Australia

ASIC issues infringement notice for alleged misleading performance data

ASIC has announced that a large Australian superannuation fund has paid A$18,780 in response to an infringement notice issued by ASIC for allegedly publishing misleading performance data on its website. The infringement pertains to outdated performance figures regarding the fund’s default product which were displayed as being for the financial year ending June 2022 after 18 July 2023, despite not reflecting the actual performance for the financial year ending June 2023. Payment of this infringement notice does not imply an admission of liability.

ASIC’s Regulatory Guide 53 outlines how performance information should be accurately utilized in promotional materials to avoid misrepresentation. [30 May 2025]

Full Federal Court upheld ASIC appeal concerning BPS Financial’s use of ‘authorised representative’ exemption

The Full Federal Court has ruled that BPS Financial Pty Ltd (BPS) cannot utilize the authorised representative exemption under the Corporations Act for its operation of the Qoin Wallet, a non-cash payment facility. The Court's decision addressed a previous ruling that allowed BPS to remain exempt from holding an Australian Financial Services (AFS) licence while acting as an authorised representative of PNI Financial Services Pty Ltd (PNI). The Court determined that BPS was acting on its own when offering the Qoin Wallet rather than as a representative of PNI, requiring an AFS licence.

The case will now proceed to a penalty hearing. Prior to this ruling, the Court established that BPS had engaged in unlicensed conduct and made misleading statements regarding the Qoin Wallet, which has been prominently marketed as a method for customers to transact using a digital currency called Qoin. As of 30 September 2022, BPS issued over 93,000 Qoin Wallets and collected more than $40 million in Qoin token sales. This decision reinforces regulatory expectations that financial products must be issued by entities holding the requisite licenses, providing protection to consumers involved in financial transactions. [30 May 2025]

ASIC seeks feedback on proposal to provide specific relief for AFS licensees regarding basic deposit and general insurance products

ASIC is seeking feedback on its proposal to remake the ASIC Corporations (Basic Deposit and General Insurance Product Distribution) Instrument 2015/682 for a further 5 years.

This instrument provides specific relief for AFS licensees to appoint distributors of basic deposit and general insurance products, reducing the regulatory burden by removing certain technical requirements for appointing representatives, encouraging broader availability of these financial products to consumers. ASIC has conducted assessments indicating that this instrument has been operating efficiently and remains a critical component of the legislative framework. The instrument is currently scheduled to end on 1 October 2025.

Feedback to ASIC's proposal is requested by 25 June 2025. [28 May 2025]

APRA and ASIC release notes on Superannuation CEO Roundtables

In April 2025, APRA and ASIC jointly hosted two Superannuation CEO Roundtables, bringing together 15 chief executives from across the superannuation sector.

The discussions focused on the Financial Accountability Regime (FAR), a key regulatory initiative aimed at enhancing governance and accountability within financial services.

The regulators noted encouraging signs of industry preparedness, including proactive registration of accountable persons. CEOs acknowledged the importance of clearly defined responsibilities, governance structures, and succession planning. They also discussed the value of scenario testing to clarify accountability handovers and align key performance indicators with FAR obligations.

The roundtables highlighted how FAR is driving cultural and behavioural change, fostering collaboration, and improving understanding of non-financial risks. Participants shared strategies for embedding FAR into organisational culture, such as through town halls and performance reviews.

While supportive of FAR’s objectives, CEOs also raised concerns about regulatory complexity and called for simplification to better manage overlapping compliance demands. [23 May 2025]

ASIC imposes independent compliance consultant on Kalkine’s licence conditions

ASIC has imposed new licence conditions on Kalkine Pty Limited, ordering it appoint an independent compliance consultant to address concerns that Kalkine’s customer service representatives were giving unlicensed advice.

Kalkine is a Sydney-based financial services group which provides equity research reports through a subscription service available on its website. ASIC had concerns that its representatives, based in India, may have provided personal advice as part of the sale of subscription services in circumstances where Kalkine’s Australian financial services licence only authorised it to provide general financial product advice. In particular, ASIC provided that Kalkine’s representatives may have misrepresented to customers the kind of advice being given; qualifying it as general advice but leaving customers with an impression that the advice was directed to their personal circumstances.

Kalkine agreed to the new licence conditions. If shortfalls are identified, the independent compliance consultant will make recommendations to address the deficiencies, which must be implemented by Kalkine. [23 May 2025]

ASIC commences legal proceedings against Snaffle for alleged violations of the NCC

ASIC has commenced civil proceedings in the Federal Court of Australia against Walker Stores Pty Ltd, trading as Snaffle, over alleged breaches of the National Credit Code (NCC), under the National Consumer Protection Act 2009 (Cth).

ASIC claims that Snaffle structured its consumer lease agreements in a way that concealed the true cost of credit, resulting in customers being charged significantly more than the legal limit. This follows a recent review by ASIC of consumer leases, which found instances of customer harm and providers at risk of breaching consumer protection law.

ASIC alleges that the pricing of consumer goods sold via the Snaffle website involved a company related to Walker Stores purchasing goods from suppliers, increasing the cost of the goods and selling them to a corporate group of which Walker Stores is a part. Walker Stores then increased the cost of goods again and sold them to consumers with interest added on the already inflated price. The NCC provides that a credit provider must not enter into a credit contract if the Annual Cost Rate exceeds 48%, which takes into account fees, interest and charges, and timing of repayments. This practice reportedly led to effective Annual Cost Rates ranging from 60% to 103%, above the 48% cap.

ASIC estimates that up to 40,430 contracts may have been affected by these practices. ASIC is seeking declarations of various breaches of the NCC, pecuniary penalties, injunctions and adverse publicity orders.

The case forms part of ASIC’s broader focus on ensuring transparency and fairness in consumer credit markets, particularly where vulnerable consumers may be exposed to exploitative lending models. [22 May 2025]

ASIC sues home loan manager for failing to adequately support customers experiencing financial hardship

ASIC has filed civil proceedings in the Federal Court against Resimac Limited, a non-bank home loan manager, alleging it failed to adequately support customers experiencing financial hardship.

ASIC claims that between January 2022 and February 2024, Resimac applied a rigid, standardised process to hardship applications, without considering individual customer circumstances. Resimac allegedly requested extensive documentation from all applicants, regardless of whether it was relevant or had already been provided. If customers—many of whom were facing vulnerabilities such as illness, bereavement, or domestic violence—did not supply the full set of documents, their applications were often rejected outright. ASIC argues this approach breached Resimac’s legal obligation to act efficiently, honestly, and fairly under its Australian credit licence.

