天匯合規團隊積極對接新老客戶與行業合作夥伴，與 Sunrate（尋匯）、LianLian（連連國際）、WonderGate 等多家全球領先的跨境支付與科技機構開展了多場深度對話： 深入資訊交換 ：針對最新海外監管風向、跨境資金結算架構及本土牌照佈局進行全方位資訊交流； 共話行業痛點 ：深度討論不同區域政策變革對跨境業務的影響，探討科技賦能下的合規風控新路徑； 探索戰略合作 ：攜手多方生態夥伴，共商如何構建更高效、安全的全球跨境服務閉環。 2. 見證出海盛況：新興市場崛起新藍海 結合現場交流與最新行業數據，中國企業的全球化版圖已邁入高質量發展階段。我們在展會現場看到了大量中國企業成功「走出去」的精彩案例，尤其在以下 新興市場 展現出強勁的爆發力與本土化適應力： 東南亞與中亞 ：依託人口紅利與友好政策，數字娛樂與跨境電商企業通過本土化運營迅速立足，市場營收穩步增長； 中東地區 ：當地積極推動數字經濟轉型，對中國科技、新能源及金融科技服務接受度極高，合規落地的企業快速搶占市場； 拉丁美洲 ：消費活力強勁，國內企業以一站式技術方案與規範化運營，持續拓寬業務版圖。 3. 天匯合規：助力支付機構（收單/收款）穩健出海 市場機遇龐大，但各國監管法規差異顯著，合規往往是企業海外落地的關鍵「護城河」。 天匯合規專注於為各類跨境支付機構（包括收單及收款業務）提供全方位的出海合規解決方案 ： 牌照申請與架構搭建 ：協助支付機構精準對接全球主要市場（如香港 MSO、海外各類支付與金錢服務牌照）的准入要求； 收單與收款合規護航 ：針對跨境收單（Acquiring）與收款（Payout/Collection）業務特性，量身定制打擊洗錢（AML/CFT）政策、客戶盡職審查（CDD）流程及合規風控體系； 持續合規營運支持 ：提供海關/監管機構會面培訓、模擬考核系統及定期合規培訓，確保業務在海外「合法、合規、穩健」地高速發展。 結語：合規護航，行穩致遠 從中國創新走向全球市場， 合規是企業長期可持續發展的根本保障 。 未來，天匯合規將持續深化與 Sunrate、LianLian、WonderGate 等行業夥伴的合作，以專業的合規服務體系，為更多出海企業及支付機構保駕護航，共贏全球市場！ 關於天匯合規（Compliance One） 天匯合規是專業的跨境合規與牌照顧問機構，累積處理超過 200 宗牌照申請與合規諮詢，致力於為金融科技、跨境支付及全球化企業提供一站式合規解決方案。 📞 歡迎聯繫我們，獲取專屬的出海合規研判與建議！

The Hong Kong Government will implement enhanced regulations for licensed money lenders in two phases. The first phase in August 2026 introduces a Debt Servicing Ratio (DSR) cap for low-income borrowers and bans the use of loan referees. The second phase in June 2027 mandates... ComplianceOne's Impact Analysis : New Money Lending Regulations (Effective August 2026 and June 2027) - (March 2026) The Hong Kong Government will implement enhanced regulations for licensed money lenders in two phases. The first phase in August 2026 introduces a Debt Servicing Ratio (DSR) cap for low-income borrowers and bans the use of loan referees. The second phase in June 2027 mandates the sharing of borrower data with the credit reference platform "Credit Data Smart" (CDS). I. For Clients Applying for a Money Lender's Licence (ML) 1. Stricter Licensing Conditions (Impact on Business Model) The Government is amending the licensing conditions and administrative guidelines for money lenders. As a new applicant, you must demonstrate from the outset your ability to comply with the new DSR caps and credit data reporting requirements. Consequently, your business model and loan origination systems must be designed to automatically verify borrower income and accurately calculate the DSR cap. Borrower's monthly income Debt servicing ratio cap HK$6,000 or less Not exceeding 35% From HK$6,001 to HK$12,000 Not exceeding 40% Non-compliance will directly violate licensing conditions. 2. Mandated System Upgrades & Data Governance By June 2027, all licensees engaged in unsecured personal loans must join the CDS platform and upload borrower data (including credit limits and repayment records) every 30 days. For new licensees, this represents a significant operational and IT setup cost from the outset. You must establish robust systems for data collection, encryption, and secure transmission to meet strict data governance requirements. 3. Changes to Loan Portfolio & Risk Strategy The DSR cap effectively sets a maximum loan amount. For example, for a borrower earning HK$6,000, the maximum loan principal is approximately HK$22,246. This limits the potential revenue from low-income customers. This cap, combined with mandatory CDS data sharing, is designed to prevent borrowers from over-leveraging across multiple lenders. While this will reduce the risk of default due to hidden debts, it will also significantly shrink the total addressable market for high-risk, high-interest loans. The industry is expected to "shuffle", potentially leaving only compliant and high-quality finance companies sustainable. 