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As Hong Kong’s fund ecosystem continues to rapidly evolve, maintaining robust operational and regulatory governance at both the manager level (Licensed Corporation) and the fund level (LPF & OFC) has become paramount. Announcing Our New All-in-One LPF & OFC Compliance Support Services Beyond Licensed Corporation Compliance As Hong Kong’s fund ecosystem continues to rapidly evolve, maintaining robust operational and regulatory governance at both the manager level (Licensed Corporation) and the fund level (LPF & OFC) has become paramount. To help you seamlessly overcome these operational hurdles, we are thrilled to introduce our NEW & Industry-Leading LPF & OFC Ongoing Compliance Support Services — a dedicated, RegTech-enhanced value-added module engineered specifically for Limited Partnership Funds (LPFs) and Open-Ended Fund Companies (OFCs). Core Service Scope: End-to-End Fund Compliance Designed to integrate seamlessly with your existing licensed corporation workflows, our new specialized service covers every pillar of ongoing fund lifecycle management: Regulatory Filings & Statutory Reporting: End-to-end handling of mandatory annual and periodic regulatory filings across the SFC (E-IP & WINGS 2.0), Companies Registry, and Inland Revenue Department (including CRS/AEOI & FATCA compliance support). Automated RegTech Investor Onboarding & CDD: Powered by our proprietary Screen-X AML Platform (backed by Acuris Risk Intelligence), providing automated PEPs, sanctions, and adverse media screening for fast, bulletproof investor onboarding and ongoing CDD monitoring. Fund Document Governance & Marketing Compliance: Continuous review and updates of fund constitutional documents, service agreements, PPMs, and subscription paperwork, accompanied by practical compliance guidance for cross-border fund distribution. Climate Risk (ESG) & Risk Management Frameworks: Evaluation and enhancement of fund risk policies, including full implementation of mandatory SFC climate-related risk management and disclosure requirements. Ad-Hoc & Project Advisory (Available upon Request) : For specific transactional or structural needs: LPA / Constitutional document amendments PPM (Private Placement Memorandum) and offering document compliance reviews Regulatory inquiry response, inspection management, and fund restructuring advisory Speak with Our Team: Reply to this email or contact us at info@complianceone.hk to schedule a private consultation and review your fund's operational framework.

尊敬的客戶們： 隨着香港基金生態系統的持續快速發展，在管理人層面（持牌公司）和基金層面（持牌基金和開放基金）保持穩健的運營和監管治理變得至關重要。 隆重推出我們全新的一體化 LPF 和 OFC 合規支持服務，超越持牌公司合規的範疇 尊敬的客戶們： 隨着香港基金生態系統的持續快速發展，在 管理人層面（持牌公司） 和 基金層面（持牌基金和開放基金）保持穩健的運營和監管治理 變得至關重要。 爲了幫助您順利克服這些運營障礙，我們很高興地推出我們 全新且行業領先的 LPF 和 OFC 持續合規支持服務——一個專門爲有限合夥基金 （LPF）和開放式基金公司 ( OFC ） 設計的、具有監管科技增強功能的增值模塊。 核心服務範圍：端到端基金合規 我們的全新專業服務旨在與您現有的持牌公司工作流程無縫集成，涵蓋基金生命週期管理的各個方面： 監管備案和法定報告： 全面處理證監會（E-IP 和 WINGS 2.0）、公司註冊處和稅務局的強制性年度和定期監管申報（包括 CRS/AEOI 和 FATCA 合規支持）。 自動化監管科技投資者註冊和客戶盡職調查： 由我們專有的 Screen-X AML 平臺（由 Acuris Risk Intelligence 提供支持）驅動，提供自動化的 PEP、制裁和負面媒體篩查，以實現快速、萬無一失的投資者註冊和持續的客戶盡職調查監控。 基金文件治理與營銷合規： 持續審查和更新基金章程文件、服務協議、私募備忘錄和認購文件，並提供跨境基金分銷的實用合規指導。 氣候風險（ESG）及風險管理框架： 評估和加強基金風險政策，包括全面實施證監會強制性氣候相關風險管理和披露要求。 臨時諮詢及項目諮詢（可根據要求提供） ： 針對特定的交易或結構需求： LPA / 憲法文件修正案 私募備忘錄 (PPM) 和發行文件合規性審查 監管問詢回應、檢查管理和基金重組諮詢 與我們的團隊聯繫： 回覆此電子郵件或通過 info@complianceone.hk聯繫我們 ，安排私人諮詢並審查您基金的運營框架。 [完結 - 隆重推出我們全新的一體化 LPF 和 OFC 合規支持服務，超越持牌公司合規的範疇] 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

我們十分榮幸能參與第 19 屆香港投資基金公會（HKIFA）年會。本公司由合規總監 𝐓𝐨𝐦𝐦𝐲 𝐂𝐡𝐮𝐧𝐠 代表出席，與業界精英一同洞察資產管理行業的最新趨勢與未來藍圖。 【活動回顧】AI 與區塊鏈金融新時代：以卓越品質奠定長青基業(2026.06) 昨日，我們十分榮幸能參與第 19 屆香港投資基金公會（HKIFA）年會。本公司由合規總監 𝐓𝐨𝐦𝐦𝐲 𝐂𝐡𝐮𝐧𝐠 代表出席，與業界精英一同洞察資產管理行業的最新趨勢與未來藍圖。 正如大會主題演講中所強調，在瞬息萬變的市場中，規模與體量固然能構築平台，但唯有卓越品質才能奠定長青基業。 置身於人工智能 (AI) 與區塊鏈技術並進的金融科技浪潮，基金管理領域的持份者必須與時俱進。我們的目標非常明確：透過持續創新，交付兼具高增值與嚴格合規的優質服務。我們期待與行業夥伴緊密協作，共同開創資產管理的新局，為投資者創造更高價值。 由衷感謝香港投資基金公會 (HKIFA) 籌辦此次圓滿且極具啟發性的行業盛事！ [Seminar Review] 𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐋𝐞𝐠𝐚𝐜𝐢𝐞𝐬 𝐢𝐧 𝐚𝐧 𝐀𝐈 & 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧-𝐃𝐫𝐢𝐯𝐞𝐧 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐄𝐫𝐚 (2026.06) We were delighted to attend the 19th HKIFA Annual Conference yesterday, with 𝐨𝐮𝐫 𝐇𝐞𝐚𝐝 𝐨𝐟 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞, 𝐓𝐨𝐦𝐦𝐲 𝐂𝐡𝐮𝐧𝐠, representing our firm to engage with industry leaders on the future of asset management. As emphasized during the opening keynote, in today’s rapidly evolving markets, scale and size build platforms — but quality builds legacies. In an increasingly AI-driven and blockchain-enabled financial landscape, the mandate for fund management professionals is clear: we must continuously innovate to deliver high-value and quality compliant solutions. Together with fellow industry stakeholders, we look forward to driving this next chapter of growth and raising the bar for the investment community. A sincere thank you to the Hong Kong Investment Funds Association (HKIFA) for hosting such an insightful and impactful event!

