APAC Monthly Private Wealth Legal Developments – September 2025

Australia

ASIC remakes managed investment products consideration instrument

ASIC has announced that it has remade ASIC Instrument 2015/847 which governed the pricing of interests in managed investment schemes, other than time-share schemes, registered before 1 October 2013. ASIC Instrument 2025/629 continues the relief available under ASIC Instrument 2015/847 with minor changes which:

• simplify the requirements to document exercises of discretion affecting the pricing of interests;
• reduce the level of prescription in the instrument's provisions; and
• provide that schemes with interests quoted on a financial market operated by Cboe Australia Pty Ltd may rely on the relief.

Relief was extended to schemes with interests quoted on a financial market operated by Cboe Australia Pty Ltd in response to consultation feedback that the instruments should be drafted in a more market-neutral manner. [29 Sep 2025]

ASIC: Rest Super pays twoinfringementnotices for alleged false or misleading representations

ASIC has announced that Retail Employees Superannuation Pty Ltd (Rest Super) has paid two infringement notices totalling $37,560 which were issued by ASIC for alleged false or misleading representations. From June 2024 until January 2025, Rest Super issued statements to certain members indicating they had death, total and permanent disability and/or income protection insurance in the fund, despite these members not holding such insurance.

The statements issued contained the alleged false or misleading representationsthat Rest Super had a right to activate insurance cover for the members and deduct insurance premiums from the member's superannuation account. Addressing member service failures in the superannuation sector aligns with ASIC's 2024/25 strategic priority to secure better retirement outcomes and members services. [29 Sep 2025]

ASIC outlines approach to breach and complaints data publications

ASIC has published a feedback statement which outlines its approach to publishing two public-facing dashboards containing Internal Dispute Resolution (IDR) andReportableSituations (RS) data.

Following consultation, ASIC has decided to proceed with plans to publish IDR data at firm-level. However, it has decided not to proceed with its initial proposal to publish firm-level RS data; ASIC will instead publish aggregate-level RS data.

While proceeding with plans to publish firm-level IDR data, ASIC has made changes to how the data will be presented, including around complainant privacy, data comparisons, and explanatory material to support contextualisation.

ASIC plans to publish the RS dashboard in October and the IDR dashboard later in 2025. [25 Sep 2025]

ASIC issues DDO stop orders against La Trobe Australian Credit Fund and US Private Credit Fund

ASIC has announced that it has made interim design and distribution obligations (DDO) stop orders against:

• the 12 Month Term Account and 2Year Account products offered under the La Trobe Australian Credit Fund, a registered managed investment scheme operated by La Trobe Financial Asset Management Limited (La Trobe); and
• the La Trobe US Private Credit Fund, a registered managed investment scheme operated by La Trobe.

The orders were made due to deficiencies in the target market determination (TMD) for the funds.

More specifically, in relation to the Australian Credit Fund, ASIC is concerned that the target market for the 12 Month Term Account and 2 Year Account products suggest aninappropriatelevel of portfolio allocation given the risks of the fund, and do not include appropriate distribution conditions. As for the US Private Credit Fund, ASIC is also concerned that the TMD suggests an inappropriate level of portfolio allocation given the risks of the fund, and that it does not adequately specify an investment timeframe for retail clients.

The interim orders prevent La Trobe from dealing in interests giving a product disclosurestatementfor, or providing general financial product advice to, retail clients recommending an investment in the 12 Month Term Account and 2 Year Account products offered under the Australian Credit Fund, and the US Private Credit Fund generally. The orders are valid for 21 days unless revoked earlier. [18 Sep 2025]

ASIC supports innovation through exemptions for distributors of Australian stablecoin

ASIC has announced that it has granted class relief for intermediaries engaging in the secondary distribution of a stablecoin issued by an Australian financial services (AFS) licensed issuer. As and when more issuers of eligible stablecoins obtain an AFS licence, ASIC will consider extending the above relief to intermediaries distributing those stablecoins.

The first-of-its-kind relief exempts intermediaries from the requirement to hold separate AFS,Australianmarket, or clearing and settlement facility licences when providing services related to stablecoins issued by an AFS licensee. Intermediaries benefiting from this relief must make the exempt stablecoin's product disclosure statement available to their clients (where an issuer has prepared a Product Disclosure Statement).