4. Prohibition of Common Industry Practices The ban on requiring a "loan referee" removes a previously common method for contact and implicit pressure for repayment. You cannot rely on this practice. Your marketing and debt collection strategies must be comprehensively revised to comply with the new regulations. II. For Clients Using Our External Audit Services 1. Verification of Compliance with New Regulations Revenue Recognition & Allowance: Auditors will need to verify that loans issued to low-income borrowers (monthly income below HK$12,000) comply with the legal DSR caps. Loans issued in violation may be considered unenforceable or subject to interest rebates, directly impacting the valuation of the loan portfolio and requiring specific impairment provisions. Compliance Testing: A key area of audit will be testing your company's internal controls for verifying borrower income and calculating the DSR. The audit opinion will need to consider whether the company has effective systems to ensure compliance with these new licensing conditions. 2. CDS Data Reconciliation The new regulations require licensees to upload data to the CDS. Auditors will need to reconcile a sample of the loan book against the data submitted to the credit platform to ensure completeness and accuracy of reporting. This becomes a new area of regulatory reporting that requires audit assurance. 3. Assessment of Going Concern & Business Model If your company's business model relies heavily on high-interest, multi-loan lending to low-income borrowers, you may face significant revenue declines and increased compliance costs. This will directly impact management's assessment of the company's ability to continue as a going concern. 4. Review of Marketing & Collection Practices With the ban on loan referees, auditors will review the company's updated debt collection policies to ensure that the licensee has revised relevant policies and operational procedures in accordance with the regulatory measures. The new requirement for risk warning statements (as specified by the Companies Registry) in advertisements also falls under the purview of a compliance audit. [End of ComplianceOne's Impact Analysis: New Money Lending Regulations (Effective August 2026 and June 2027) – 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

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。 南向通擴容與黃金清算系統上線： 金融機構的多牌照合規策略 隨著「南向通」年度投資淨額提升至8,000億元、離岸人民幣流動性加碼至5,000億元，以及香港黃金中央清算系統正式試營運，香港正加速轉型為債券、黃金、大宗商品全面發展的多元化金融中心。金融機構應如何評估多牌照佈局與跨境合規策略？ 政策解讀 · 香港金融基礎設施的多維度升級 中國人民銀行行長潘功勝於固定收益及貨幣峰會上明確表示，中央將全力支持香港建設多元化金融市場體系。與此同時，特區政府推動的 香港黃金中央清算系統亦已正式投入試營運 。 香港正加速從傳統的「以股票見長」架構，蛻變為綜合性的全球資產交易與清算樞紐： 「南向通」大幅擴容： 年度投資淨額由5,000億元 提升至8,000億元 ，債券將納入回購支持，產品範圍拓展至港幣和人民幣債券相關產品。 黃金與大宗商品新賽道： 隨著黃金中央清算系統試營運及境外黃金交割倉庫的設立，兩地將實現黃金交割與交儲互通，未來將推出更多以人民幣計價的大宗商品期/現貨產品。 風險管理工具落地： 香港不久將 上線五年期離岸人民幣國債期貨 ，債券通公司亦將升級為提供債券、貨幣、外匯等服務的綜合性金融交易平台基礎設施。 人民幣流動性加碼： 人民幣業務資金安排規模由2,000億元 大幅增加至5,000億元 ，全面充實離岸市場流動性。 商業洞察 · 金融機構的「多牌照」合規佈局 這一輪由基礎設施驅動的變革，影響範圍遠超單一領域。金融機構需要從更全面的視角評估牌照組合與跨境合規架構： 固定收益與證券交易（1號牌）： 8,000億元南向通額度及國家外匯儲備配置的增加，將直接帶動債券二級市場交易量。持有 第1類（證券交易）牌照 的金融機構需提前做好交易系統與風控流程的對接。 期貨與大宗商品交易（2號牌）： 隨著國債期貨上線、黃金中央清算系統營運及人民幣大宗商品產品的推進，市場對 第2類（期貨合約交易）牌照 的需求將迎來實質性增長。 