This is the first time ASIC has taken enforcement action against a credit licensee for its handling of hardship applications. ASIC is seeking penalties, declarations, and adverse publicity orders. The case follows ASIC’s 2023 review of ten lenders, which found widespread shortcomings in how financial institutions respond to hardship requests. ASIC Deputy Chair Sarah Court emphasized that lenders must avoid 'cookie-cutter' approaches and instead provide tailored support to customers in distress. [21 May 2025]

AUSTRAC releases revised draft of the AML/CTF Rules for public consultation

The AUSTRAC has released a second exposure draft of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act), the main piece of legislation that regulates its functions.

Following the first consultation phase in late 2024, key updates in the second exposure draft include:

  • Expanded provisions for delayed customer due diligence, offering more flexibility in specific scenarios.
  • Greater discretion in appointing lead entities within reporting groups, including clearer guidance for voluntary group formation and the use of holding companies.
  • Refined definitions related to value transfer services and the travel rule, aimed at improving clarity and compliance.
  • New reporting obligations for threshold transactions, suspicious matters, and enrolment and registration information.

This update comes as AUSTRAC intensifies its scrutiny of compliance across the financial sector, including recently ordering an external audit of Mercedes-Benz Financial Services over concerns about its AML/CTF compliance framework, particularly in relation to allegations that Mercedes-Benz:

  • assumed that most of its customers were low risk;
  • had a lack of systems to identify and escalate suspicious matters; and
  • had inadequate transaction monitoring.

The consultation period for the second exposure draft closes on 27 June 2025, and AUSTRAC encourages industry feedback to help shape the final rules. [19 May 2025]

ASIC announces financial reporting and audit focus areas for FY 2025-26

ASIC has released its financial reporting and audit focus areas for the next year. The key takeaways include:

  • Continued focus on areas where significant judgement from preparers of financial reports is required (e.g., revenue recognition, asset valuation and estimation of provisions).
  • Anticipation that ASIC will review an increased number of audit files, with a focus on files where changes have been made to financial information or where a financial report may have a risk of material misstatement.
  • For registrable superannuation entity financial reports, an increased focus on the measurement and disclosure of investment portfolios, marketing and advertising expenses.
  • Sustainability reporting in accordance with AASB S2 Climate-related disclosures.
  • Increased focus on surveillance of auditor independence and conflict of interest obligations.

Separately, ASIC has updated Information Sheet 284 Public companies to include a consolidated entity disclosure statement in their annual financial report (INFO 284). It has been updated to reflect recent legislative amendments that clarify the tax residency disclosure requirements where entities are resident in more than one jurisdiction, as well as where an entity is an ‘Australian resident’ for the purposes of the consolidated entity disclosure statement, including partnerships and trusts. [19 May 2025]

ASIC seeks leave from High Court to appeal Block Earner decision

ASIC is seeking special leave from the High Court of Australia to appeal a recent Full Federal Court decision involving Block Earner, a digital asset service provider. The case centres on Block Earner’s 'Earner' product, which allowed users to earn fixed returns by lending cryptoassets. The Full Federal Court ruled that this product was not a financial product under Australian law, overturning an earlier Federal Court decision that found Block Earner had engaged in unlicensed financial services conduct.

ASIC is pursuing the appeal to clarify:

  • the legal definition of a 'financial product,' particularly in the context of emerging technologies and cryptoassets; and
  • when interest-earning products and products involving a conversion of assets from one form into another are regulated.

ASIC argues that the current definition of 'financial product' was designed to be broad and technology-neutral, and believes it is in the public interest to ensure consistent regulatory treatment of interest-earning and asset-conversion products. [16 May 2025]

ASIC proposes law reforms for financial advice-related legislative instruments

ASIC is seeking feedback on a proposal to consolidate three legislative instruments related to financial advice into a single instrument and extend it for an additional five years. The current instruments are due to sunset on 1 October 2025.

The legislative instruments in question are:

ASIC has assessed each legislative instrument as effective and has deemed that each continues to be a necessary part of the legislative framework. Aside from minor changes, the content will largely remain the same.

Submissions are requested by 12 June 2025. [15 May 2025]

Hong Kong

SFC updates acceptable account opening approaches

The SFC has issued a circular to inform intermediaries of its updated acceptable non-face-to-face (NFTF) account opening approaches.

  • Certification services (Existing acceptable approach #2 on the SFC’s designated webpage)

Certification services recognised by the Electronic Transactions Ordinance can be used for client NFTF identity verification. In addition to being employed remotely using smartphones with the near field communication capabilities, more convenient methods for remote onboarding of overseas investors are now available to intermediaries. For example, overseas investors with ePassports in compliance with the standards of the International Civil Aviation Organisation (ICAO) can subscribe to the Personal (Remote) ID-Cert Class 12 issued by Digi-Sign Certification Services Limited for remote onboarding.

Appendix A of the circular sets out the illustrative processes of using certification services to open accounts for overseas investors holding ICAO-compliant ePassports.

  • iAM Smart (An acceptable approach newly included on the SFC’s designated webpage)

The SFC has introduced a new acceptable approach for client identity verification via the iAM Smart platform. The SFC now accepts iAM Smart for NFTF account opening, including both iAM Smart and iAM Smart+ versions. The iAM Smart Sandbox Programme has been launched to facilitate its adoption by financial institutions, encouraging intermediaries to join and explore the relevant resources.

Illustrative processes of the connection to and the adoption of iAM Smart for account opening are set out in Appendix B of the circular.

  • Eligible jurisdictions in the remote onboarding of overseas individual clients (Existing acceptable approach #5 on the SFC’s designated webpage)

The SFC has updated the list of eligible jurisdictions for remote onboarding. The list now includes 15 additional jurisdictions including Argentina, Brazil, France, Germany, Greece, India, Indonesia, Japan, Korea, Luxembourg, Netherlands, New Zealand, Saudi Arabia, South Africa and Turkey. Intermediaries should be aware of domestic regulatory requirements and implement adequate cybersecurity controls to protect client data and accounts from emerging threats. The SFC will continue to monitor technology developments and communicate with the industry on reliable client identity verification methods. [30 May 2025]

SFC publishes FAQ on contract notes, statements of accounts and receipt

The SFC has published an FAQ on contract notes, statements of accounts and receipt, specifically addressing how intermediaries should report holdings under the Single Tranche Multiple Counters (STMC) Arrangement, effective from 30 June 2025. Under this arrangement, trades executed in different currency counters (e.g., HKD and RMB counters) of the same stock are settled under a designated 'domain settlement counter' (typically the HKD counter) in the Central Clearing and Settlement System.