The relief instrument – ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025-631 – will take effect once registered on the Federal Registration of Legislation. ASIC's explanatory statement is also available. [18 Sep 2025]

ASIC issues new legislative instrument to facilitate digital disclosures

ASIC has announced the making of a new legislative instrument to continue relief provided for digital disclosures. The instrument consolidates the relief previously provided in ASIC Corporations (Facilitating Electronic Delivery of Financial Services Disclosure) Instrument 2015/647 and ASIC Corporations (Removing Barriersto Electronic Disclosure) Instrument 2015/649 (the electronic disclosure instruments), which will sunset on 1 October 2025.

ASIC assessed that the relief was operating effectively and continues to form a necessary part of the legislative framework, but made minor amendments to the relief to update references. The relief under Instrument 2015/649 has been extended to a Cash Settlement Fact Sheet ensuring consistency with other financial services disclosures. The new instrument will expire on 1 October 2030. [18 Sep 2025]

ASIC and APRA host superannuation CEOs to discuss high-risk superannuation switching

APRA and ASIC have released public notes from the Superannuation CEO roundtable held on 27 August 2025, attended by ten superannuation trustee CEOs that manage the majority of superannuation platform products. Attendees discussed issues related to high-risk superannuation switching models and the urgent need to lift practices to prevent future harm to investors and consumers. Other topics discussed included:

• the impact of the Shield Master Fund and First Guardian Master Fund matters on the superannuation system, including the potential for them to weaken confidence in the system;
• trustees' responsibilities under the SIS Act;
• trustees' oversight of advice fee deductions;
• possible steps for trustees' to improve governance, risk detection and adviser monitoring;
• the tools being used to identify anomalies; and
• the need for industry collaboration, shared standards, and real-time data to best protect members and address systemic risks. [18 Sep 2025]

AFMA makes changes to repurchase agreements conventions

The Australian Financial Markets Association (AFMA) has advised its members and marketparticipantsgenerally that its repurchase agreements committee (Repo Committee) has voted to adopt various changes to its Repo Conventions. The new conventions and amendments are to take effect from 16 September 2025. The changes include:

• amendments to define 'evergreen repos' and 'extendable repos' so that the definitions are more consistent with the European Repo and Collateral Council (ERCC) definitions (sections 2.4 and 2.5);
• amendments to the definition of general collateral (GC1) to remove the adjective 'actively traded' because it is not necessary (section 3.1.1);
• the adoption of a convention to provide high-level guidance for market participants with marked-to-market considerations with substitutions (section 3.7); and
• the adoption of an addendum to the conventions to clarify what is required from market participants when applying for a settlement extension from the Reserve Bank Information and Transfer System (RITS) (addendum 3). [15 Sep 2025]

FSC Policy Update – Issue 86: Key developments across financial services

The Financial Services Council (FSC) has released Issue 86 of the FSC Policy Update, which outlines recent legislative and regulatory changes affecting the financial services industry. It covers updates in superannuation, investments, financial advice, tax, technology, and innovation. The issue highlights what is shaping the sector and provides links to detailed insights on each topic. [12 Sep 2025]

ASIC to remake financial advice relief instruments

ASIC has made a new legislative instrument that continues the relief provided under the following three financial advice-related instruments that are due to sunset on 1 October 2025:

• ASIC Corporations (Advertising by Product Issuers) Instrument 2015/539
• ASIC Corporations (General Advice Warning) Instrument 2015/540
• ASIC Corporations (Financial Services Guides) Instrument 2015/541

The relief provided helps reduce compliance burdens for AFS licensees when givinggeneraladvice, particularly in advertisements and expert reports. For example, Instrument 2015/539 exempts product issuers from needing an AFS licence for general advice in ads, provided the ad includes a disclaimer, while Instrument 2015/540 allows verbal general advice warnings instead of written ones. Instrument 2015/541 exempts experts from providing a Financial Services Guide when giving general advice in a report included in a disclosure document. [11 Sep 2025]

ASIC granted leave to appeal Block Earner decision

The High Court of Australia has granted the ASIC special leave to appeal a decision involving Block Earner, a crypto-related financial services provider.

BlockEarner, trading as Web3 Ventures Pty Ltd, offered a product called Earner, which allowed consumers to earn fixed returns by lending crypto-assets. ASIC alleged that this product was a financial product under the Corporations Act 2001 and should have been offered under a financial services licence.