資產管理多元化（9號牌）： 配合五年期國債期貨等對沖工具的推出，持有 第9類（資產管理）牌照 的機構需積極儲備具備固定收益及衍生品經驗的負責人員（RO），優化跨境資產配置。 跨境清算與 AML 合規： 多資產、跨市場的資金往來更加頻繁，金融機構必須建立更高標準的跨境清算合規體系、反洗錢（AML）審查及風險防控機制。 ⚖️ 天匯合規（ComplianceOne Consulting）專業支持 面對多元化金融轉型， 天匯合規 為您提供全生命週期的合規護航： 多牌照申請： 證監會 1、2、4、9號法團牌照的規劃、架構設計與 RO 「適當人選」評估。 跨境合規維護： 「南向通」及大宗商品交易場景下的持續合規諮詢與證監會現場審查（SFC On-site Inspection）指導。 綜合企業服務： 配合家族辦公室及離岸市場政策，提供基金設立、信託註冊及 TCSP 牌照申請。 🔗 深入了解多牌照申請與合規指引： https://complianceone.cn/services 歡迎於後台留言或透過官方渠道聯絡天匯合規專家團隊，獲取初步架構評估建議。 [完結 - 南向通擴容與黃金清算系統上線：金融機構的多牌照合規策略] 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

「內地企業出海專班」（下稱「出海專班」）於 2025 年 10 月正式成立。這是一個由特區政府主導的高層次、跨部門協作平台，旨在招攬內地企業並提供一站式支援。 天匯合規：市場資訊 內地企業「出海專班」：背景、發展與專業落地實務 (2026年5月4日) 一、背景：國家戰略下的「增值超級聯繫人」 隨著內地企業從「國內競爭」轉向「全球佈局」，香港作為國家「雙循環」戰略的重要交匯點，其角色已由傳統的窗口轉變為具備高度專業能力的「增值超級聯繫人」。為了系統化支援內地企業利用香港優勢開拓國際市場，行政長官在《2025年施政報告》中提出建立專門機制，統籌全港資源協助企業「走出去」。 「內地企業出海專班」（下稱「 出海專班 」）於 2025 年 10 月正式成立。這是一個由特區政府主導的高層次、跨部門協作平台，旨在招攬內地企業並提供一站式支援。在這一政策框架下，如天匯合規等深耕本土的專業合規顧問機構，扮演著將政策轉化為執行方案的關鍵角色，確保企業在享受政策紅利的同時，精準對接國際監管標準。 二、高層架構：跨部門協作與專業引領 出海專班由商務及經濟發展局（商經局）局長丘應樺擔任督導，並成立了「出海專班督導委員會」，成員涵蓋了香港金融、貿易及監管的核心力量。 這種「全政府」式的方法，確保企業能迅速對接到所需的政府資源。然而，企業在落地過程中面臨的具體合規細節——例如信託架構設立、公司秘書維護及持牌申請——則需要像天匯合規這類具備持牌信託或公司服務提供者 (TCSP) 身份的專業服務商來具體執行，以彌合行政框架與商業運作之間的縫隙。 三、 發展歷程：從戰略共識到精準落實 出海專班成立以來，透過一系列高規格活動，快速推進其服務網絡： 2025年12月： 專業服務出海平台啟動 由律政司推動、商經局支持的「香港專業服務出海平台」正式啟動。這標誌著香港的法律及合規行業開始協同作戰。天匯合規在此背景下，積極透過其一站式合規解決方案，支援內地企業在港設立總部並進行海外擴張，提供包括反洗錢 (AML) 監控及企業治理在內的深度支援。 2026年2月： 部省級合作新高度 商經局與國家商務部簽署了《關於加強海外綜合服務領域交流合作諒解備忘錄》。這項協議旨在促進內地出海企業與香港專業機構加強合作。作為業界領先的合規專家，天匯合規致力於落實此備忘錄的精神，透過專業的監管諮詢與「出海專班」的政策指引相結合，提升內地企業在國際市場的適應能力。 2026年3月： 北京研討會與一站式資訊上線 投資推廣署正式推出「出海專班」專題網站。隨之而來的是對高質量專業服務的需求激增。天匯合規憑藉對 SFC 牌照申請、公司架構優化及跨境稅務合規的專業見解，成為內地企業落實「走出去」藍圖時信賴的商業夥伴。 四、 目標與願景：構建全球發展的「避風港」與「助推器」 出海專班的核心價值在於「精確匹配」與「全程支持」。展望未來，特區政府將繼續加強政策引導，而天匯合規將繼續發揮其專業合規顧問的職能，將複雜的監管要求轉化為高效的營運路徑。 透過「政府平台+專業機構」的雙重保障，我們助力內地企業將香港打造為不可替代的全球總部基地，實現世代傳承與穩健增長。 參考資料 香港特別行政區政府。 (2026年3月20日)。〈香港營商優勢賦能內地企業出海研討會在北京舉行〉[新聞公報]。 取自： https://www.info.gov.hk/gia/general/202603/20/P2026032000232.htm 香港特別行政區政府律政司。 (2025年12月13日)。〈「香港專業服務出海平台」正式啟動 支援內地企業出海邁向新階段〉[新聞公報]。 取自： https://www.doj.gov.hk/tc/community_engagement/press/20251213_pr1.html 新華社 / 中央人民政府駐香港特別行政區聯絡辦公室。 (2026年3月23日)。〈香港特區政府投資推廣署正式推出內地企業出海專班專題網站〉。 取自： http://big5.locpg.gov.cn/20260323/7889fc869007455880052fe575e3d005/c.html 香港特別行政區政府商務及經濟發展局。 (2025年11月6日)。〈「香港：內地企業出海首選平台」推介大會在上海舉行〉[新聞公報]。 取自： https://www.cedb.gov.hk/tc/news/press_release/2025/pr06112025a.html 香港特別行政區政府。 (2025年10月)。《行政長官2025年施政報告：齊改革同發展 惠民生建未來》[第80條]。 取自： https://www.policyaddress.gov.hk/2025/tc/p80.html 投資推廣署 (InvestHK)。 (2025年)。〈內地企業「出海專班」督導委員會舉行首次會議〉。 取自： https://www.investhk.gov.hk/zh-hk/news/goglobal-task-force-steering-committee-holds-first-meeting/ [完結 - 天匯合規最新市場資訊 | 內地企業「出海專班」：背景、發展與專業落地實務 - (2026年5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 – August 2026 The topics discussed in this monthly newsletter are as follows: Market News SFC welcomes NFRA’s announcement for supporting Mainland insurers to invest in Hong Kong ETFs under Stock Connect Stronger Mainland connectivity reinforces Hong Kong’s leading role as China assets gateway: SFC Quarterly Report Enforcement News SFC obtains 13-year disqualification orders against former top executives of China Candy Holdings Limited for corporate malfeasance SFC obtains six-year disqualification order against former executive director of National United Resources Holdings Limited over fictitious transactions Former SFC staff member charged