Intermediaries are given flexibility in how they present client holdings in statements of account. They may either:

  • Aggregate holdings across all currency counters and report them under the domain settlement counter (e.g., 300 shares under HKD counter), showing the closing price and market value of one or more counters; or
  • Separate holdings by currency counter (e.g., 100 shares under HKD and 200 under RMB), each with its respective closing price and market value.

This approach ensures transparency while accommodating operational flexibility for intermediaries in reporting multi-counter securities. [30 May 2025]

Government gazettes Stablecoins Ordinance

The Government has gazetted the Stablecoins Ordinance, which seeks to establish a licensing regime for fiat-referenced stablecoins (FRS) issuers in Hong Kong. This follows the passage of the Stablecoins Bill by the Legislative Council on 21 May 2025 (see our previous update), which was tabled before the LegCo in December 2024 (see our previous update).

The Stablecoins Ordinance will come into operation on a day to be appointed by the Secretary for Financial Services and the Treasury by notice published in the Gazette. Upon the Stablecoins Ordinance coming into operation, any person who, in the course of business, issues an FRS in Hong Kong, or issues an FRS that purports to maintain a stable value with reference to HKD in or outside Hong Kong, will need to obtain a licence from the HKMA. [30 May 2025]

HKEX outlines preparation work for transition to USM

The HKEX has provided updated reference materials for market participants and issuers in preparation for the implementation of the uncertificated securities market (USM) regime in 2026. This initiative aims to eliminate the need for paper and manual processes, facilitate straight-through-processing and elevate Hong Kong's financial market infrastructure. USM requirements will apply to new issuers from early 2026, with other prescribed securities transitioning in batches between 2026 and 2030 (see our previous update).

The actions required and corresponding deadlines for new applicants to listing and listed issuers are summarised as follows:

  • For new applicants, prior to their date of listing (if that date falls after the USM implementation date), they should
  • appoint an approved securities registrar (ASR);
  • amend constitutional documents to align with applicable USM legal and regulatory requirements; and

For listed issuers, they should

  • amend constitutional documents to align with applicable USM legal and regulatory requirements within one year of the USM implementation date;
  • announce the latest date by which their prescribed securities will become participating securities (Specified Date) as soon as reasonably practicable and no later than one business day after being notified of the Specified Date.
  • announce their plan for their prescribed securities by including a link to a dedicated webpage on their website as soon as reasonably practicable following the finalisation of their plan; and
  • announce a reminder that their securities will shortly become participating securities no later than 21 business days prior to their securities becoming participating securities.

Upon the full implementation of USM, nearly all Hong Kong-listed securities will be held in uncertificated form. The HKEX has also published an information paper outlining the relevant changes to the Listing Rules and welcomes drafting comments by 30 June 2025. Special transitional arrangements will be in place for the deposit, dematerialisation, and withdrawal of physical certificates prior to the securities becoming participating securities. [30 May 2025]

HKSCC and SEHK announce launch of enhancements to the settlement arrangement for multi-counter eligible securities

The Hong Kong Securities Clearing Company Limited (HKSCC) and the Stock Exchange of Hong Kong (SEHK) have both published circulars to announce the enhancements to the settlement arrangement for multi-counter eligible securities in the central clearing and settlement system (CCASS). Starting June 30, 2025, the enhancement will adopt a single tranche multiple counters arrangement, simplifying the settlement process (see our previous update). This includes converting holdings, unsettled positions, and corporate action instructions to the relevant domain settlement counter. Additionally, a single ISIN will be used for multiple trading counters of the same security, and new stock settlement fees will apply to exchange trades executed from the launch date.

To facilitate the migration, HKSCC will perform several processes on June 28, 2025, including converting stock collateral and outstanding transactions to the domain settlement counter. Clearing Participants (CPs) are required to input the CCASS stock code of the domain settlement counter in their instructions to CCASS from the launch date. A post-release verification will be held on June 28, 2025, to ensure smooth implementation. CPs are encouraged to participate in this verification process and review the provided FAQ and migration samples for adequate preparation. [29 May 2025]

HKMA issues guidance to adhere to the latest version of FX Global Code

The HKMA has issued guidance on steps for authorised institutions (AIs) to follow the latest version of the FX Global Code, published by the Global Foreign Exchange Committee on 24 January 2025. The FX Global Code, originally published in May 2017 and reviewed every three years, sets out global principles for good practices in the wholesale foreign exchange market. The latest update refines five principles to strengthen FX Settlement Risk mitigation and enhance transparency in execution activities and FX data usage.

AIs are expected to:

  • Review their practices and maintain adequate systems of control to ensure continued observance of the FX Global Code; and
  • Renew their Statement of Commitment to the FX Global Code by January 24, 2026.

Additionally, AIs are encouraged to promote the updated FX Global Code to their counterparties and customers. This guidance aims to ensure that AIs align their practices with the updated principles and maintain ethical standards in the FX market. [28 May 2025]

HKMA consults on draft guideline on supervision of licensed stablecoin issuers

The HKMA has published the proposed draft guideline on supervision of licensed stablecoin issuers for consultation. The consultation closes on 30 June 2025.

The Stablecoins Bill was passed by the Legislative Council on 21 May 2025 (see our previous update). The draft guideline was prepared pursuant to section 171(4) of the Stablecoins Ordinance (SO) to set out guidance on the HKMA’s expectations with regard to the minimum criteria in Schedule 2 to the SO which a licensee is required to fulfil on an ongoing basis pursuant to section 24 of the SO.

The draft guideline covers various areas of supervision, including reserve assets management, issuance, redemption, distribution, business activities, financial resources, risk management, corporate governance, and business practices and conduct.

The guideline emphasises the importance of full backing of stablecoins with high-quality, liquid reserve assets, and mandates strict segregation and safekeeping of these assets to protect against claims by other creditors. It also sets out detailed requirements for the issuance and redemption processes to ensure transparency and fairness for stablecoin holders.