The topics discussed in this monthly newsletter for insurance are as follows: ComplianceOne Insurance Newsletter – July 2026 The topics discussed in this monthly newsletter are as follows: Regulatory Updates IA Imposes Licence Conditions on Two Broker Companies to Ongoing Crackdown on Unlicensed and Improper Referral Activities IA Issues Interpretation Note on Review Mechanism for Illustration Rate Caps Market News IA Grants Authorizations to HSH Captive and SF Captive Bringing Total Captive Insurers Domiciled in Hong Kong to NINE Insurance Authority releases provisional statistics for the first quarter of 2026 Regulatory Updates 1. IA Imposes Licence Conditions on Two Broker Companies to Ongoing Crackdown on Unlicensed and Improper Referral Activities On 12 July 2026, Mr. WU, Head of Conduct Supervision of IA, highlighted in an official article that the IA had imposed licensing renewal conditions on two insurance broker companies in early June 2026. The companies were required to suspend acceptance of referral business after failing to effectively control referral activities. This action forms part of the IA’s broader and ongoing efforts to address improper referral practices. Since 2025, the IA has strengthened supervision of referral arrangements, particularly for participating policies. Key measures include: Circular issued on 1 Sep 2025 , setting a supervisory benchmark whereby referral fees paid by licensed insurance broker companies exceeding 50% of the commission received trigger enhanced disclosure, explanation and closer monitoring (effective October 2025); and Proactive monitoring, on-site inspections and targeted checks to detect illegal referrals and cross-boundary solicitation involving unlicensed persons, Article issued on 15 Jun 2025 . High referral fees and weak controls have previously been associated with risks of unlicensed individuals performing regulated activities (such as solicitation or advice), potential premium/commission rebates, and cross-boundary selling in breach of regulatory requirements. The IA has consistently emphasised that only licensed insurance intermediaries may carry on regulated activities, and that licensed institutions remain fully accountable for the conduct of their referral arrangements. SIGNIFICANCE: The recent imposition of licence conditions on the two broker companies demonstrates that the IA is prepared to use its licensing powers to restrict business models where controls over referrals are inadequate, rather than treating such deficiencies as isolated incidents. 2. IA Issues Interpretation Note on Review Mechanism for Illustration Rate Caps On 10 July 2026, the Insurance Authority (“IA”) issued a Circular enclosing the Interpretation Note on the Review Mechanism for Illustration Rate Caps in Benefit Illustration for Participating Policies. Aspect 28 February 2025 10 July 2026 Core Content Sets illustration rate caps (“IR Caps”) of: 6.0% (HKD-denominated products); and 6.5% (non-HKD products) on Customers’ IRR for point-of-sale benefit illustrations of participating policies Does NOT revise or change the IR Cap levels Purpose Establishes minimum expectations to prevent overly aggressive illustrations and support fair treatment of customers Clarifies the details of the ongoing review mechanism referred to in Section 4 of the 2025 Practice Note Effective Date of Caps 1 July 2025 Continues to apply ( NO change) Sources Circular 28 Feb 2025 ; Practice Note Circular 10 July 2026 ; Interpretation Note In short, the 10 July 2026 Interpretation Note elaborates on the review process only. It does not alter the existing illustration rate caps abovementioned. SIGNIFICANCE: The issuance of the Interpretation Note provides transparency on how the IA will conduct ongoing reviews of the illustration rate caps. This effectively enables insurers to plan with greater certainty while ensuring customer protection remains paramount. Insurers should ensure continued adherence to the caps and be prepared for adjustments following future reviews. Markets News 3. IA Grants Authorizations to HSH Captive and SF Captive Bringing Total Captive Insurers Domiciled in Hong Kong to NINE On 8 July 2026, the IA announced that it has granted new authorizations to TWO captive insurers: HSH Captive Limited , established by The Hongkong and Shanghai Hotels, Limited (a locally based luxury hospitality and lifestyle group that owns and manages The Peninsula Hotels (半島酒店) together with other hospitality and commercial properties; and SF Captive Limited , established by S.F. Holding Co., Ltd., operates a leading global logistics and express delivery service provider, SF Express (順豐速運). These authorizations raise the total number of captive insurers domiciled in Hong Kong to NINE . What is a Captive Insurer? A captive insurer is a specialized insurance company created by a parent corporation to provide coverage for its own risks . Unlike traditional insurers, captives are designed to meet the unique needs of large businesses, particularly those with operations spanning multiple regions. They enable companies to: Customize risk coverage tailored to their specific operations. Enhance efficiency by managing risks internally. Optimize resources and potentially lower insurance costs. For multinational enterprises with a wide geographical footprint, captive insurers are a strategic tool to handle diverse and complex risks effectively. **For more details of Captive Insurer: IA - Regulatory Requirements on Captive Insurers * * SIGNIFICANCE: Mr Clement CHUENG, Chief Executive Officer of the IA, stated: “Arrival of the two captive insurers bears testimony to the successful execution of our strategy of developing Hong Kong into a leading risk management centre by focusing on local multinational corporations as well as state-owned enterprises and privately-owned enterprises in the Chinese Mainland.” He further noted that “The additional business generated by and different operating models associated with these new market entrants should also prove valuable in nurturing a mature captive ecosystem in Hong Kong.” These authorizations demonstrate tangible progress in Hong Kong’s strategy to position itself as a leading international risk management centre. By attracting both a prominent local multinational and a major Mainland privately-owned enterprise, the IA is broadening the captive market base, introducing diverse operating models, and strengthening the overall captive ecosystem. 