Hong Kong’s Securities and Futures Commission (SFC) and the Accounting and Financial Reporting Council (AFRC) signed a new memorandum of understanding on Sept. 28, expanding the scope of their regulatory cooperation beyond the financial reporting of listed entities and related audits. The new arrangement now also covers the financial and compliance reporting of licensed corporations, SFC-licensed virtual asset service providers, SFC-authorized funds, and registered open-ended fund companies, as well as audits and assurance work carried out by the relevant auditors. Under the memorandum, the two regulators will put in place a broader cooperation framework that includes information sharing, case referrals, mutual assistance, and coordinated inspections and investigations. The SFC said the move is intended to broaden regulatory coverage, strengthen the quality of financial reporting and market integrity, and reinforce global investor confidence in Hong Kong’s financial regulatory system.
Hong Kong’s Securities and Futures Commission (SFC) and the Accounting and Financial Reporting Council (AFRC) signed a new memorandum of understanding on Sept. 28, widening the scope of their regulatory cooperation.
According to the announcement, the cooperation will expand from the financial reporting of listed entities and related audits to include the financial and compliance reporting of licensed corporations, SFC-licensed virtual asset service providers, SFC-authorized funds, and registered open-ended fund companies, along with audits and assurance work carried out by the relevant auditors.
Under the new memorandum, the two sides will establish a comprehensive framework covering information sharing, case referrals, mutual assistance, and coordinated inspections and investigations.
The SFC said the cooperation is aimed at broadening regulatory coverage, improving financial reporting quality and market integrity, and strengthening global investor confidence in Hong Kong’s financial regulatory system.
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