Additionally, the guideline addresses the need for robust risk management frameworks, including credit, liquidity, market, technology, operational, and reputation risks. It highlights the importance of corporate governance, requiring clear organisational structures, defined responsibilities, and effective internal control functions; as well as provisions for incident management, business continuity, and exit plans to ensure stability and resilience in the face of disruptions. [26 May 2025]

HKMA publishes consultation paper on proposed AML/CFT requirements for regulated stablecoin activities

The HKMA has published a consultation paper to seek views on the proposed anti-money laundering and countering the financing of terrorism (AML/CFT) regulatory requirements for regulated stablecoin activities. Market participants and other interested parties are invited to submit written comments by 30 June 2025.

This consultation paper was drafted pursuant to the Stablecoins Bill passed by the Legislative Council on 21 May 2025 (see our previous update), which aimed to establish a regulatory regime for supervision of activities involving stablecoins and providing the HKMA with relevant supervisory powers.

The consultation paper emphasises the need for stablecoin issuers to comply with AML/CFT controls due to the potential risks associated with stablecoin activities, such as anonymity and global reach, which can be attractive to illicit actors. For this, the consultation paper includes a host of proposed AML/CFT requirements. The key requirements include:

  • General Requirements: Implement AML/CTF policies; ensure senior management oversight and staff training.
  • Stablecoin Issuance: Conduct customer checks, including verifying wallet addresses; and monitor transactions involving unhosted wallets more closely.
  • Stablecoin Redemption: Apply similar customer checks as for issuance; and verify ownership of wallets.
  • Ongoing Monitoring: Use systems to detect and report suspicious transactions.
  • Stablecoin Transfers: Follow special rules for virtual asset transfers to ensure compliance.
  • Additional Measures: Monitor secondary markets to prevent illicit use of stablecoins.

The AML/CFT requirements for stablecoin issuers are set out in full in the draft guideline.

Additionally, the HKMA is developing additional AML/CFT guidelines for digital asset activities, such as offering stablecoins and providing custodial services. These guidelines will apply to authorised institutions and licensed persons involved in regulated stablecoin activities. The HKMA will reference guidelines from the SFC to ensure consistent regulation across financial institutions. The HKMA plans to consult with relevant financial sectors later in 2025 to finalise these guidelines. [26 May 2025]

SFC welcomes IOSCO’s statement on combatting online scams

The SFC welcomes the International Organisation of Securities Commissions’ (IOSCO) call upon online platform providers to collaborate with regulators to combat the rising threat of sophisticated online scams targeting retail investors. A significant concern is the increase in impersonation scams, which have been on the rise in Hong Kong and globally, and are a major focus of the SFC’s efforts in protecting and educating investors.

The IOSCO statement urges online platform providers to promptly remove fraudulent content and implement robust anti-scam measures, including user verification and pre-vetting mechanisms. The SFC urges online platform providers to utilise alerts posted on the SFC website and the newly revamped IOSCO International Securities and Commodities Alerts Network (I-SCAN). These tools can assist online platform providers to more effectively and proactively block illegal investment offerings, issue timely warnings and prevent flagged firms from advertising on their platforms.

Ms Julia Leung, the SFC’s Chief Executive Officer and Chair of the IOSCO Asia-Pacific Regional Committee, emphasised the importance of a global coordinated approach among securities regulators in addressing cross-border online scams and safeguarding investors. She also highlighted strong support from securities regulators in the Asia-Pacific region and their eagerness to collaborate closely with platforms providers to combat online scams, as indicated in the recent 50th IOSCO annual meeting (see our previous update). [22 May 2025]

Stablecoins Bill passed by LegCo, with new licensing regime expected to come into effect within 2025 following consultation on and finalisation of detailed regulatory requirements

The Government has welcomed the passage of the Stablecoins Bill by the Legislative Council (LegCo) on 21 May 2025 to establish a licensing regime for fiat-referenced stablecoins (FRS) issuers in Hong Kong. The Bill was tabled before the LegCo in December 2024 (see our previous update).

Upon implementation of the Stablecoins Ordinance (yet to be published as of 5pm Hong Kong time on 23 May 2025), any person who, in the course of business, issues an FRS in Hong Kong, or issues an FRS that purports to maintain a stable value with reference to HKD in or outside Hong Kong, will need to obtain a licence from the HKMA.

  • Satisfy the requirements in areas such as reserve asset management and redemption, including proper segregation of client assets, maintaining a robust stabilisation mechanism, and processing stablecoin holders’ requests for redemption at par value with reasonable conditions;
  • Comply with a range of requirements, including those on anti-money laundering and counter-terrorist financing, risk management, disclosure and auditing, and fitness and propriety.

Only specified licensed institutions may offer an FRS in Hong Kong, and only an FRS issued by a licensed issuer may be offered to a retail investor. To prevent fraud and scams, only advertisements of licensed FRS issuances are allowed.

The HKMA will conduct further consultations on the detailed regulatory requirements of the regime in due course. The Stablecoins Ordinance is expected to come into effect within 2025, to allow sufficient time for the industry to understand the requirements under the licensing regime. The regime also provides for a transitional arrangement to facilitate the industry in applying for a licence and making suitable business arrangements.

Following the implementation of the virtual asset trading platform and stablecoins issuers regulatory regimes, the Government will soon launch consultations on virtual asset over-the-counter and custodian services, and promulgate the second policy statement on the development of virtual assets. [21 May 2025]

SFC reminds LCs of expected standards relevant to phishing detection and prevention as well as notification requirements

The SFC has issued a circular to remind licensed corporations (LCs) of the expected standards relevant to phishing detection and prevention and the requirements for notification under its main code of conduct. The SFC has also warned the public of recent phishing incidents.

Several LCs have reported to the SFC that their clients received phishing SMS messages with embedded hyperlinks purportedly sent by the LCs. After clicking the embedded hyperlinks, the clients were lured into entering their account login details. Unauthorised transactions were subsequently conducted over the accounts of the clients, potentially involving market manipulation, resulting in financial losses for the clients.

The SFC takes the opportunity to remind LCs of its 6 February 2025 circular, where it highlighted key observations from its cybersecurity review and set out expected standards (see our previous update). LCs are reminded:

  • Not to send electronic messages (such as emails or SMS messages) with embedded hyperlinks directing clients to their websites or mobile applications to undertake transactions;
  • Not to ask clients to provide sensitive personal information (including login credentials and one-time passwords) via hyperlinks;
  • To send clients regular cybersecurity alerts and reminders, including security reminders against phishing attacks; and
  • To implement an effective monitoring and surveillance mechanism to detect unauthorised access to clients’ internet trading accounts.
  • Inform clients that it will not ask clients to provide sensitive personal information via hyperlinks;
  • Remind clients not to disclose their account login information to any unverified websites, even if they look genuine;
  • Remind clients affected by phishing to report the incidents to the Police where applicable, and alert other clients of the incidents as soon as practicable.