4 . Insurance Authority releases provisional statistics for the first quarter of 2026 On 24 July 2026, the IA released provisional statistics for the first quarter of 2026. Total gross premiums of the Hong Kong insurance industry reached $291.6 billion, representing a year-on-year increase of 32.3%. Long term business recorded new office premiums (excluding Retirement Scheme business) of $141.1 billion (+51.1%), driven primarily by Non-Linked individual business of $135.3 billion (+50.2%), of which participating business accounted for $125.7 billion (+53.7%). Total revenue premiums of in-force business rose to $256.4 billion (+35.6%). Total claims and benefits paid declined slightly to $92.3 billion (-2.1%). As of 31 March 2026, total assets under long term business stood at $5,504 billion. General business generated total gross premiums of $35.2 billion (+12.5%), with net premiums of $23.1 billion (+12%). Overall operating profit increased to $4.1 billion (+56.1%), supported by a sharp rise in underwriting profit to $2.6 billion (+193.7%). Growth was underpinned by solid direct business performance and a recovery in reinsurance inward underwriting results. **For more details, a summary is available at the Annex accompanying the IA release.** SIGNIFICANCE: The strong expansion in total gross premiums, particularly the robust growth in long term new office premiums and the marked recovery in general business underwriting profitability, demonstrates the continued resilience and momentum of Hong Kong’s insurance market. These results reinforce Hong Kong’s position as a leading international insurance and risk management centre. [End of ComplianceOne Insurance 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) 3955 0277 www.complianceone.hk

2026 年 7 月 24 日，中國財政部與國家稅務局聯合發佈了《財政部與國家稅務管理局2026年第21號公告》（支持性「2026年國家稅務局公告第15號」 ），確立了涵蓋離岸信託全生命週期的綜合個人所得稅法規。該公告自發布之日起生效。 中國發布離岸信託個人所得稅全新監管規則 2026 年 7 月 24 日，中國財政部與國家稅務局聯合發佈了《財政部與國家稅務管理局2026年第21號公告》（支持性 「 2026年國家稅務局公告第15號 」 ），確立了涵蓋離岸信託全生命週期的綜合個人所得稅法規。該公告自發布之日起生效。 該新法通過實施深入的全流程稅務監管，解決了長期存在的稅務監管模糊，標誌着內地監管向稅務透明和嚴格合規的全面轉變。 公告的核心原則： 將資產存入離岸信託或通過離岸信託獲得收入的個人，依據《個人所得稅法》第2條定義，被視爲應稅所得，必須依法申報並繳納個人所得稅 （一） 適用範圍及稅務居住地確定的關鍵點及反避稅條款 新法採用 「 實質勝於形式 」 原則來確認離岸信託。除根據海外法律正式設立的信託結構外，任何實際持有和傳承信託資產的海外法律安排均包含在該法規中； 然而，海外持牌銀行、保險公司、證券公司和基金機構向公衆發行的標準公共金融產品不受監管。 新的稅務居留權認定：即使個人持有外國護照或長期/永久居留權，只要其核心經濟利益來自中國大陸，仍被視爲中國稅務居民，並需就全球離岸信託收入繳納內地個人所得稅。 嚴格的反避稅法規： 如果離岸信託提供經濟利益，如無息貸款、資產擔保、預支費用、信託資產的低價/免費使用，或通過第三方間接財富轉移，無論是否支付正式股息，均被視爲應稅收入； 如果同一信託由內地居民和非本地居民共同投資資產，整個案件直接視爲內地居民單獨出資，適用完整的居民稅規則； 信託受控框架下的空殼公司（實際上由居民控制，被動收入佔總收入的50%以上）除非能證明公司實際經營實質性，否則將面臨滲透稅。 （二） 離岸信託全生命週期的稅務處理概述 信託階段 稅收觸發情景 應稅類別與計算基礎 適用稅率 信託設立 資產配置 個人將其資產轉移至離岸信託/受託人/受控離岸實體 被視爲財產轉讓； 應稅收入 = 當天適用公允市場價值 - 資產原始價值 - 合理費用； 稅後資產的應稅基數更新爲當天的市場價值 20% 信託存續 運營期間 信託及其受控的離岸實體每年產生收入，無論收益是否實際分配給設立人 所得分爲兩類： 「 財產轉讓收入”和“利息、股息和獎金收入 」 ； 同年財產轉移產生的損失只能抵消類似收益；不允許跨類別抵消，也不能結轉至後續年份； 受託管理費、法律費、諮詢費及其他相關費用均不符合應稅收入扣除資格 20% 信託終止 清算結束 信託到期、清算及運營終止 分類爲 「 利息、股息和獎金收入 」； 應稅收入 = 清算日所有信託資產的公平市場價值 - 總原始價值 - 合理支出 20% （三） 爲歷史稅款拖欠安排90天寬限期 監管機構已爲拖欠款設立了優惠付款窗口，截止日期爲2026年10月22日： 凡納稅義務人在 2023–2025 年間置入離岸信託產生的應繳未繳稅款、以及 2026 年 1 月 1 日前信託累積未申報收益，於寬限期內主動補報補繳，一律免計滯納金、無罰款。若超出寬限期才補繳，將按日計算滯納金（摺合年化約 18%），同時可依稅收徵管法追討罰款，情節嚴重涉及逃稅者最高罰款爲欠稅金額 5 倍；欠稅金額龐大者，稅局可延長追溯徵收年限。 常規報稅截止日期（寬限期後適用） 持有離岸信託的內地稅務居民必須在每年3月1日至6月30日期間，自行申報上一整年度的信託收入。 （四） 市場影響重點 對於證監會持牌機構、私人財管、家族辦公室、信託公司及財務顧問機構等（ 「 信託相關服務提供者 」 ）而言，《財政部 稅務總局公告 2026 年第 21 號》代表跨境財富管理與受信管理迎來根本性模式轉變。新法以清晰、覆蓋資產全生命週期的納稅義務及穿透式監管規則，取代過往模糊的監管灰色地帶，令市場過往依賴離岸信託實現遞延納稅的規劃手段完全失效。 因此，信託相關服務提供者從業者須儘快提醒內地客戶有關的新安排，並重新審視旗下高淨值客戶的信託架構、賬戶安排及收益分配機制，確保完全符合內地稅務居民相關規定；尤其需要留意僅至 2026 年 10 月 22 日截止的 90 日補稅寬限期，逾期將面對高昂滯納金及嚴格反避稅罰則。長遠而言，該監管規定要求財管中介轉變營運思路，摒棄以節稅爲核心的架構設計模式，轉而採用具專業機構標準的治理架構、搭建具真實商業實質的佈局，並落實全層面稅務透明管理。 [完結 - 中國發布離岸信託個人所得稅全新監管規則] 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

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. 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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

The topics discussed in this monthly newsletter for insurance are as follows: ComplianceOne Insurance Newsletter – April 2026 The topics discussed in this monthly newsletter are as follows: Market News Insurance Authority Hosts the Third Insurance-Linked Securities Conference IA Statistics Shows 29.7% Growth in Total Gross Premiums for the Year of 2025 HKFI Study Reveals Post-Pandemic Private Health Insurance Expenditure Surged by Over 60% in Four Years Enforcement News Police Arrest 53-Year-Old CEO of Licensed Insurance Broker Company for Alleged Theft of HK$43 Million Markets News 1. Insurance Authority Hosts the Third Insurance-Linked Securities Conference On the 22 of April 2026, the Insurance Authority (“IA”) hosted the third Insurance-linked securities (“ILS”) Conference in Hong Kong, gathering over 120 institutional investors, reinsurers, insurers and professional service providers. The event served as a platform to share market insights, foster industry partnerships, and advance Hong Kong’s strategic positioning as a leading Centre for alternative risk transfer. **Source: Insurance Authority Press Releases - 22 April 2026 **To understand more about ILS, please refer to the ILS website for further details. The event featured three panel discussions covering: i) global and Asian ILS ecosystems; ii) the strategic role of ILS in asset allocation for institutional portfolios; and iii) sharing of first-hand experience to clarify common misperceptions. Source Speech from Mr. Stephen YIU, Chairman of the IA Mr. YIU highlighted in his opening remarks that alternative investments are attracting unprecedented attention from institutional investors seeking balanced risk-adjusted returns amid rising global uncertainties, as reflected in the significant capital flows into ILS products globally. Mr. Yiu further noted Hong Kong’s unique competitive advantages for developing an ILS ecosystem, including its open and sophisticated financial market, it’s distinctive connectivity with Mainland China, and the presence of approximately 3,380 family offices, all of which position Hong Kong as an ideal platform to promote alternative risk transfer tools. SIGN IFICAN CE: This conference reinforces Hong Kong’s strategic position as a premier ILS hub in Asia. By convening key stakeholders and showcasing ILS as both an innovative alternative risk transfer tool and an attractive investment class, the IA continues to drive market development, attract global capital and strengthen the city’s role as a leading international risk management centre amid evolving global uncertainties. 2. IA Statistics Shows 29.7% Growth in Total Gross Premiums for the Year of 2025 On 24 April 2026, the IA released provisional statistics for the full year 2025. The data reflects continued robust performance across Hong Kong’s insurance sector, with total gross premiums reaching HK$827 billion, representing a 29.7% year-on-year increase. Long Term Business New office premiums surged 50.6% to HK$330.9 billion, primarily driven by Non-Linked individual business of HK$312.1 billion (up 49.9%). Within this, participating business rose 55.1% to HK$282.8 billion. Linked individual business increased 65.4% to HK$18.5 billion. Approximately 59,000 Qualifying Deferred Annuity Policies were issued, contributing HK$3.7 billion or 1.1% of total individual business premiums. In-force long-term business revenue premiums totaled HK$718.5 billion (up 33.7%), with claims and benefits paid amounting to HK$363 billion (up 3%). Total long-term assets grew to $5,398 billion, with net assets $744.3 billion. General Business Gross premiums reached HK$108.5 billion (up 8%) and net premiums HK$74.1 billion (up 6.3%). Gross claims paid totalled HK$55.4 billion (up 4.5%). Overall operating profit was HK$11.4 billion (up 39.7%), of which underwriting profit was HK$2.9 billion (down 12.5%). **For more details, please refer to the summary of the provisional statistics is at Annex .