In February 2024, the Federal Court found that Block Earner had engaged in unlicensed financial services conduct when offering the Earner product. However, the court dismissed ASIC's claims regarding another product, Access, and later relieved Block Earner from paying penalties for the Earner product. ASIC appealed the penalty relief decision, while Block Earner cross-appealed the finding that it needed a licence. In April 2025, the Full Federal Court found in favour of Block Earner, dismissing ASIC's appeal and allowing Block Earner's cross-appeal.

ASIC is now seeking clarity from the High Court on what constitutes a financialproduct, especially in cases involving interest-earning crypto products and asset conversion mechanisms. ASIC argues that the definition of financial product is meant to be broad and technology-neutral, and that clarification is in the public interest. The High Court will hear the appeal on a date yet to be set. The outcome could have wide implications for how crypto-related offerings are regulated in Australia. [5 Sep 2025]

ASIC: Financial firm fined for market gatekeeper failures

ASIC has announced that a financial services firm operating in Australia has been fined $3.88 million by the Market Disciplinary Panel (MDP) for failing to prevent suspicious trading activity on the ASX 24 Market. The penalty follows an investigation by ASIC.

Between May 2023 and February 2024, two clients of the firm placed 33 suspicious orders in electricity and wheat futures contracts. These orders were made in the final minutes before market close and were intended to influence the daily settlement price - a practice known as 'marking the close'. ASIC noted that the trades occurred during a volatile period in global energy and wheat markets, partly due to supply issues linked to the Russia–Ukraine war.

Despite being contacted by ASIC five times in 2023, the firm did not take effective action. The MDP found its response inadequate, citing deficiencies in compliance and surveillance systems, as well as poor training and oversight in monitoring client trading activity.

The firm is one of the largest participants in the ASX 24 Market. ASIC Chair Joe Longo said the case highlights the importance of market gatekeepers in maintaining integrity and public confidence. He warned that misconduct in energy and commodity derivatives remains a regulatory priority. This is ASIC's fifth enforcement action in 15 months related to manipulation in electricity and wheat futures markets. [2 Sep 2025]

Hong Kong

SFC and HKMA issue supplemental joint circular to update requirements on intermediaries' VA-related activities

The SFC and the HKMA have issued a supplemental joint circular to intermediaries engaging (or intending to engage) in virtual asset (VA)-related activities, including certain VA dealing services, advisory services, asset management services and/or distribution of investment products with exposure to VAs. This circular updates the requirements under the joint circular issued on 22 December 2023 (see our previous update).

The SFC and the HKMA have conducted a review of the 2023 joint circular in light of market developments and industry feedback, and are introducing some refinements and relaxations to the requirements with a view to facilitating market development while adhering to investor protection. These are set out in the supplemental joint circular, and corresponding updates have been made to the Licensing or registration conditions and terms and conditions for licensed corporations or registered institutions providing virtual asset dealing services and virtual asset advisory services (Appendix 6 of the 2023 joint circular). The updated clean and marked-up versions of these terms and conditions are respectively attached as Appendix A and Appendix B to the supplemental joint circular.

• In April 2025, the SFC issued requirements on staking for licensed platforms and authorised VA funds (see our previous update) and the HKMA issued similar guidanceforauthorisedfinancialinstitutions and subsidiaries of locally incorporated authorised financial institutions (see our previous update). Intermediaries are therefore allowed to provide staking services to their clients subject to complying with the relevant requirements.
• Licensed corporations and registered institutions may now execute trades via the off-platform VA trading services of SFC-licensed platforms.
• The SFC and the HKMA clarify that client subscriptions and redemptions of investment products using VAs or in-kind subscriptions or redemptions of VA funds will not be treated as the provision of VA dealing services. Intermediaries should notify the SFC (and the HKMA, where applicable) of such activities in advance and comply with other relevant requirements.
• The net worth and risk disclosure statement requirements under paragraph 6.2 and 13 of the 2023 joint circular do not apply to clients who are institutional professional investors or qualified corporate professional investors.

The supplemental joint circular also reminds intermediaries to notify the SFC (and the HKMA, where applicable) before making changes to their VA-related activities, and provide the information set out in the circular.

As for activities involving specified stablecoins issued by an HKMA-licensed issuer under the Stablecoins Ordinance, the SFC and the HKMA will issue guidance in the near future.

Separately, the SFC is inviting tenders for providing system implementation services of a VA trade surveillance system. [30 Sep & 3 Oct 2025]

SEHK launches consultation on proposed enhancements to structured products listing framework

The Stock Exchange of Hong Kong Limited (SEHK) has published a consultation paper to seek market feedback on proposed amendments to the listing regime for structured products under Chapter 15A of the Listing Rules. The consultation period will run for six weeks, closing on 11 November 2025.

