Regulatory Cooperation Scope Expanded: Hong Kong SFC and AFRC to Cover Financial and Compliance Reporting of Licensed Institutions and Funds

Odaily News: The Hong Kong Securities and Futures Commission (SFC) and the Accounting and Financial Reporting Council (AFRC) today signed a new Memorandum of Understanding (MoU), expanding the scope of regulatory cooperation to cover 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 the audit and assurance work carried out by relevant auditors. The two parties will also establish a comprehensive framework for information sharing, case referrals, mutual assistance, and coordinated inspections and investigations on regulatory matters of mutual concern.