** SIGNIFICANCE: The 2025 provisional statistics underscore the resilience and strong momentum of Hong Kong’s insurance industry, with double-digit growth in long-term new business premiums—particularly participating policies—driven by sustained demand for protection and savings products. While general business operating profit improved overall, specific underwriting challenges (such as the Wang Fuk Court fire impact) were noted in certain segments. These figures reinforce Hong Kong’s position as a leading insurance hub in Asia and offer valuable insights for insurers, intermediaries, and policyholders ahead of the final audited results. 3. HKFI Study Reveals Post-Pandemic Private Health Insurance Expenditure Surged by Over 60% in Four Years On 28 April 2026, the Hong Kong Federation of Insurers (“HKFI”) announced the findings of the study titled “Determinants of Post-Pandemic Medical Inflation: An Analysis of Private Insurance Claims Data in Hong Kong”. Commissioned by the HKFI and conducted by the Centre for Ageing and Healthcare Management Research of The Hong Kong Polytechnic University’s College of Professional and Continuing Education (“PolyU CPCE”), the research analysed over ten million inpatient and outpatient claim records from 2019 to 2023. The study found that overall medical expenditure in Hong Kong’s private medical insurance market increased by over 60% in four years, representing a double-digit compound annual growth rate. The primary driver was a sharp increase of 68% in the frequency of inpatient claim (especially day procedures), rather than an increase in the unit price of medical services. Key Inpatient Claim Changes (2019 vs 2023) Metric Changes In 4 Years Overall Medical Expenditure Increase of over 60% Inpatient Claim Frequency Increased sharply by 68% in four years. Small to Medium Claims (i.e. HK$5,000–15,000) Number of cases grew by about 80%. Large Claims (i.e. over HK$100,000) Number of cases more than doubled. Room and Board Claims Grew by less than 30% (Primarily came from day procedures rather than traditional hospital stays.) The surge in claim frequency was most evident in digestive system diseases (e.g. gastritis, duodenitis and gastro-colonoscopy procedures) and viral conditions. Outpatient trends showed a shift toward higher-cost services: GP visits fell nearly 20%, while claims for Chinese medicine practitioners, physiotherapists and chiropractors rose 40–70%, with significantly higher average claim amounts. Policy Design Impact: Group plans recorded average inpatient claims approximately 40% lower than individual plans, and panel-doctor usage reduced costs by over 40%. Voluntary Health Insurance Scheme (VHIS) plans also showed modestly lower claims than non-VHIS individual policies. Demographic Pressures: Medical expenses rise sharply with age, with the 75+ group incurring the highest average bills. Females claimed more frequently, while males had higher average inpatient costs per claim. **For more details, please refer to the summary of the Executive Summary of Research Report and the Presentation Deck ** SIGNIFICANCE: The HKFI-PolyU study highlights a structural shift in Hong Kong’s private health insurance market. Post-pandemic behavioural changes and increased utilisation of day procedures and specialist services have driven sustained double-digit medical inflation. With an ageing population and rising chronic disease prevalence, the findings underscore the urgent need for multi-stakeholder collaboration among individuals, employers, insurers, healthcare providers and the Government to enhance cost control, promote prudent utilisation and ensure the long-term affordability and sustainability of private medical insurance. The research provides evidence-based insights to support policy discussions on medical network utilisation, product design and preventive care strategies. Prof. Peter YUEN, Dean of PolyU CPCE, stated: “This study clearly indicates that overall health insurance claims increased very substantially after the pandemic. Such an increase, if it continues at the same rate, will raise serious questions about private health insurance affordability for employers and individuals.” Ms Selina LAU, Chief Executive of the HKFI, said: “The results reveal that the continuous surge in Hong Kong’s medical expense is no longer an issue for the insurance industry alone but a heavy price for society as a whole to pay. We will discuss with the authorities and relevant stakeholders how to address this issue that affects the long-term well-being of Hong Kong.” Enforcement News 4. Police Arrest 53-Year-Old CEO of Licensed Insurance Broker Company for Alleged Theft of HK$43 Million On 13 April 2026, a 53-year-old woman surnamed HO (“HO”), the Chief Executive Officer of a licensed insurance broker company (which also operates as a wealth management firm), was arrested by the Hong Kong Police on suspicion of theft. The company is located at 18 Salisbury Road, Tsim Sha Tsui. **Source: MingPao Article - 14 April 2026 ** Case Summary According to reports, a shareholder discovered in January 2026 that the company’s bank account had insufficient funds, resulting in delayed payment of staff salaries and client commissions. Further investigation revealed that over HK$43 million had been transferred without authorisation from the company’s account to Ms. HO’s personal account. When questioned, Ms. HO admitted to taking the funds. The shareholder immediately reported the matter to the police. No disciplinary action or announcement has been issued by the IA. The matter remains under active police investigation with no court proceedings reported to date. SIGNIFICANCE: This case underscores the critical importance of robust internal controls, segregation of duties and independent oversight within licensed insurance broker companies. As a holder of an IA licence, the firm and its responsible officers are subject to strict fit-and-proper requirements under the Insurance Ordinance. Any proven misconduct of this nature could lead to licence suspension or revocation, in addition to criminal prosecution. The incident serves as a timely reminder to all licensed intermediaries and appointing principals to strengthen financial governance and early-detection mechanisms to protect client monies and maintain public trust in Hong Kong’s insurance intermediary sector. [End of ComplianceOne Insurance Newsletter – April 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