The SFC also reminds LCs that under paragraph 2.1 of Schedule 7 of its main code of conduct, LCs which offer internet trading should put in place proper risk management and supervisory controls, including automated pre-trade controls as well as post-trade monitoring. In addition, LCs should comply with the notification requirements under paragraph 12.5 of the main code of conduct. [21 May 2025]

SFC and HKTR provide updates on implementation of ISO 20022 standard for OTC derivatives reporting

The SFC has issued a circular to inform licensed corporations that the Hong Kong Trade Repository (HKTR) has announced that its system will be ready for the implementation of the ISO 20022 standard for over-the-counter (OTC) derivatives reporting (see our previous update) from 22 September 2025, a week prior to the regulatory implementation date of 29 September 2025. The early system readiness aims to provide a one-week period to facilitate reporting entities' preparation where needed.

  • Reporting entities will have the option to make an early transition to the ISO standard from 22 September 2025 onwards, and begin reporting trades using the ISO standard, while the commencement of mandatory implementation will remain on 29 September 2025.
  • The six-month transitional period starting from the mandatory implementation date for reporting entities to migrate all long-dated legacy trades to the ISO standard will remain in place.
  • Updates to the technical specifications are available on the HKTR website and are explained in the HKTR's announcement attached to the SFC circular. [21 May 2025]

SFC to host broker seminar on 9 June 2025

The SFC will host a broker seminar on 9 June 2025 at its office in Quarry Bay, to (i) share supervisory observations and regulatory updates related to the securities industry; and (ii) engage the securities industry in ongoing discussions.

Licensed corporations are invited to nominate relevant management, supervisory personnel or compliance officers to attend (up to three representatives from each licensed corporation). Seats will first be allocated to the first nominee listed on each enrolment form submitted by the deadline on a first-come, first-served basis. Any remaining seats will be allocated to the second and third nominees on the same basis.

Each licensed corporation should submit one enrolment form via the seminar's enrolment link by 30 May 2025.

The seminar is free of charge and offers 1.5 continuous professional training (CPT) hours to those who attend the full session. [16 May 2025]

PBoC, SFC and HKMA jointly announce enhancements to product types under Swap Connect

The People’s Bank of China (PBoC), the SFC and the HKMA have jointly announced plans to broaden the product offering under the Swap Connect to facilitate the high-level opening-up of the Mainland's financial markets. The HKEX has welcomed the joint announcement.

Launched on 15 May 2023, the Swap Connect is part of the ongoing national strategy to progressively open the Mainland’s financial markets. Since its launch, the transaction volume has steadily increased, with 20 Mainland dealers and 79 offshore investors participating as of the end of April 2025. In May 2024, the Swap Connect was enhanced to provide more flexibility for offshore institutional investors to manage interest rate risk, and strengthen the appeal of RMB assets to offshore investors (see our previous update).

After assessing the operational experience of Swap Connect and feedback from Mainland and offshore investors, the PBoC, the SFC and the HKMA plan to further enrich the product types under Swap Connect:

The tenor of interest rate swap contracts will be extended to 30 years to meet the diverse risk management needs of market institutions; and

The product scope of Swap Connect will be expanded by including interest rate swap contracts using the Loan Prime Rate as the reference rate.

Relevant financial infrastructure operators in the two markets will roll out these enhancement measures progressively. [15 May 2025]

SFC builds regional consensus on regulatory collaboration to combat online scams at IOSCO annual meeting

At the 50th International Organization of Securities Commissions (IOSCO) annual meeting in Doha, Qatar, the SFC led Asia-Pacific securities regulators to reach an agreement on closer collaboration to combat online investment scams.

Chaired by the SFC’s Chief Executive Officer, Ms. Julia Leung, the IOSCO Asia-Pacific Regional Committee (APRC) met to discuss emerging trends and risks faced by capital markets in the region, including the prevalence of deepfake-driven online investment scams and the growing phenomenon of finfluencers.

Representing the APRC, Ms Leung addressed IOSCO members during the Presidents Committee meeting on key regional initiatives aimed at fostering closer cooperation. She also participated in the IOSCO-OECD roundtable, reaffirming the Asia-Pacific region’s unwavering commitment to jointly tackle online scams.

The SFC delegation also included Ms Christina Choi, Executive Director of Investment Products and Chair of the IOSCO Committee on Investment Management. She participated in a panel discussion on navigating private finance, sharing insights on the key areas of risk and regulatory concerns related to growing retail investment in private markets and assets, as well as the work of the IOSCO in addressing such risks and concerns.

In addition, the SFC delegation held bilateral meetings with regulatory counterparts and met with a broad group of industry representatives from the Middle East, Asia Pacific, Europe, North America and Africa.

On the sidelines of the IOSCO annual meeting, the SFC took the opportunity to enter into separate memoranda of understanding (MoUs) with the Financial Services Regulatory Authority of Abu Dhabi Global Market, the Central Bank of Ireland, and the Ontario Securities Commission of Canada to lay the foundation for facilitating cross-border industry collaboration and access to new markets (see below in relation to each MoU). [15 May 2025]

SFC and FSRA of ADGM enhance regulatory cooperation on supervision of cross-border investment management activity

The SFC and the FSRA of the Abu Dhabi Global Market (ADGM) have signed a memorandum of understanding (MoU) to enhance cooperation on supervision of investment managers of collective investment schemes based in either market. The MoU was entered into on the sidelines of the annual general meeting of the International Organisation of Securities Commissions in Doha, Qatar.

The MoU provides for a framework for consultation, cooperation and exchange of information in connection with supervision and oversight of regulated entities that engage in fund management, investment management or advisory activity on a cross-border basis.

Ms Leung highlighted the significance of the MoU in promoting regional market connectivity between Hong Kong and the Middle East and deepening the regulatory cooperation between the SFC and the FSRA, in particular collaborations on investment delegation and fund offerings through master-feeder structure.

The MoU builds on the high-level meeting held between the SFC and the FSRA on 27 May 2024 (see our previous update here). [15 May 2025]

SFC and CBI enter into MoU on mutual recognition of funds

The SFC and the Central Bank of Ireland (CBI) have entered into a memorandum of understanding (MoU) on mutual recognition of funds, to allow the distribution of eligible Hong Kong and Irish public funds in each other’s market through a more streamlined process. This agreement serves as an updated cooperation framework following the two regulators’ MoU in 1997 on the supervision of cross-border investment management activities.

