Hong Kong’s Securities and Futures Commission and the Accounting and Financial Reporting Council have signed a new memorandum of understanding that broadens their regulatory cooperation beyond oversight of listed entities’ financial reporting and related audits. The new arrangement covers financial and compliance reporting by licensed corporations, virtual asset service providers licensed by the SFC, SFC-authorized funds, and registered open-ended fund companies. It also extends to the related audit and assurance work carried out by their auditors. In addition, the memorandum sets out a broader framework for information sharing, case referrals, mutual assistance, and coordinated inspections and investigations on regulatory matters of common concern to both authorities. The move expands the scope of cooperation between the two Hong Kong regulators into areas tied to licensed intermediaries, virtual asset service providers, and fund structures already under the SFC’s remit.
Hong Kong’s Securities and Futures Commission, or SFC, and the Accounting and Financial Reporting Council, or AFRC, signed a new memorandum of understanding on Friday, expanding their regulatory cooperation beyond oversight of listed entities’ financial reporting and related audit work.
The new memorandum covers financial and compliance reporting by licensed corporations, virtual asset service providers licensed by the SFC, SFC-authorized funds, and registered open-ended fund companies. It also covers the related audit and assurance work performed by their auditors.
Under the arrangement, the two regulators also established a broader framework for information sharing, case referrals, mutual assistance, and coordinated inspections and investigations involving regulatory matters of common concern.
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