香港財經事務及庫務局（財庫局）最新公佈，香港有限合夥基金（Limited Partnership Fund, LPF）制度迎來重要里程碑——截至2026年8月中旬，在港註冊的 LPF 總數已正式突破 2,000 個大關，7月底數據更顯示其註冊數同比激增 63%。 突破2,000家！全年大增63%，香港LPF憑什麼成為全球資本的新寵兒？ 圖片來源：香港財經事務及庫務局，2026年8月 波士頓顧問公司（BCG）最新的《全球財富報告》指出，香港資產管理規模已達 2.95 兆美元，超越瑞士成為全球最大財富管理中心，香港的獨立財富管理機構資產規模約為 2,000 億至 2,500 億美元。 圖片來源：波士頓顧問公司《2026年全球財富報告》 為什麼越來越多的全球私募股權（PE）和創投（VC）基金，以及家族辦公室，在設立新基金或調整區域策略時，會將香港的「有限合夥基金（LPF）」納入其核心架構——甚至取代傳統的單一離岸基金（如開曼群島或英屬維京群島的基金）？ 一、三分鐘讀懂 LPF：像「合資開餐廳」一樣的專業分工 香港於2020年8月正式推出 LPF 制度，旨在為私人基金提供靈活、高效的本地合夥企業結構。很多初接觸制度的投資人常覺得概念抽象，其實它的運作機制就像一班朋友合資開餐廳： 「大家平日都要工作，沒有時間打點，於是找來一位有經驗的廚師兼餐廳經理，全權負責日常營運與設計菜單。出資的朋友不參與日常管理，於是找來一位有經驗的廚師兼餐廳經理，全權負責日常營運與設計菜單。出資的朋友不參與日常管理，僅以出資額為限承擔風險。透過這種安排，出資者藉力專業團隊，管理者專注於投資決策，各司其職，共同分享獲利。 」 這種分工在 LPF 架構中清晰對應如下： 角色 對應餐廳職責 核心職責與風險承擔 普通合夥人 (GP) General Partner 餐廳經理兼主廚 （專業基金經理） 全權負責基金的日常營運與投資決策，承擔相關債務與義務的無限責任。 有限責任合夥人 (LP) Limited Partner 出資金主 （各類投資人） 僅提供資金，不參與日常管理，風險僅限於其承諾的出資金額，可控性高。 資料來源：香港財經事務及庫務局，2026年8月14日 二、 為什麼選擇香港 LPF？四大核心優勢解析 相較於傳統的離岸（Offshore）基金結構，香港 LPF 作為本地（Onshore）基金架構，具備強大的商業與合規競爭力： 設立極速，合規成本低 ：符合條件的申請一般可在 4 個工作天 內完成註冊，極大縮短了基金募資與落地的周期。同時，免去離岸合規（如開曼經濟實質法案等）帶來的繁復維護與高昂規費。 契約自由，商業條款高度彈性 ：LPF 制度給予 GP 與 LP 極大的自由度，可自行製定資本撥繳（Capital Call）、利潤分派（Carried Interest）、基金存續期及退出機制等條款，充分滿足私人市場的個人需求。 稅務優惠與完善的法治保障 ：符合資格的 LPF 可享有香港 利得稅豁免 （Fund Tax Exemption）及附帶權益（Carried Interest）的稅務寬免。香港健全的普通法系與成熟的監管體系，也為投資人權益提供了極高標準的法律保障。 遷冊機制（Re-domiciliation）便利 ：自2021年11月起，香港引進了外地基金遷冊來港機制。已在海外（如開曼、BVI）成立的私募基金，可在無清算或中斷營運的前提下，直接平滑遷冊至香港成為 LPF。 2026年8月12日，香港金融史上一個值得記住的日子。 由渣打銀行（香港）、香港電訊及Animoca Brands共同成立的碇點金融（Anchorpoint Financial），正式推出香港首個受監管的港元穩定幣—— HKDAP（HKD At Par） 。首批授權分銷商爲香港兩大持牌虛擬資產交易平臺OSL與HashKey。 從2025年9月36家機構蜂擁遞交申請，到2026年4月僅兩家獲批，再到8月首枚合規港元穩定幣落地——這場歷時近一年的 「 發牌馬拉松 」 ，終於交出了第一份答卷。 但這枚穩定幣的面世，遠非一帆風順。 一、什麼是HKDAP？先看懂監管框架 在聊爭議之前，有必要先了解HKDAP背後的監管邏輯。 香港《穩定幣條例》（第656章）於2025年5月21日通過立法會，2025年8月1日正式生效。這是全球首個針對法幣穩定幣建立的全面監管框架。監管機構是香港金融管理局。 誰需要拿牌？ 條例規管的是一項特定活動——發行 法幣穩定幣 （fiat-referenced stablecoin, FRS）。兩個觸發點會把機構納入發牌範圍：一是在香港發行法幣穩定幣；二是 只要發行參照港元的穩定幣，無論在世界何處發行，都需要香港牌照 。 圖片來源：第656章 《穩定幣條例》 拿牌需要什麼條件？ 金管局從一開始就直言不諱——門檻設得 「 較高 」 。核心要求包括： 資本要求 ：申請人需至少 2,500萬港元繳足股本 （或金管局接受的等值財務資源）。這意味着還沒賺一分錢，就得先把2,500萬港元鎖進股本。 儲備資產 ：每一枚已發行的穩定幣，必須隨時以 高質素、高流動性資產 （例如現金、短期銀行存款及優質政底或央行債券等）按面值全額支持。儲備必須與發行人自有資金 隔離 ，存放於合資格託管人，並由獨立第三方定期核證及審計。 贖回保障 ：任何持幣人都能 按面值贖回 ，不受不合理費用或條件限制。 36份申請、僅批2家——這個比例本身就是最有力的說明： 香港不是在 「 放水 」 ，而是在 「 設閘 」 。 二、兩種態度：渣打 「 積極 」 ，滙豐 「 被動 」 HKDAP的正式推出，揭開了首批持牌機構截然不同的態度。 渣打一方 展現了明顯的主導意願。碇點金融早在2024年就參與了金管局穩定幣發行人 「 沙盒 」 測試，2025年8月1日《穩定幣條例》生效當天就正式遞交了申請意向。獲牌後，碇點金融採取了分階段推進策略：先在公有鏈完成鑄造及實時轉賬測試，5月與OSL在以太坊主網完成全流程測試，8月正式步入商業運營。目前HKDAP已面向機構分銷商和專業投資者開放，目標最快2026年底開放零售服務。 滙豐一方 則是另一番光景。據業內透露， 「 滙豐是被動的，被指着鼻子纔去做的 」 。一位接近滙豐的人士透露，滙豐更傾向推行代幣化存款，而非穩定幣。根本原因在於商業邏輯的衝突：滙豐約85%的支付業務收入來自以存款爲基礎的淨利息收入，支付業務本身佔其2025年總收入的約22%。穩定幣發行恰恰會分流銀行存款，動搖了滙豐 「 吸存款→放貸款→賺利差 」 的核心商業模式。 （ Foresight News, 2026 ） 換言之， 讓最不願意、最沒動力的機構去主導港元穩定幣，讓最有動力、最有想法的機構被邊緣化 ——這正是業內對首批牌照結果的真實評價。 有強烈意願探索港元穩定幣場景的螞蟻集團、京東科技、圓幣科技等公司，以及13家持牌加密交易所中 仍在持續虧損 的多數，都未能真正入局或取得核心主導權。 三、從市民視角看：HKDAP跟我有什麼關係？ 說完了行業內的博弈，回到一個更樸素的問題： 作爲一個普通市民，HKDAP到底能做什麼？ 目前——跟你沒什麼關係。 HKDAP首階段 不直接面向零售用戶 ，而是通過OSL、HashKey等授權分銷商，面向機構、企業客戶及專業投資者開放。普通市民暫時無法在手機上直接購買或使用HKDAP。 未來——如果一切順利，可能會改變你的支付習慣。 滙豐計劃將港元穩定幣接入 PayMe 及 HSBC HK App ，這意味着用戶未來可以直接透過這兩個數碼平臺進行 個人之間即時轉賬、直接以穩定幣支付參與商戶、以穩定幣認購代幣化投資產品 。 渣打方面則形象地將穩定幣比作登山時的 「 固定錨點 」 ： 「 攀登時每一步都需要安全與穩定，受監管的穩定幣在數字資產生態裏就扮演這個角 色」（ 東方財富網, 2026 ）。 更值得關注的是跨境支付場景。 傳統跨境支付通常需要對接4至6家不同的中介或代理行，資金往往需 「 T+3 」 才能到賬，且費用高昂。而穩定幣結算方案能大幅減少中間環節， 顯著降低交易成本，實現近乎即時的資金劃轉 （ 新浪網, 2026 ）。 簡單來說： HKDAP現階段是爲金融機構和跨境貿易 「 修路 」 ，而不是給普通市民 「 發錢 」 。這條路修好了，普通人才能走得順暢。 四、爲什麼這件事值得關注？ 作爲普通觀察者，我們對港元穩定幣的看法可以概括爲三句話。 第一，方向是對的，但節奏比預期慢。 從2024年金管局推出 「 沙盒 」 ，到2025年《穩定幣條例》生效，再到2026年首枚穩定幣落地——香港在合規穩定幣監管上確實是 全球領跑者之一 。但36份申請、2張牌照、僅1家率先推出——這個 「 轉化率 」 說明監管的謹慎遠超市場預期。香港金管局助理總裁何漢傑曾表示，監管制度設計貫徹 「 相同活動、相同風險 」 的原則 。換句話說： 寧慢勿濫 （ 香港文匯報, 2026 ）。 第二， 「 合規 」 本身就是最大的價值。 回顧過去幾年全球穩定幣市場的崩盤事件——儲備不透明、贖回困難、發行方挪用資金——香港這套監管框架的核心邏輯其實很樸素： 每一枚穩定幣背後必須有真實存在的資產，經獨立人士查核，持有人隨時能按面值贖回 。聽起來是常識，但在穩定幣領域能做到的並不多。HKDAP的儲備資產須與發行人自有資金隔離、存放於合資格託管人、由獨立第三方定期審計——這套機制如果運轉良好， 有可能成爲全球穩定幣監管的參照樣本 。 第三，普通人的 「 獲得感 」 還需要時間。 目前HKDAP面向的是機構和企業，普通市民最快也要到2026年底纔有機會接觸。而且坦白說，香港本地已有 「 轉數快 」 、八達通等高效支付基礎設施，穩定幣在零售消費領域的 增量價值有限 。真正的想象空間在於跨境貿易結算、代幣化資產交易、RWA（真實世界資產代幣化）清算等機構級場景——這些場景離普通人的生活還比較遠，但 一旦跑通，對整個金融體系的效率提升是質的飛躍 ( 香港新聞網, 2026 ）。 寫在最後 HKDAP的推出，與其說是一場面向大衆的 「 產品發佈 」 ，不如說是一次金融基礎設施的 「 壓力測試 」 。 正如碇點金融行政總裁馬飛所說，現階段的核心工作是 「 完善各類商業應用，直觀體現合規代幣貨幣在支付、清算等真實經營場景中的價值 」 。 港元穩定幣這條路，方向明確了，但前路還長。有人在積極鋪路，有人在被動觀望，有人在門外等待入場。作爲普通市民，我們或許暫時用不上HKDAP，但這條 「 數碼港元新軌道 」 一旦鋪好，最終受益的將是整個香港金融體系——也包括生活在其中的每一個人。 不妨拭目以待。 參考資料：香港文匯報、東方財富網、新浪網、Foresight News、香港新聞網等 [完結 - 突破2,000家！全年大增63%，香港LPF憑什麼成為全球資本的新寵兒？] 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 – June 2026 The topics discussed in this monthly newsletter are as follows: Market News Hong Kong to launch Five-Year China Government Bond Futures EX.IO Receives Approval from the SFC for Two New VA Businesses Citigroup launches tokenized depositary receipts SFC urges licensed firms to guard against emerging AI-enabled cyber threats Enforcement News Movie producer Wong Pak Ming sentenced to jail and fined in SFC's insider dealing prosecution SFC seeks share buy-out order against former chairman of Target Insurance (Holdings) Limited (HK Stock Code:6161) SFC reprimands and fines XHK Limited HKD 2.5 million for regulatory breaches Evergrande's judicial review blocks PricewaterhouseCoopers' demand for HKD 1 billion in compensation from retail investors Regulatory Updates SFC concludes consultation on the investor identification regime for Hong Kong’s exchange-traded derivatives market Markets News 1. Hong Kong to launch Five-Year China Government Bond Futures The Securities and Future Commission (“ SFC ”) has announced that Hong Kong is targeting August 3, 2026, debut five-year China Government Bond (“ CGB ”) Futures on the Hong Kong Exchanges and Clearing Limited (“ HKEX ”). This launch is driven by strong global demand following a massive influx of foreign capital into the onshore market. International investor holdings in CGBs are approaching approximately RMB 2 trillion by May 2026 via Bond Connect. The new contracts will provide a crucial offshore derivative tool to hedge mainland interest rate risk directly from Hong Kong. As Dr Kelvin WONG, SFC’s Chairman, said: “ The launch of CGB futures is an important initiative for Hong Kong in aligning its financial sector with the nation’s 15 th Five-Year Plan and further deepening mutual access between Hong Kong and the Mainland financial markets. Its introduction is also a milestone in Hong Kong’s efforts to support the internationalization of RMB and develop into a global fixed income and currency hub ”. As Ms Julia LEUNG, SFC’s Chief Executive Officer, said: “ The launch comes at a time when asset managers’ demand for RMB-denominated fixed income assets has increased as part of their diversification strategy. It also shines a light on the critical role Hong Kong plays as a regional fixed income and offshore RMB hub ”. SIGNIFICANCE: Asset managers, institutional investors and other market participants investing in CGBs should consider how the availability of CGB futures may enhance portfolio risk management capabilities. The new product offers a regulated mechanism for hedging interest rate exposure without requiring investors to access onshore derivatives markets, potentially improving portfolio efficiency and supporting increased participation in China's bond market. Additionally, the initiative supports the continued internationalisation of the Renminbi while further strengthening Hong Kong’s position as a leading global centre for fixed income and RMB financial services. 