following joint investigation with ICAC SFC revokes Ernest Chan Tsz Kin’s licence and bans him for 10 years Markets News 1. SFC welcomes NFRA’s announcement for supporting Mainland insurers to invest in Hong Kong ETFs under Stock Connect On 18 August 2026, the SFC welcomed the NFRA's announcement supporting Mainland insurance funds to invest in Hong Kong ETFs under Stock Connect, enriching their offshore asset allocation options through Hong Kong. SFC Chairman Dr Kelvin Wong thanked the NFRA for fostering financial connectivity, noting the policy reflects the Nation's commitment to high-quality financial liberalisation. CEO Ms Julia Leung said the policy will bring more development opportunities to Hong Kong's asset management industry and consolidate Hong Kong's position as a leading wealth management hub. SFC Executive Director Ms Elisa Ng joined a Hong Kong delegation led by Secretary for Financial Services and the Treasury Christopher Hui in Beijing to meet NFRA Vice Minister Mr Xiao Yuanqi on coordinated capital market development. 31 Hong Kong ETFs are eligible for southbound Stock Connect trading (market cap: HKD 343.6 billion as of 31 July 2026). Southbound turnover grew 59% year-on-year to HKD 780.7 billion in January–July 2026, about 7% of total turnover. SIGNIFICANCE: This opens a substantial new channel of Mainland insurance capital into Hong Kong ETFs. Licensed corporations, particularly asset managers and ETF providers are encouraged to assess ETF product eligibility for southbound trading and ensure compliance infrastructure can handle increased Mainland participation. Furthermore, licensed corporations need to review their distribution strategies to engage Mainland insurance institutions and monitor further NFRA and SFC policy developments on mutual market access. 2. Stronger Mainland connectivity reinforces Hong Kong’s leading role as China assets gateway: SFC Quarterly Report On 26 August 2026, the SFC published its Quarterly Report for the quarter ending June 2026, highlighting strong growth across Hong Kong's capital markets driven by offshore product breakthroughs, sustained Stock Connect inflows, and vibrant IPO activity. Category Metric Figure YoY/Note RMB Rates & Offshore Hedging 5 Year China Govt Bond Futures Approved First offshore CGB futures Swap Connect ADV RMB 284 billion per day +50% YoY Swap Connect cumulative IRS notional RMB 13.3 trillion - Stock Connect/ Southbound Consecutive months net inflow 34 months Longest streak on record Cumulative net inflow since launch HKD 5.4 trillion - Southbound share of HK ADV 22% - IPO/ Equity Funding Q2 IPO funds raised HKD 100 billion +12% YoY A-share à H-share IPOs 9 issuers >HKD 50 billion raised Specialist tech + biotech IPO funds - +420% YoY Authorized ETFs/ L&I Total market cap (ETFs & L&I) HKD 756.3 billion +43% YoY Tokenization/ VA 15 Tokenized retail products AUM HKD 10.3 billion +280% YoY 11 VA spot ETFs market cap USD 451 million +55% since launch Licensing/ LC Base License Applications 2,456 +9% YoY Licensed Corporations +5% YoY Headcount Licensed Individuals +5% YoY Headcount Enforcement/ Supervision Auditor compensation settlement HKD 1 billion pot Misleading financials case Mainland-investor account-opening review Completed Extra KYC circular issued SFC RedNote followers >22,000 Anti-scam outreach *For details, please refer to the SFC Quarterly Report dated 26 August 2026. Enforcement News 3. SFC obtains 