The updated framework provides for the cross-border offering of eligible Hong Kong public collective investment schemes in Ireland for the first time, and of Irish undertakings for collective investment in transferable securities that meet specific criteria to be authorised by the SFC for sale in Hong Kong under an expedited approval process. Eligible simple funds domiciled and regulated in Ireland may be processed under the SFC’s FASTrack (Fund Authorisation Simple Track) approach, where the SFC undertakes to complete authorisation within 15 business days.

Details of the mutual recognition of funds arrangement are available in the SFC's circular (Annex A - B) and the CBI's circular.

The SFC has published the following in relation to the authorisation of Irish funds under the mutual recognition of funds arrangement:

SFC and Canada’s OSC deepen cooperation on cross-border investment management supervision

The SFC and the OSC of Canada have signed a memorandum of understanding (MoU) to enhance cooperation on the supervision of investment managers of collective investment schemes operating in either jurisdiction. The MoU was entered into on the sidelines of the annual general meeting of the International Organisation of Securities Commissions (IOSCO) in Doha, Qatar.

The scope of cooperation encompasses consultation, exchange of information and discussion on matters of mutual supervisory interest, but does not include assistance requested or rendered for the purpose of taking enforcement actions, which should be conducted in accordance with the IOSCO's relevant multilateral arrangements.

Following signing of the MoU, the SFC has included Ontario of Canada on its list of acceptable inspection regimes. The inclusion will facilitate OSC-licensed managers in providing investment management services in respect of SFC-authorised funds. [13 May 2025]

SFC reprimands and fines licensed corporation HK$2 million for margin lending-related failures and suspends RO (also MIC) for five months and two weeks

The SFC has reprimanded and fined Sino-Rich Securities & Futures Limited (Sino-Rich) HK$2 million for deficiencies in its margin lending policy and practices. It has also suspended the licence of Mr Budihardjo Wilhelm Soeharsono, a responsible officer (RO) and a manager-in-charge (MIC) of Sino-Rich, for five months and two weeks. The SFC considers that Sino-Rich’s failures were attributable to Mr Budihardjo’s failure to discharge his duties as an RO and a member of the senior management of Sino-Rich.

The SFC investigation found that between 1 December 2017 and 30 September 2019, Sino-Rich had, in breach of various provisions of the SFC's main code of conduct, failed to:

  • Adequately document its margin lending policy and the circumstances in which deviation from the policy may be approved;
  • Strictly enforce a requirement to use objective proof of net income or net worth as a reference for setting credit limits; and
  • Implement a margin lending policy framework that requires deviations from its margin lending policy to be supported by written explanations.

Both Sino-Rich and Mr Budihardjo were previously disciplined by the SFC in 2021 for failing to comply with anti-money laundering and counter-terrorist financing regulatory requirements when handling cash deposits and third-party fund transfers (see our previous updates in March and July 2021). Mr Budihardjo was also disciplined by the SFC in 2009 for failing to properly and actively monitor clients’ trading activities as an RO and senior management of another firm. The SFC noted that but for Sino-Rich’s financial position and cooperation in resolving the SFC’s concerns, it would have imposed a HK$3.5 million fine in the present case. [12 May 2025]

Pre-trial review fixed for prosecution of finfluencer for unlicensed advising on securities

The SFC has announced that the Eastern Magistrates’ Court has set down 24 July 2025 for a pre-trial review of the prosecution against Mr Chau Pak Yin (previously known as Chau Kin Hei), a financial influencer (finfluencer) after he pleaded not guilty to advising on securities without a licence under the Securities and Futures Ordinance.

The SFC alleged that between 16 April and 14 May 2021, Mr Chau carried on a business of advising on securities in Hong Kong (by hosting a chat group on Telegram) without an SFC licence and without reasonable excuse. [8 May 2025]

SFC senior executives visit Abu Dhabi and Dubai to promote collaboration on virtual assets

The SFC's Executive Director of Intermediaries, Dr Eric Yip, and Director of Intermediaries & Head of Fintech unit, Ms Elizabeth Wong, met with regulatory counterparts and the Web 3 industry in Abu Dhabi and Dubai of the United Arab Emirates (UAE) during the week commencing 28 April 2025 to exchange virtual asset-related insights and experiences. The meetings align with the SFC's broader policy to deepen its overseas networks and explore collaborative cross-border opportunities.

The regulatory counterparts included senior executives of the Securities and Commodities Authority of the UAE, the Financial Services Regulatory Authority of the Abu Dhabi Global Market, the Dubai Financial Services Authority, and the Virtual Assets Regulatory Authority of Dubai. The parties discussed evolving approaches to regulation of virtual assets and experience in supervising firms operating in the sector, in line with the SFC’s objective of promoting fit-for-purpose policymaking under the ASPIRe roadmap (see our previous update).

In meetings with the Web3 industry, leading stakeholders stressed the need for regulatory clarity and consistency to support the industry’s development, highlighting the importance of balanced regulation that supports growth and mitigates systemic vulnerabilities. [6 May 2025]

SFC gazettes amendments to subsidiary legislation to facilitate fully electronic subscription process for public offerings

Pursuant to its consultation conclusions published on 24 January 2025 (see our previous update), the SFC has gazetted amendments to the Companies (Exemption of Companies and Prospectuses from Compliance with Provisions) Notice to remove the exemption permitting mixed media offers with effect from 27 June 2025, to facilitate a fully electronic subscription process for public offerings. [2 May 2025]

SFC proceeds with position limit increases for key stock index derivatives following consultation

The SFC has published the conclusions to its consultation (see our previous update) on the proposed increases of position limits for exchange-traded derivatives based on the three major stock indices in Hong Kong, namely the Hang Seng Index, Hang Seng China Enterprises Index and Hang Seng TECH Index. Under the proposal, the position limits for the futures and options contracts of such indices will be increased by 50%, 108% and 43% respectively to 15,000, 25,000 and 30,000 position delta.

Respondents to the consultation (which ended on 28 March 2025) have shown strong support for the proposal, noting that the changes will facilitate market liquidity, hedging efficiency and further market growth. The SFC will proceed to implement the proposal after considering the feedback, the historical and potential market growth, as well as utilisation of the limits by market participants. To this end, it will amend the Securities and Futures (Contracts Limits and Reportable Positions) Rules, as well as the Guidance Note on Position Limits and Large Open Position Reporting Requirements.