2. EX.IO Receives Approval from the SFC for Two New VA Businesses On 12 June 2026, EX.IO has secured SFC approval to conduct two categories of business that no other licensed virtual asset trading platform in Hong Kong has previously been permitted to offer ( EX.IO ’s licensing conditions ): the distribution of traditional investment products and tokenised securities to investors, and; the provision of custody services for tokenised securities that are not traded on EX.IO ’s own platform. Until this approval, VATPs could only custody assets that were actually tradable on their own platform. EX.IO ’s new authorisation means it can act as a regulated custodian for tokenised securities issued by any eligible issuer, whether or not those securities are listed for trading on EX.IO ’s platform. This effectively positions EX.IO as a standalone tokenised securities custodian, a function that has historically sat with licensed banks, approved trustees, or Type 1 licensed corporations. Under the SFC’s existing VATP licensing framework, the ability to distribute investment products and custody off-platform tokenised assets requires a specific modification to the standard licensing conditions. EX.IO is the first VATP to have obtained both modifications simultaneously. EX.IO already holds Type 1 (dealing in securities) and Type 7 (automated trading services) licences and is the only VATP included in the Hong Kong government’s Office for Attracting Strategic Enterprises (“ OASES ”) initiative. SIGNIFICANCE: This development has direct implications for asset managers and issuers exploring tokenised securities distribution in Hong Kong. The availability of a regulated VATP-custodian that sits outside the traditional banking and licensed intermediary framework creates a new channel for tokenised product custody and distribution. Issuers of tokenised securities who have been constrained by the limited pool of approved custodians should consider whether EX.IO ’s expanded authorisation opens new product and distribution options. 3. Citigroup launches tokenized depositary receipts On 12 June 2026, Citigroup has introduced Digital Depositary Receipts (“ DDR s”), a blockchain-based product structure that adapts the centuries-old depositary receipt mechanism to give wealthy and institutional investors access to private company equity. The product records ownership on blockchain infrastructure operated by Swiss Infrastructure and Exchange (“ SIX ”), with Citigroup acting as both issuer and custodian of the underlying position. The mechanics mirror traditional depositary receipts: Citigroup acquires and holds the underlying private company shares, issues blockchain tokens representing proportional claims on those shares, and investors hold the tokens rather than the shares directly. The key innovation is by recording the receipts on a distributed ledger. Citigroup aims to make private market positions more liquid, easily transferable, and efficiently administered than conventional private equity ownership structures. Citigroup has also indicated this is the beginning of a broader programme. The bank intends to expand DDR issuance to public blockchains over time, positioning the product within the emerging ecosystem of tokenised bank deposits and shared digital settlement networks that major institutions are developing in parallel. SIGNIFICANCE: Private banks, family offices and wealth managers operating in Hong Kong should take note of the DDR structures as a potential template for client-facing innovation. As traditional depositary receipts are well understood regulatory instruments, the DDR format may offer a faster path to regulatory acceptance for tokenised private market exposure than novel product structures. Asset managers should also monitor for HKEX or SFC guidance on tokenised product distribution that would accommodate DDR-style instruments listed on Hong Kong venues. 4. SFC urges licensed firms to guard against emerging AI-enabled cyber threats On 02 June 2026, the SFC issued a circular warning all licensed corporations, SFC-licensed VATPs, and associated entities that frontier AI models are enabling more frequent, sophisticated cyberattacks. In 2025, Hong Kong cyber incidents rose 27% to 15,877. Below highlights a summary of the circular issued on 02 June 2026. Key Focus Core Requirements and Actions Rising AI Threats HK Computer Emergency Response Team incidents surged to 15,877 in 2025. AI enables faster zero-day exploits, automated attacks, and sophisticated deepfakes/social engineering. Shrinking window between vulnerability disclosure and weaponization. Senior Management & MIC-IT MIC-IT holds ultimate responsibility for cybersecurity oversight. Mandatory review and approval of enhanced controls. Engage external experts if internal expertise is lacking. Tech Asset Inventory Maintain an accurate, real-time inventory of all hardware, software, cloud assets, and data flows. Prioritize protection for externally exposed and business-critical systems. Vulnerability & Patching Accelerate patch cycles, allow out-of-schedule emergency patching. Prioritize remediation for internet-facing and critical systems. Access & Zero Trust Enforce least privilege and strict control over privileged accounts. Implement micro-segmentation to prevent lateral movement. Treat all external inputs (email, APIs, files) as untrusted. Apply maker-checker controls for high-risk actions. Detection & Monitoring Enhance anomaly detection for trading and system activities. Improve threat intelligence capabilities. Third-Party Risk Integrate AI-threat assessment into vendor due diligence. Continuous monitoring of critical third-party service providers. Incident Response Conduct regular tabletop exercises and simulated attacks. Pre-plan containment strategies (isolation, blocking). Daily backups mandatory for e-trading firms and VATPs. Immediate notification to SFC for material incidents. High-Risk Sectors Full compliance expected for: Electronic Trading LCs Type 13 Depositories Virtual Asset Trading Platforms (“ VATPs ”) Immediate notification to SFC for material incidents. Regulatory Oversight SFC will monitor industry adoption. Potential for thematic reviews and supervisory action for non-compliance. SIGNIFICANCE: Cybersecurity is now a front-line regulatory obligation tied to senior management accountability of SFC licensed corporations most especially for internet brokers and virtual asset trading platforms. They don’t need to be a tech expert, but they must be able to evidence that their firm has assessed AI-era threats, strengthened controls proportionate to their business, and that RO’s/MICs have actively supervised the process. As Dr Eric YIP, SFC’s Executive Director of Intermediaries, said: “ As frontier AI models become more powerful and accessible, AI-enabled cyber threats are set to accelerate and complicate the tasks to detect and contain them. Senior management of licensed firms should shoulder primary responsibilities in gatekeeping firm’s cyber resilience