13-year disqualification orders against former top executives of China Candy Holdings Limited for corporate malfeasance On 6 August 2026, the SFC obtained 13-year disqualification orders in the Court of First Instance against three former top executives of China Candy Holdings Limited (“ China Candy ”) (HK Stock Code: 8182) for their involvement in schemes that substantially overstated the company's cash and bank balances by falsifying accounting records, misleading the auditors, and concealing the company's true financial position in its 2016 interim report and annual report, overstating the figures by RMB 38.1 million and RMB 43.48 million respectively amounting to 87% and 97% of the reported balances. The three former top executives subject to the disqualification orders are: Mr XU Jinpei, former chairman and executive director; Ms HONG Yinzhi, former executive director, chief executive officer and compliance officer; and Mr WANG Zhihong, former chief financial controller and compliance officer. Under the orders, they are prohibited, without leave of the Court, from acting as directors, liquidators, receivers or managers of the property or business of any listed or unlisted corporation in Hong Kong for 13 years. The Court also ordered the trio to pay the SFC's costs in the proceedings. As Mr Michael Duignan, SFC’s Executive Director of Enforcement, said: "Accurate corporate financial reporting is fundamental to market integrity and investor confidence. Senior executives, including finance professionals who are not directors, will be held accountable for misdeeds involving falsifying records, distorting financial statements, facilitating misconduct, or turning a blind eye to serious irregularities. Those entrusted with safeguarding corporate integrity but undermine it instead risk being removed from positions of corporate responsibility for an extended period." *For more details, please refer to the Court of First Instance’s judgement on China Candy’s case. SIGNIFICANCE: This case is significant to every SFC licensed corporation because it confirms that personal accountability under section 214 of the SFO extends beyond directors to compliance officers and finance professionals who are not board members. The 13-year disqualification period — close to the statutory maximum of 15 years — sends a clear signal that the SFC will pursue the most severe sanctions against those who falsify financial records, mislead auditors, or turn a blind eye to serious irregularities. Licensed corporations should use this case to reinforce training on financial reporting integrity, ensure their compliance function has genuine independence, and verify that internal controls prevent the fabrication of bank statements and accounting records. Firms should also confirm that external auditors have unrestricted access to source documents and are not supplied with falsified information. 4. SFC obtains six-year disqualification order against former executive director of National United Resources Holdings Limited over fictitious transactions On 13 August 2026, the SFC obtained a six-year disqualification order against Mr TIAN Songlin (“ Tian ”), former executive director of National United Resources Holdings Limited (“ NUR ”), for breaching his fiduciary duties by recklessly involving a NUR subsidiary in fictitious transactions. Tian was disqualified for six years from managing any listed or unlisted corporation