The Securities and Futures Commission of Hong Kong (SFC) highlighted its key achievements for the year today in its annual report 2020-21. The regulatory authority approved 188 collective investment schemes and 146 unlisted structured investment products for public offering during the mentioned period.
According to an official announcement, SFC’s total number of licensees and registrants jumped to 47,178. The total number of licensed corporations spiked to 3,159. In terms of market surveillance and transparency, SFC made 8,748 requests for trading and account records from intermediaries.
Bank Account Alternative. Business Account IBAN.
The commission mentioned that it has increased its efforts to counter corporate fraud and other misconducts. SFC aims to tackle different online fraudulent schemes in partnership with the Hong Kong Police Department.
Commenting on the latest report, Tim Lui, Chairman of the SFC, said: “Our core mission is to strengthen Hong Kong’s competitiveness and uphold fair and orderly markets in which investors can have full confidence. The success of Stock Connect and other mutual market access schemes showcase the unique role Hong Kong plays in intermediating global capital between a rapidly developing China and the rest of the world, and this will only increase in importance in the coming years.”
During the last 12 months, SFC took different initiatives for Green and Sustainable Finance. Additionally, the commission took steps to strengthen the position of Hong Kong as an asset and wealth management hub. Regrading digital asset trading, SFC granted the first license to a virtual asset trading platform in Hong Kong. “Delivering on our objectives in a challenging environment requires that we remain flexible and stand ready to recalibrate our operations and priorities. However, the essential attributes of Hong Kong’s regulatory system remain unchanged, as do our core values of independence, integrity and public accountability.” Ashley Alder, Chief Executive Officer at SFC, commented on the latest report.
In the last 12 months, SFC imposed a total of $2.81 billion in fines for intermediary misconduct.
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