and the security of client assets.” . Enforcement News 5. Movie producer Wong Pak Ming sentenced to jail and fined in SFC's insider dealing prosecution In June 2026, prominent Hong Kong film producer Raymond Wong Pak Ming (“ Wong ”) began serving a five‑month prison sentence after being convicted of insider dealing in shares of Pegasus Entertainment Holdings Limited (“ Pegasus ”), now Transmit Entertainment Limited, ( HK Stock Code: 1326 ). The West Kowloon Magistrates’ Court handed down the sentence on June 9, 2026, concluding a criminal case launched in February 2025 and featuring a 16‑day contested trial. The court heard that in 2017, while negotiating the sale of his controlling stake in Pegasus, Wong received material non‑public information, including a signed memorandum of understanding and a HKD 10 million earnest payment from a prospective buyer. On the same day he received the deposit, Wong transferred HKD 2 million to his sister and subsequently used WhatsApp to instruct her on when and at what price to buy Pegasus shares. She ultimately acquired over nine million shares at prices below post‑announcement market levels, generating HKD 99,720 in realised profits. Wong was fined an amount equal to those profits and ordered to pay HKD 374,305.48 for the SFC investigation costs, penalties designed to strip away all economic gain from the offence. While the judge recognised Wong’s lifelong contributions to Hong Kong’s film industry, he emphasised that such achievements could not justify leniency where market integrity had been deliberately undermined. The SFC reaffirmed its commitment to robust enforcement to safeguard investors and maintain confidence in Hong Kong’s financial markets. SIGNIFICANCE: This case sets a clear and practical precedent in Hong Kong. Insider dealing now carries tangible custodial risk, not merely regulatory fines or civil penalties. The court’s decision to impose a financial penalty equal to the illicit profits underscores that restitution is a core component of punishment. Regulators and courts are also signalling that informal communication channels such as WhatsApp are fully within the scope of SFC investigations, and casual trading instructions carry the same legal weight as formal ones. Senior executives and substantial shareholders who possess price-sensitive, non-public information can face criminal liability for tipping connected parties, even in seemingly routine deal discussions. Wong’s case marks a defining moment for enforcement outcomes in Hong Kong, highlighting the need for compliance programmes to strengthen insider dealing training, particularly around prohibitions on informal trading discussions with family members. 6. SFC seeks share buy-out order against former chairman of Target Insurance (Holdings) Limited (HK Stock Code:6161) The SFC has resumed legal proceedings against Neo Ng Yu (“ Ng ”), former chairman of Target Insurance (Holdings) Limited and the alleged orchestrator of one of Hong Kong’s most complex client asset misappropriation cases. Proceedings had stalled while authorities worked to serve Ng, who was located in mainland China. Following successful service with the assistance of Mainland authorities, the Court restored the case at a management conference in June 2026. The SFC is seeking a share buy-out order requiring Ng to purchase the shares of Target Insurance’s remaining public shareholders at fair value, a remedy available under section 214 of the Securities and Futures Ordinance where a person’s conduct has rendered it unfair for shareholders to remain invested. The underlying allegation is that Ng orchestrated a fraudulent scheme through which more than USD 150 million of funds belonging to Target Insurance Company Limited (the group’s operating insurer) were funnelled from Nerico Brothers Limited (“ NBL ”) into a Cayman-based fund controlled by Ng through his firm Amber Hill Capital Limited. Case Context This case is the final active thread in a multi-year enforcement campaign that has already produced landmark outcomes. The SFC revoked NBL’s licence* and imposed a lifetime ban on its director in August 2025. Amber Hill Capital’s licence was also revoked and its principals banned for life in the same period. Paul Wan Kai Leung, NBL’s former responsible officer, received his own lifetime ban in May 2026. Target Insurance itself was wound up in September 2022, and its shares were delisted from HKEX in December 2023 after trading was suspended in January 2022 when the scale of the losses became known. *For more details, please click on the Statement of Disciplinary Action for NBL’s case. SIGNIFICANCE: This case illustrates the SFC’s persistent cross-border enforcement capability. The ability to effect service in mainland China via formal channels, and the court’s readiness to restore previously adjourned proceedings, demonstrate that leaving Hong Kong’s jurisdiction does not bring enforcement to a halt. For institutional investors and listed company shareholders, the section 214 buy-out mechanism is an important but underappreciated investor protection tool. Where a controlling shareholder’s misconduct renders continued investment unfair, the SFC can seek to put investors in the position they would have been in absent the wrongdoing. 7. SFC reprimands and fines XHK Limited HKD 2.5 million for regulatory breaches On 01 June 2026, the SFC has publicly reprimanded and fined XHK Limited (“ XHK ”) HKD 2.5 million following disciplinary proceedings triggered by the firm's own self-reporting. The SFC found multiple regulatory failures: Financial Resources Rules (“ FRR ”) Breach: XHK submitted financial returns with accounting errors (Jan 2020 – Jun 2021), causing inaccurate liquid capital reporting. After correction, XHK was found to have had required liquid capital deficits of HKD 3.6 million – HKD 32.3 million for four months. The failures were attributed to inadequate oversight of external service providers and staff unfamiliarity with FRR requirements. Client Money Rules (“ CMR ”) Breaches: In Mar – Apr 2021, XHK transferred up to HKD 206 million of client money from segregated accounts to overseas brokers without obtaining clients' written direction or standing authority. Between Feb 2019 – Oct 2021, XHK failed to promptly transfer non-client money (approximately HKD 38 million in commissions and interest on client money) out of segregated accounts within one business day of identification, as required by CMR. These breaches also constituted violations of the SFC Code of Conduct. *For more details, please click on the Statement of Disciplinary Action for XHK case. SIGNIFICANCE: The SFC is particularly focused on capital adequacy failures, misuse of client money, inadequate oversight of third-party vendors, and staff ignorance of regulatory requirements. Maintaining a “clean” disciplinary record and fostering a culture of compliance are vital for all licensed entities. 