in Hong Kong and ordered to pay the SFC's costs in the proceedings. The order was made under the Carecraft procedure based on an agreed statement of facts and agreed proposed orders. The case involved two back-to-back fuel oil transactions in 2015 totalling USD 75.46 million between NUR’s subsidiary, NUR Clean Energy Investment Limited (“ NUR Clean ”) and two external parties. The transactions were fictitious, the purported supplier and customer were controlled by NUR or connected parties, the bills of lading were not genuine, and funds circulated among related parties before returning to NUR. The SFC has also accused three other former directors and senior management of NUR of serious misconduct. They are currently unlocatable: Respondent Title/Designation SFC’s Allegations Mr LI Hui Former Executive Director Involved in binding NUR Clean to the fictitious transactions. Mr FENG Yongming Former Executive Director Involved in approving related payments totalling over HKD 302 million. Mr LI Tao Alleged de facto/shadow controller of NUR Orchestrated the fictitious transactions and controlled the related fund movements. In November 2025, the SFC obtained a three-year disqualification order against Mr LO Ka Wai, another former executive director of NUR, who admitted to negligence in committing NUR Clean to the fictitious transactions. Proceedings against the three unlocatable respondents are ongoing. *For details, please refer to the Court of First Instance's judgement (Case No: HCMP 896/2022) SIGNIFICANCE: This case demonstrates the personal accountability of executive directors under section 214 of the SFO for fictitious transactions executed through subsidiaries. The Court will impose more severe sanctions on those who actively facilitated misconduct over those merely negligent in oversight. This case shows how essential having a governance control, active board engagement, robust payment authorization processes, and accurate disclosure practices. 5. Former SFC staff member charged following joint investigation with ICAC On 16 August 2026, the SFC announced that the Independent Commission Against Corruption (“ ICAC ”) has charged a former SFC manager with obtaining access to a computer with a view to dishonest gain, following a joint SFC-ICAC investigation. The staff member's employment was terminated immediately upon her arrest, and the SFC has cooperated fully with the ICAC. The SFC emphasized that protecting highly confidential regulatory information and enforcing strict controls over internal system access are core institutional responsibilities. It has launched an ongoing comprehensive review of the risks and internal governance issues highlighted by the case. The SFC reiterated its zero-tolerance policy against misconduct, holding staff to the highest standards of integrity, professional conduct, and confidentiality that is consistent with the regulatory requirements it imposes on licensed corporations. As court proceedings and related investigations remain active, the SFC is unable to comment further on the specifics of the case. SIGNIFICANCE: This case is a stark reminder that insider threats, particularly unauthorized access to confidential regulatory information can originate within the regulator itself. For SFC-licensed corporations, the case underscores the importance of implementing robust access controls and monitoring systems for sensitive data; maintaining strict