The proposals are aimed at ensuring that the structured product listing framework is fit for purpose and globally competitive. It is hoped that the proposals will foster continued product innovation and enhance market efficiency, while upholding robust standards of market quality and investor protection.

The key proposals aim to achieve three objectives:

1. Increasing market competitiveness, for example:

• Lowering the minimum issue price requirement for derivative warrants from HK$0.25 to HK$0.15, and removing the minimum issue price for callable bull/bear contracts;
• Changing the eligibility threshold for an exchange traded fund as underlying security for structured products issuance to at least HK$1 billion of assets under management, from at least HK$4 billion of public float capitalisation, over a 60-day qualifying period;

2. Enhancing market quality and investor protection, for example:

• Raising the minimum net asset value requirement for issuers from HK$2 billion to HK$5 billion and mandating that issuers be regulated entities;
• Mandating investment grade ratings by all credit rating agencies from which credit ratings are sought (the credit rating requirement may be fulfilled by the issuers, guarantors or their respective holding companies);
• Mandating the minimum service level for liquidity provision specified in the listing documents to comply with minimum service levels as published by the SEHK from time to time;

3. Elevating market efficiency, for example:

• Removing the requirement to publish launch announcement and streamlining listing document for further issues of structured products to reduce issuers' administrative burden without compromising the amount of information available to investors. [30 Sep 2025]

SFC appoints Interim Head of Investment Products

The SFC has appointed Ms Alexandra Yeong, Senior Director of Investment Products, as Interim Head of Investment Products with effect from 1 November 2025, pending the appointment of a new Executive Director to head the Investment Products Division. This was necessary given that the current Head of Investment Products, Ms Christina Choi, will assume the role of Executive Director of Corporate Finance from 1 November 2025.

Ms Yeong joined the SFC in 2007 and worked in the Supervision of Markets Division and the Corporate Finance Division prior to being transferred to the Investment Products Division. She was promoted to her current position in 2017 to direct investment products activities including the review of the Codeon Unit Trusts and Mutual Funds, supervising assessments on collective investment schemes, and formulating policy work relating to investment products. [30 Sep 2025]

HKEX publishes Compliance Bulletin (Issue no. 15) reminding participants of obligations relating to deposit of securities and usage of COCA

The HKEX has published the 15th issue of its Compliance Bulletin to remind participants of the following requirements:

• Hong Kong Securities Clearing Company Limited (HKSCC) participants' obligations in relation to the deposit of securities – The HKSCC circular of 6 August 2025 reminded participants in relation to such obligations (see our previous update). HKSCC participants should implement robust control measures to ensure that all deposit orders are properly verified for authenticity and eligibility.
• Usage of Client Offset Claim Account (COCA) – The HKEX notes that during its ongoing monitoring of clearing participants' activities, it was observed that some participants of the HKFE Clearing Corporation Limited and the SEHK Options Clearing House Limited had misunderstood certain requirements and displayed inappropriate usage of the COCA. The attachment to the compliance bulletin explains the relevant COCA requirements, highlights common deficiencies observed, and provides clarifications to frequently asked questions.

The HKEX notes that the requirements and examples set out in the compliance bulletin are not exhaustive. Participants should take into consideration their own circumstances to ensure full compliance with the relevant rules and requirements, and seek their own professional advice on their specific situations where appropriate.

The HKEX strongly advises participants to review their current set up and implement appropriate measures to strengthen their controls. Where necessary, they should take appropriate action to address any potential rule breaches or deficiencies. [30 Sep 2025]

OTC Clear reminds clearing members of payment obligations and strongly recommends review of existing procedures

The OTC Clearing Hong Kong Limited (OTC Clear) has issued a circular to remind clearing members of the importance of having proper risk management and robust funding arrangements in place to adequately monitor their exposure and fulfill their OTC Clear payment obligations on time.

As a best practice, members should have in place established procedures to project the amount of payment obligations to OTC Clear and arrange sufficient funding to meet such requirements in a timely manner. Clearing members should refer to the Clearing Procedures provisions highlighted in the circular as well as the summary of payment obligations set out in the Appendix to the circular.

Failure to adhere to settlement timelines constitutes an event of default, the consequences of which include disciplinary proceedings and/or disciplinary actions, which may lead to suspension of membership and/or imposition of penalties.