8. Evergrande's judicial review blocks PricewaterhouseCoopers' demand for HKD 1 billion in compensation from retail investors What appeared to be a landmark resolution of the Evergrande audit scandal, the SFC’s HKD 1 billion compensation agreement with PricewaterhouseCoopers (“ PwC ”) announced in April 2026, has become the subject of a High Court judicial review filed by the company’s own liquidators. The challenge goes to the heart of the SFC’s authority to settle market misconduct cases involving non-regulated parties and raises difficult questions about who should benefit from such settlements. The Liquidators’ Grounds Alvarez & Marsal, acting as Evergrande’s liquidators, advance two main arguments. First, they contend that PwC Hong Kong, in its capacity as a certified public accountant, was not a ‘regulated person’ under the Securities and Futures Ordinance. In their view, PwC fell under the jurisdiction of the Accounting and Financial Reporting Council (“ AFRC ”), not the SFC, and the SFC therefore lacked the standalone authority to settle market misconduct proceedings with a non-licensed entity. Second, and perhaps more fundamentally, the liquidators argue that the settlement’s beneficiaries are the wrong people. Under Hong Kong’s Companies Ordinance, liquidation proceeds must be distributed to priority creditors and then unsecured creditors before any residual value reaches shareholders. The SFC’s settlement channels HKD 1 billion directly to eligible independent minority shareholders, bypassing the statutory priority waterfall entirely. The liquidators had separately pursued their own lawsuit against PwC for RMB 57 billion and wrote to the SFC on two occasions in May 2026, requesting a suspension of the settlement pending the outcome of the civil proceedings. The SFC rejected both requests, prompting the judicial review application. SIGNIFICANCE The SFC is normalizing settlements that require payments into an investor compensation pool, this has been seen in Lehman cases, Tiger Asia, and now PwC. Licensed corporations facing SFC investigation should expect settlement offers to include restitution to affected clients/shareholders, not only disciplinary fines or license conditions. Regulatory Updates 9. SFC concludes consultation on the investor identification regime for Hong Kong’s exchange-traded derivatives market Since March 2023, every on-exchange security traded in Hong Kong have been backed by the Hong Kong Investor Identification Regime for the Securities Market (“ HKIDR-S ”), linking each order to the identity of the person carrying out the trade. This infrastructure is now being applied to the derivatives market, extending to exchange-traded futures contracts, options contracts, and stock options, creating the Hong Kong Investor Identification Regime for the exchange-traded derivatives market (“ HKIDR-DM ”). The target implementation date is set in Q2 of 2028. This move follows a three-month consultation that drew nine submissions, with respondents broadly supportive. How will it work The HKIDR-DM mirrors the operational model of the existing securities regime. Licensed corporations and registered institutions that offer brokerage services or conduct proprietary trading in exchange-traded derivatives will be required to submit their clients' names and identity information to a centralised data repository at the point of order submission. The regime will cover on-exchange orders executed through the trading system of the Hong Kong Futures Exchange Limited and will be implemented concurrently with HKEX's launch of its new Orion Derivatives Platform, allowing firms to build HKIDR-DM functionality into their system upgrades rather than treating it as a separate project. As Mr Rico Leung, SFC's Executive Director of Supervision of Markets, said: “ The extension of the investor identification regime demonstrate our firm commitment to strengthening market integrity and protecting investors. By strengthening our capability to conduct timely and effective surveillance, the HKIDR-DM will bolster the long-term resilience and sustainable development of Hong Kong’s derivatives market, further reinforcing its status as a trusted international financial centre ”. The SFC has established a dedicated HKIDR-DM webpage and has indicated that further guidance and FAQs will follow in the coming months. SIGNIFICANCE Licensed corporations and registered institutions active in Hong Kong’s derivative market should treat the Q2 2028 target as a planning horizon. The HKIDR-S’ implementation showed that firms that engaged early with data management frameworks, and client onboarding processes for identity collection were positioned advantageously at go-live compared to those that waited for finalised guidance. [End of ComplianceOne Newsletter – June 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

衷心感謝各位踴躍參與我們於 2026 年 6 月 11 日（星期四）舉辦的「FRR 實務申報與監控」網絡研討會。本次活動反應熱烈，吸引了眾多客戶及來賓出席，我們深感榮幸。 【活動回顧】感謝您的參與：「FRR 申報實務與監控」網絡研討會及要點總結 (2026.06) 衷心感謝各位踴躍參與我們於 2026 年 6 月 11 日（星期四）舉辦的「FRR 實務申報與監控」網絡研討會。本次活動反應熱烈，吸引了眾多客戶及來賓出席，我們深感榮幸。 本次研討會由我們的專業團隊成員—— Tommy Chung 與 Ryan Lee 主講，針對「不持有客戶資產」的持牌法團，就如何應對及遵守《財務資源規則》（FRR）分享了寶貴的實務見解。 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 以最高門檻為準 ：資本要求並非按擁有的多個牌照疊加計算；企業必須嚴格滿足其所持牌照中，單一最高的資本門檻要求。 嚴格的 24 小時通知機制 ：若速動資金跌至低於規定金額的 120%，或較上一次申報的金額暴跌超過 50%，企業必須在一個工作天內向證監會（SFC）發出通知。 資產計入有時限要求 ：就受規管活動所產生的應收費用及預付費用只有在未結清期不超過一個月，或在 3 個月內到期的情況下，方可視為速動資產。 持續進行每月追踪 ：即使是每半年申報一次的持牌法團，亦應每月進行內部 FRR 計算，以確保能及時捕捉資金的快速波動，避免隱蔽性違規。 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！ [Seminar Review] Thank You for Participating: Practical FRR Filing Webinar & Key Summary (2026.06) We sincerely appreciate your participation in our recent webinar, "Practical FRR Filing/Monitoring," held on Thursday, 11th June 2026. We are pleased to share that the session received an excellent response, with a strong turnout from both our clients and guests. Led by our team, Tommy Chung, and Ryan Lee , the session offered valuable insights into navigating the Financial Resources Rules (FRR) for licensed corporations that do not hold client assets. Here are the core compliance takeaways from the presentation: 📌 Webinar Key Summary Highest Threshold Governs: Capital requirements do not aggregate across multiple licenses; firms must strictly satisfy the single highest threshold among the licenses they hold. Strict 24-Hour Notifications: Firms must notify the SFC within one business day if liquid capital drops below 120% of the required amount, or plunges below 50% of their last filed return. Time-Bound Asset Rules: Accrued fees which are generated from regulated activities and prepaid expenses only qualify as liquid assets if they are outstanding for one month or less, or fall due within 3 months. Continuous Monthly Tracking: Even semi-annual filers should run monthly internal FRR computations to safely catch rapid capital fluctuations and avoid hidden breaches. We greatly value your insights. If you have any suggestions regarding this training or topics you would like us to cover in future sessions, please feel free to share them with us. We look forward to hosting more insightful presentations for industry participants soon!