segregation of duties to prevent any single individual from exploiting system access; conducting regular reviews of internal governance and risk management frameworks; and enforcing zero-tolerance policies for misconduct at all levels of the organization. Licensed corporations should take this opportunity to review their own information security protocols, ensuring that access to confidential client and regulatory data is appropriately restricted and monitored, and verify that their internal whistleblowing and reporting mechanisms are functioning effectively. 6. SFC revokes Ernest Chan Tsz Kin’s licence and bans him for 10 years On 24 August 2026, the SFC revoked the licence of Mr Ernest Chan Tsz Kin (“ Chan ”), former responsible officer (RO) of Keptain Securities and Asset Management Limited (“ Keptain ”), and banned him from re-entering the industry for 10 years for window dressing Keptain's financial resources between June 2016 and March 2018. Chan caused Keptain to window dress its liquid capital in 15 financial returns submitted to the SFC, creating the false appearance of compliance with the liquid capital requirement under the Securities and Futures (Financial Resources) Rules (“ FRR ”). In each return, Chan deposited cheques (issued by himself or connected companies) at month-end to inflate Keptain's liquid capital, but the cheques were dishonoured a few days later before the returns were submitted. Excluding these dishonoured cheques, Keptain would have breached the required liquid capital level every reporting month. Despite liquid capital deficits ranging from HKD 731,000 to HKD 3,473,000 over 20 months, Keptain did not notify the SFC as required under the SFO and FRR. The SFC considered that Chan's conduct was intentional, called into question his honesty and integrity, and that he was directly responsible for Keptain's window dressing. Mitigating factors included Keptain having no active clients during the Relevant Period and Chan's cooperation with the SFC. *For details, please refer to the SFC Statement of Disciplinary Action for Ernest Chan Tsz Kin. SIGNIFICANCE: This case highlights the SFC's zero-tolerance approach to window dressing of financial resources. The SFC mandates all licensed corporations including the RO who submits the FRR that the liquid capital calculations must reflect genuine, settled funds (cheques that are subsequently dishonoured must not be included) in the liquid assets. The ROs bear personal responsibility for the accuracy of financial returns submitted to the SFC, and signing off on false returns constitutes serious misconduct. As per FRR rules, licensed corporations must notify the SFC immediately when its liquid capital falls below required thresholds, failure to do so is a separate breach. The SFC will impose severe sanctions such as licence revocation and a 10-year ban even if there were no clients harmed from the incident. ROs should review their financial resources reporting processes, ensure robust controls over month-end capital calculations, and implement cheque clearing verification before submitting financial returns. [End of ComplianceOne Newsletter – August 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