OTC Clear strongly advises clearing members to review their existing operational and monitoring procedures and introduce enhancement measures where appropriate. The following are some examples of the areas that should be covered in the review:

• Operational capabilities to perform trade affirmation, contract settlement, portfolio valuation, portfolio reporting and system linkage with an Approved Trade Registration System;
• Adequate risk management systems;
• Contingency and business continuity plan, such as back up sites and system connection resilience; and
• Back-up staff arrangements. [30 Sep 2025]

SFC reprimands and fines licensed corporation HK$2.1 million for mishandling of client money

The SFC has reprimanded and fined Roofer Securities Limited (Roofer) HK$2.1 million for regulatory breaches relating to mishandling of client money.

Following a referral by the HKEX, the SFC conducted an investigation, which found that between 8 February 2021 and 7 July 2022, there were 12 incidents where Roofer had failed to maintain sufficient funds in its segregated client account. On one occasion, the shortfall in the client account reached HK$15.5 million. These incidents were the result of Roofer's use of client money to meet margin calls made (or anticipated to be made) by the HKEX, failure to properly manage its daily online bank transfer limit, and human error on the part of its staff.

The SFC considers that the above constituted breaches of various provisions of the Securities and Futures (Client Money) Rules and the SFC's main code of conduct.

Roofer has taken remedial actions, including enhancing its internal controls and processes and rectifying the under-segregation of client money shortly following each incident. [29 Sep 2025]

SFC and HKMA issue joint circular on concurrent thematic review of intermediaries' distribution of non-exchange traded investment products

The SFC and the HKMA have issued a joint circular announcing the commencement of a new round of concurrent thematic review of intermediaries' distribution of non-exchange traded investment products, with a focus on collective investment schemes (CIS).

The 2024 SFC-HKMA joint product survey, released in September 2025, recorded significant sales growth across all major investment product types, with CIS sales rising by 76% year-on-year.

• The upcoming review will examine selected intermediaries' policies and procedures, systems and controls, and management oversight in the distribution of CIS.
• Key objectives include evaluating compliance with the suitability requirement under the SFC's main code of conduct, including practices relating to product due diligence, suitability assessments, and the provision of information to clients.

HKMA commences consultation with retail banks on proposed framework for< strong>sharing responsibility in relation to losses arising from authorised payment scams

The HKMA's Deputy Chief Executive, Mr Arthur Yuen, has published an inSight article stating that the HKMA has commenced a consultation with retail banks on a proposed framework for sharing responsibility in relation to losses arising from authorised payment scams.

Since the scam transactions are authorised by the customers, the responsibility to verify the transactions lies with the customers to avoid being scammed before giving authorisation. At the same time, the HKMA considers that banks should also have effective anti-scam measures in place to proactively assist customers in protecting themselves from scams. In reality, delineating responsibility for losses in authorised payment scams can be complicated.

Mr Yuen shared some preliminary thoughts regarding the considerations under the proposed framework:

• Whether banks have proactive and effective monitoring systems and control measures in place to help customers identify and prevent scams;
• What responsibility customers should bear; and
• Actual circumstances of the case and the customer's background (for example, whether the customer is an elderly person).

Mr Yuen indicated that the HKMA will have in-depth deliberations with banks during the consultation process, but that a binary or one-size-fits-all approach should be avoided.

He also noted that some jurisdictions have begun to put in place arrangements for determining the responsibility for losses of different parties involved in a scam, but a consistent approach has yet to emerge. Depending on local circumstances, there are various approaches:

• One that only covers unauthorised transactions resulting from phishing scams and states that banks bear no responsibility beyond providing basic reminders, with the loss primarily borne by the customers;
• One that requires banks to bear a portion of the losses resulting from authorised payment scams; and
• One that imposes fines on banks and other responsible parties that fail their scam prevention responsibilities, but does not order compensation to customers. [26 Sep 2025]

HKMA and Mainland regulators launch cross-boundary bond repo business

The HKMA has announced the launch of the cross-boundary bond repurchase (repo) business, which it has jointly advocated with the People's Bank of China, the China Securities Regulatory Commission and the State Administration of Foreign Exchange. Relevant Mainland financial authorities and regulators have jointly issued the "Notice to Further Supporting Overseas Institutional Investors in Conducting Bond Repo Business in China's Bond Market". This initiative was highlighted by Mr Eddie Yue (Chief Executive of the HKMA) in his keynote speech at the Treasury Markets Summit 2025.