Subject to the legislative process, the new position limits are expected to take effect in July 2025. The SFC has gazetted the amendments to the Securities and Futures (Contracts Limits and Reportable Positions) Rules, which are proposed to take effect on 2 July 2025. [30 Apr & 2 May 2025]

Singapore

MAS response to feedback – Proposed DTSP Regime

MAS has published its response to feedback received on proposed regulatory approach, regulations and notices for DTSPs issued under the Financial Services and Markets Act 2022.  [30 May 2025]

MAS consults on proposed revisions to financial advertisement requirements under FAR

MAS has published a consultation seeking feedback on the proposed removal of exclusions from financial advertising requirements under the Financial Advisers Regulations (FAR).

Responses are requested by 5 June 2025. [6 May 2025]

Malaysia

SCM MD delivers keynote speech at family office summit

MAS has published its response to feedback received on proposed regulatory approach, regulations and notices for DTSPs issued under the Financial Services and Markets Act 2022. [30 May 2025]

MAS has published a consultation seeking feedback on the proposed removal of exclusions from financial advertising requirements under the Financial Advisers Regulations (FAR).

Responses are requested by 5 June 2025. [6 May 2025]

The SCM has published a speech by its Managing Director (MD), Datin Paduka Azalina Adham, delivered at the Single Family Office (SFO) summit. The theme of the summit was ‘Unlocking Family Capital for Long-Term Growth and Sustainability’, which the MD noted was 'in line with the SCM’s commitment and effort to attract high-quality capital, to broaden the investor base into Malaysia and to deepen the capital market through tailored wealth solutions'. She also highlighted that:

  • the SCM has been working closely with key stakeholders, as well as market players, to develop a set of targeted incentives for the SFO Scheme to attract both local and international family offices;
  • the SFO Tax Incentive Framework, announced in September 2024, reflects Malaysia’s ambition to be an attractive hub for wealth management and sustainable investment; and
  • the presence and growth of SFOs in Malaysia promises significant benefits - not just in terms of returns, but also in terms of supporting the broader economic development. [22 May 2025]

SCM issues scam alert

The SCM has cautioned the public regarding an impersonation scam. Perpetrators of the scam falsely claim that individuals are 'under investigation' by the SCM for market offences such as insider trading and market manipulation. Victims are then pressured into paying a 'guarantee deposit' to avoid alleged legal action, including arrest or prosecution.

The SCM reminds the public that it does not endorse any investment schemes, solicit monies from the public or demand deposits in any form for regulatory investigations. [8 May 2025]

SCM consults on proposed framework for tokenised capital market products

The SCM has published a consultation paper on a proposed framework for tokenised capital market products. The proposed framework seeks to enable the broader exploration of distributed ledger technology (DLT) in capital markets, particularly use cases that enable programmable assets, fractional ownership, improved transparency and efficiency in record keeping, while ensuring investors’ protection. Key areas for feedback include:

  • additional obligations – including enhanced disclosure requirements, governance controls and record and registry requirements;
  • technology risk management – compliance with the SCM’s Guidelines on Technology Risk Management; and
  • additional requirements for licensed persons dealing in tokenised capital market products.

Responses are requested by 16 June 2025. [6 May 2025]

Thailand

SECT consults on draft G-Token regulations

SECT has published a consultation on proposed principles and draft regulations regarding the offering of Government Token (G-Token) in the primary market as well as other related regulations in respect of operators providing G-Token services in the secondary market.

The regulations aim to leverage financial technology in expanding saving and investment opportunities and promoting greater financial inclusion, with appropriate regulatory oversight, a level-playing field for fair competition, and sufficient mechanisms for investor protection.

Responses to the consultation are requested by 10 June 2025. [27 May 2025]

BoT announces joint project to promote responsible provision of financial promotions by finfluencers

The BoT, the SECT and the Office of the Insurance Commission (OIC) have jointly launched the 'Responsible Voices for Finfluencers' project. The project aims to provide finfluencers in the financial, investment and insurance sectors with the requisite knowledge and ability to disseminate information appropriately to followers. [9 May 2025]

India

SEBI: Measures to strengthen risk monitoring in equity derivatives

The SEBI has decided to put in place various measures aimed at enhancing trading convenience and strengthening risk monitoring in equity derivatives. The proposals will be implemented over a phased timeline. [29 May 2025]

RBI: Annual report 2024/25

The RBI has published its annual report for 2024/25. The report is divided into two parts: (i) The Economy: Review and Prospects, and (ii) The Working and Operations of the RBI.

Part VI of the report covers the activities of the RBI with regard to regulation, supervision and financial stability. It provides full details of the RBI's activities and achievements against the central bank's planned agenda for 2024/25. Looking ahead, the RBI plans to focus on: the rationalisation and harmonisation of regulations across regulated entities; issuing prudential guidelines on climate risk for banks; preparing a framework for responsible and ethical adoption of AI in the financial sector; strengthening liquidity stress tests for scheduled commercial banks (SCBs); and also the migration of urban cooperative banks (UCBs) and non-bank financial companies (NBFCs) to UCBs/NBFCs to risk-based supervision. [29 May 2025]

SEBI: Final settlement day for equity derivatives contracts

SEBI has published a circular that sets out certain measures in respect of the final settlement day / expiry day for equity derivatives contracts. The measures aim to protect the interests of investors and promote the development of the securities market. [26 May 2025]

RBI consults on revised instructions – KYC, inoperative accounts, unclaimed deposits

  • amendments to the instructions on updating Know Your Customer (KYC); and
  • revised instructions in respect of inoperative accounts and unclaimed deposits.

Comments are requested by 6 June 2025. [23 May 2025]

SEBI issues circular on digital KYC for persons with disabilities

SEBI has issued a circular about the accessibility and inclusiveness of digital Know Your Customer (KYC). The circular references the Supreme Court's 30 April 2025 judgement which emphasised the need for equal and accessible financial inclusion of persons with disabilities and directed that the process of digital KYC be accessible to persons with disabilities. SEBI explains that the FAQ on account opening by persons with disabilities has been revised, and directs intermediaries to this guidance. [23 May 2025]

IFSCA Circular on participation of IBUs in international payment systems

The IFSCA has published a circular in relation to participation of IFSC Banking Units (IBUs) in international payment systems. The circular sets out various polices, including:

  • IBUs may participate as/be members of international payment systems for making or receiving payments to/from banks/financial institutions outside the IFSC without prior approval.
  • an international payment system that permits IBUs to make or receive payments among themselves, thereby affecting domestic (i.e. IFSC) transactions, would require authorisation from the Authority under sub-section 1 of section 7 of the Payment and Settlement Systems (PSS) Act, 2007; and
  • IBUs may participate as/be members of international payment systems for making or receiving payments with other IBUs, without prior approval, after being satisfied that such international payment system complies with the condition mentioned in the second point above. [22 May 2025]

SEBI issues warning on stock market scams through social media

SEBI has issued a warning to consumers regarding stock market scams on social media platforms. SEBI has observed that perpetrators create fake profiles that portray them as experts in the securities market, or that impersonate SEBI registered intermediaries, well known public figures, celebrities, or CEOs of established organisations. They exploit investors by showcasing fake testimonials about achieving large profits.