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。 42.2萬億元歷史新高！香港資產管理業加速增長，金融機構如何精準佈局？ 摘要： 香港證監會發布《2025年資產及財富管理活動調查》，本港管理資產總值按年大幅攀升20%至42.2萬億港元。面對資金流入與非香港投資者佔比高企的紅利期，金融機構如何合規高效地佈局核心的「9號牌（資產管理）」及家族辦公室業務？ 香港作為全球頂級國際金融中心與離岸人民幣樞紐的地位，在最新的官方數據中再次得到了有力印證。 近日，香港證券及期貨事務監察委員會（證監會）發表了《2025年資產及財富管理活動調查》，報告指出，本港管理資產總值（AUM）按年顯著增長 20% ，達到 42.2萬億港元 ，刷新歷史紀錄。這一數據相較於2021年創下的35.5萬億元紀錄增幅達19%，充分反映出香港資產及財富管理業務在2025年呈現出強勁的加速增長態勢。 數據洞察：國際資本的重塑與多元化策略 縱觀整份調查報告，香港財富管理市場呈現出以下三個核心趨勢，極具商業戰略參考價值： 1. 淨資金流入呈爆發式增長 報告顯示，本港淨資金流入按年飆升 1.93倍 至 2.1萬億元 ，錄得連續第三年上升。在各大業務板塊中，資產管理及基金顧問業務管理資產增長19%至31萬億元；而私人銀行及私人財富管理業務的管理資產更是大幅飆升 24% 至12.9萬億元，顯示出高淨值群體對香港財富管理生態的深厚信心。 2. 非香港投資者結構保持穩健 截至2025年底，源自非香港投資者 的資產高達 26萬億元 ，佔整體資產及財富管理業務的 63% 。其中，海外投資者資產達22.2萬億元（佔54%），而香港及內地投資者則分別佔37%及9%。這表明香港依然是連接國際資本與中國機遇的「超級聯繫人」。 3. 多元化資產配置與固定收益市場崛起 過去5年間，非股票投資的比例上升了7個百分點至 58% 。這反映出本港資產管理人正面對瞬息萬變的全球市況，積極採取多元化策略應對，同時也彰顯了香港固定收益及貨幣市場的日益壯大。 戰略佈局：9號牌（資產管理）的合規挑戰與機遇 隨着市場規模與資產淨值的雙重增長，行業准入與從業人數也在同步擴張。數據顯示： 在香港獲發牌進行資產管理（第9類受規管活動）的機構數目上升7%，達到 2,358家 。 獲發牌進行第9類受規管活動的人數增長5%，達到 15,747人 。 獲註冊開放式基金型公司（OFC）的數目亦錄得 43% 的顯著升幅。 財政司司長陳茂波先生亦指出，在國家「十五五」規劃下，香港將持續促進更多金融產品創新、提升市場深度廣度與效率。 在這一背景下， 第9類牌照（9號牌） 作為進行資產管理和全權委託投資組合的核心資質，已成為金融機構與跨國團隊爭相佈局的戰略要地。然而，隨着資產規模擴大與監管政策的優化，證監會對於持牌法團（Licensed Corporations）及核心負責人員（RO）的專業適格性、架構合規性及風險控制提出了更高、更細緻的要求。 天匯合規：您可信賴的金融合規與牌照顧問 面對龐大的全球資本機遇與日益嚴格的監管環境，如何確保牌照申請的高效推進以及持牌後的合規運營，是企業穩健發展的基石。 作為業內專業的金融合規諮詢機構， 天匯合規 緊貼最新市場趨勢與政策紅利，為擬持牌機構及現有持牌法團提供覆蓋全生命週期的專業支持。 為了助您全方位對接本港金融機遇，天匯合規打造了以下核心服務矩陣： ⚖️ 金融牌照申請與架構設計 我們提供包括 證監會法團牌照（重點聚焦於第9類資產管理牌照，以及1/4/6號牌等） 、香港交易所參與者及交易權的專門申請諮詢。同時，協助跨國團隊辦理金錢服務經營者（MSO）、保險經紀（IA）牌照申請，以及境外的美國 MSB 註冊和 MTL 牌照申請。 🔍 監管合規與持續日常維護 拿牌只是起點，合規運營才是長久之道。天匯合規為持牌法團提供 持續合規服務 ，協助企業優化內部控制流程，並能針對證監會現場審查（SFC On-site Inspection）提供模擬審查與專業應對指導。此外，我們亦提供網上持續培訓（CPT）及監管能力評核考試的技術支持。 🏢 企業服務與離岸架構設立 迎合香港對家族辦公室（Family Office）的大力支持及開放式基金型公司（OFC）的增長趨勢，我們為客戶提供 家族辦公室成立服務、基金設立服務及信託公司註冊 。同時涵蓋 TCSP 牌照申請、會計記帳及前沿的 ESG（環境、社會及管治）諮詢與報告服務。 天匯合規：您可信賴的金融合規與牌照顧問 在全球資產管理加速增長的黃金期，精準且合規的戰略推進將為企業贏得實質性的先發優勢。 若您的機構正計劃在香港申請 9號資產管理牌照 ，或需要評估現有業務的合規架構，歡迎訪問我們的專屬頁面了解更多技術細節與合規指引： 🔗 https://complianceone.cn/services/fl1 您亦可通過本公眾號後台或官方渠道與我們的資深合規專家取得聯繫，我們將為您提供初步的架構評估與專業建議。 [完結 - 42.2萬億元歷史新高！香港資產管理業加速增長，金融機構如何精準佈局？] 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

天匯合規顧問有限公司（Compliance One）非常榮幸地宣布，我們的客戶 快付香港有限公司（KUAIPAY HK LIMITED） 已於 2026 年 8 月 順利獲得由香港海關頒發的金錢服務經營者牌照（MSO License）！ 【成功案例分享】天匯合規助力「快付香港」順利獲發香港金錢服務經營者（MSO）牌照(2026.08) 【喜報】熱烈祝賀快付香港有限公司順利獲發香港 MSO 牌照！ 天匯合規顧問有限公司（Compliance One）非常榮幸地宣布，我們的客戶 快付香港有限公司（KUAIPAY HK LIMITED） 已於 2026 年 8 月 順利獲得由香港海關頒發的金錢服務經營者牌照（MSO License）！ 本次牌照申請歷時 14 個月（2025 年 6 月至 2026 年 8 月）。在天匯合規專業團隊的全程護航下，快付香港成功順利通過海關嚴格的合規審查與評核，邁向全球跨境支付與金融科技發展的新里程！ 客戶背景與強大內地持牌資質 強強聯手，戰略協同 ：快付香港有限公司在香港設立本地辦事處，致力於為全球個人及企業客戶提供優質、安全、便捷的跨境支付與貨幣兌換服務。 頂尖內地支付牌照背書 ：快付香港與內地領先的電子支付企業—— 快錢支付清算信息有限公司（簡稱「快錢公司」） 達成戰略協同。快錢公司成立於 2004 年，是中國內地首批榮獲中國人民銀行頒發《支付業務許可證》（ 許可證編號：Z2000831000014 ）的知名支付企業，具備互聯網支付、移動電話支付及全國銀行卡收單等全方位服務資質，累計服務逾 4 億個人用戶及 650 萬商業合作夥伴。依託強大的產業協同與合規實力，快付香港將持續拓展東南亞、歐美等全球市場。 香港 MSO 行業趨勢與合規挑戰 自 2019 年起，香港海關對金錢服務經營者（MSO）的監管與審查顯著收緊： 持牌數量驟減 70%：本地持牌機構數量已由 2020 年初的 2,500 多間 急劇減少至現時的 600 多間。 轉型科技驅動：多數機構未能成功續牌，主因在於打擊洗錢（AML）政策漏洞、人員配置不足及缺乏合規工具。與此同時，行業正加速從傳統模式演變為科技驅動、規範化運營的國際性跨境支付業務。 天匯合規的全方位顧問服務 作為香港市場佔有率最高、累積處理超過 200 宗 MSO 牌照申請及續牌的專業顧問團隊，天匯合規為快付香港提供了覆蓋全流程的專業服務，包括： 一站式 MSO 牌照申請顧問 ： 針對高級管理人員「適當人選」、業務流程及營業處所規範提供事前合規建議； 按海關最新指引精心審閱及編寫《業務計劃》（Business Plan）與《打擊洗錢及恐怖分子資金籌集政策》（AML/CFT Policy）； 代表客戶向海關遞交申請、協助實地考察，並全期跟進海關查詢直至審批通過。 海關會前培訓與《能力評核》模擬試題 ： 提供獨家開發的 7 大單元《能力評核》模擬試題庫，協助客戶深入掌握監管要求； 提供海關會面前培訓及「常見問題拆解」，確保會面表現符合監管預期。 專屬反洗錢（AML/CFT）合規培訓 ： 為快付香港及其員工提供不少於 2 小時的專業合規培訓（涵蓋盡職審查、風險為本原則、可疑交易識別等），並頒發培訓證明證書。 關於天匯合規 天匯合規憑藉在金融服務業的豐富經驗，多次獲得監管機構及關員讚賞。無論是 MSO 新牌照申請、牌照續期、反洗錢培訓，還是模擬考試系統支持，天匯合規均能為您的業務發展保駕護航！ 如有任何 MSO 牌照或合規諮詢需求，歡迎隨時與我們聯絡！