Under the new policy measure, all overseas institutional investors already investing in the onshore bond market, including Bond Connect investors, will be allowed to participate in the onshore repo business and remit RMB liquidity obtained for offshore use. It is expected to provide more stable liquidity support for Hong Kong's offshore RMB market, and effectively lower the RMB funding cost.

This measure follows the HKMA's launch of the offshore RMB repo business in February 2025 (see our previous update regarding recent enhancements).

The cross-boundary repo and offshore RMB repo businesses will complement each other in addressing offshore investors' needs of asset allocation and liquidity management. It will help activate offshore investors' onshore bond holdings and further enhance the attractiveness of onshore bonds, thereby promoting the use of RMB as an investment and funding currency in the international markets. [26 Sep 2025]

HKEX clearing houses remind participants of payment obligations and strongly recommends review of existing procedures

The Hong Kong Securities Clearing Company Limited (HKSCC) has issued a circular to remind clearing participants of the importance of having proper risk management and robust funding arrangements in place to adequately monitor their exposures and fulfil their payment obligations on time.

As a best practice, participants should have in place established procedures and capability to assess the reports needed to project the amount of payment obligations to the HKSCC and arrange sufficient funding to meet such requirements in a timely manner. A summary of the payment obligations and information on cash prepayment are set out in the Appendix to the circular.

Failure to adhere to settlement timelines constitutes an event of default, the consequences of which include default actions and/or disciplinary actions, which may lead to trading suspension, imposition of penalties and/or additional risk management measures.

HKSCC strongly advises clearing participants to review their existing operational and monitoring procedures and introduce enhancement measures where appropriate. The following are some examples of the areas that should be covered in the review:

• Funding estimation and position management procedures for collateral requirements and continuous net settlement obligations;
• Funding arrangement procedures;
• Adequacy of funding and bank facilities, particularly for non-HKD;
• Money and stock settlement procedures;
• Contingency and business continuity plan, such as back up sites and system connection resilience;
• Effectiveness of exposure monitoring;
• Back-up staff and remote access arrangement; and
• Whether contact records are kept up-to-date.

The HKFE Clearing Corporation Limited and the and the SEHK Options Clearing House Limited have issued similar circulars to remind their participants of payment obligations. [23 & 25 Sep 2025]

SFC and HKMA unveil roadmap to advance Hong Kong's vision to become global fixed income and currency hub

The SFC and the HKMA have jointly announcedHong Kong'sRoadmap for the Development of Fixed Income and Currency Markets to position Hong Kong strategically as a global fixed income and currency (FIC) hub by fostering demand, liquidity and innovation.

The roadmap has been formulated in close consultation with industry stakeholders and will guide the policy making and implementation of the SFC and the HKMA to support the growth of Hong Kong's capital markets. It outlines 10 key initiatives across the four pillars:

Pillar 1: Boosting issuance in primary market

• Lead by example through Government bond issuance
• Promote Hong Kong's strengths to issuers and investors in target markets
• Expand investor base including family offices, funds and corporate treasury centres

Pillar 2: Enhancing liquidity in secondary market

• Finalise implementation of over-the-counter FIC derivatives regime
• Facilitate development of a repo central counterparty

Pillar 3: Expand offshore RMB business

• Broaden offshore RMB usage
• Enhance Connect schemes to increase offshore RMB liquidity and RMB-related product offerings

Pillar 4: Next-generation infrastructure

• Future-proof FIC financial market infrastructure
• Support development of next-generation electronic trading platforms
• Facilitate market innovation and implementation of use cases for tokenised FIC products.

Ms Julia Leung (SFC CEO), Dr Kelvin Wong (SFC Chairman) and Mr Eddie Yue (HKMA Chief Executive) have offered their thoughts on the roadmap and Hong Kong's vision to become a global FIC hub. [25 Sep 2025]

HKEX signs MOU with leading carbon exchanges in GBA to advance carbon market ecosystem

The HKEX has signed a memorandum of understanding (MOU) with the Guangzhou Emissions Exchange, the Shenzhen Green Exchange, and the Macao International Carbon Emission Exchange to cooperate in accelerating the carbon markets and green finance ecosystem development across the Greater Bay Area (GBA).

This collaboration aims to foster deeper dialogues and facilitate the exchange of expertise among the exchanges and markets participants, supporting the development of a robust and vibrant green finance ecosystem across Hong Kong and the GBA. It also aims to enhance the connection between the mandatory and voluntary carbon markets in the Chinese Mainland and internationally.

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