SEBI advises consumers to deal only with SEBI-registered intermediaries and only through authentic trading apps. Consumers should also verify registration using the SEBI website. [21 May 2025]

IFSCA releases framework for co-investment by existing schemes at GIFT IFSC

The IFSCA has published the framework which will facilitate co-investment by venture capital schemes and restricted schemes, paving the way for existing schemes to create special schemes (also known as co-investment schemes or CIVs). The framework defines the structure, objectives and nature of such special schemes.

RBI consults on revision to Directions on regulated entities' investments in AIFs

IFSCA expects that the new framework will strengthen the GIFT IFSC as a global hub of innovation in fund management. [21 May 2025]

The RBI has issued revised draft Directions regarding investment by regulated entities into alternative investment funds (AIFs) for consultation. The key proposals are:

  • A single regulated entity’s contribution to any AIF scheme shall be capped at 10 percent of its corpus. Collectively, a ceiling of 15 percent shall apply for investment by all regulated entities in an AIF scheme.
  • Investments by a regulated entity up to five percent of the corpus of an AIF scheme shall be allowed without any restriction.
  • If the investment by any regulated entity exceeds five per cent of the corpus of the scheme, and if the scheme has a downstream debt investment in a debtor company of the regulated entity (excluding equity shares, compulsorily convertible preference shares and compulsorily convertible debentures), then the regulated entity shall be required to make 100 percent provisions to the extent of its proportionate exposure.
  • The RBI may exempt certain AIFs, in consultation with the Government, that have been set up for strategic purposes.
  • The revised Directions will be applicable prospectively. Existing investments or commitments will follow the extant norms.

Comments on the draft Directions are requested by June 8, 2025. [19 May 2025]

SEBI: Updated investor charter for RTAs

SEBI has published an updated investor charter for registrars to an issue and share transfer agents (RTAs). The modifications are aimed at enhancing financial consumer protection and financial inclusion, and are made in view of the recent developments in the securities market, including the introduction of the Online Dispute Resolution (ODR) platform. Registered RTAs are expected to take the necessary steps to bring the investor charter to the notice of existing and new shareholders. [14 May 2025]

SEBI consults on compliance relaxation for investing in Government bonds

SEBI has published a consultation on measures to facilitate relaxation in regulatory compliances for foreign portfolio investor (FPI) applicants investing only in Indian Government bonds. Responses to the consultation are requested by 3 June 2025. [13 May 2025]

SEBI consults on enabling AIFs to offer co-investment opportunities

SEBI has published a consultation on providing flexibility to alternative investment funds (AIFs) to offer co-investment opportunities to investors within the AIF structure under AIF regulations. It also proposes to remove the prohibition on investment managers of AIFs to provide advisory services in listed securities. Responses are requested by 30 May 2025. [9 May 2025]

SEBI consults on modifications to listing and disclosure requirements for certain securities and instruments

SEBI has published a consultation on proposed amendments to Chapter VII of the Master Circular for listing obligations and disclosure requirements for non-convertible securities, securitised debt instruments and/or commercial paper. Responses are requested by 30 May 2025. [9 May 2025]

IFSCA consults on draft revamped regulatory framework for global access in the IFSC

The IFSCA has published a consultation paper seeking feedback on its draft revamped regulatory framework for global access in the IFSC. The objectives of the revamped framework are:

  • to enhance opportunities for broker-dealers operating in the IFSC to access and participate in various global exchanges;
  • to position the IFSC as a gateway for outbound investments by Indian residents in a regulated manner;
  • to promote ease of doing business by providing more operational flexibility and streamlining norms relating to cross-border trading between the IFSC and global markets;
  • to reinforce the regulatory framework by effectively managing and mitigating risks associated with global market access; and
  • to align the framework with internationally recognised best practices.

Responses are requested by 19 May 2025. [8 May 2025]

Philippines

BSP: SSB guidelines on submission of requests for opinions

The BSP has announced that the Shari’ah Supervisory Board (SSB) in the in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has released guidelines on the submission of requests for Shari’ah opinions.

The SSB issues opinions on Islamic banking transactions and products issued by financial institutions and other stakeholders in the BARMM, and when requested by the BSP, financial institutions, and other stakeholders.

The guidelines outline the procedures for submitting requests for opinion to the SSB, define the scope of matters that may be referred for Shari’ah opinion, and identify eligible requesting parties offering Islamic finance products. [2 May 2025]

Vietnam

SBV: Seminar on banking sector's Action Plan to implement National Strategy on Green Growth

The SBV has published a summary of a seminar that it held to promote the banking sector’s Action Plan to implement the National Strategy on Green Growth for the 2021-2030 period. The seminar also launched the Handbook on Environmental and Social Risk Management System in Credit Granting Activities.

During the seminar, noting the difficulties faced in the implementation of the Action Plan, Deputy Governor Dao Minh Tu expressed his hope that the experts and representatives of the commercial banks would focus on four key areas:

  • the past implementation results of the National Strategy on Green Growth for the 2021-2030 period and the difficulties in the implementation process, especially in terms of the institutional frameworks;
  • identifying investment targets and portfolios, as well as preferential policies and a support roadmap for businesses and green growth;
  • clearly identifying the risks in green credit implementation so that the credit institutions can provide appropriate instructions and methods for their green credit implementation. [21 May 2025]

Taiwan

FSC consults on amendment to Regulations Governing Offshore Securities Branches

The FSC has published a consultation on a draft amendment to Article 9-1 of the Regulations Governing Offshore Securities Branches. The proposal aims to enhance the competitiveness of offshore securities business and facilitate offshore customers’ remittance related operations. Responses to the consultation are requested within 60 days from the day after the publication of the consultation. [1 May 2025]