2026年2月香港证监会观察：推进监管、虚拟资产与基础设施 Feb 2026 SFC Watch: SFC Advances...

引言 / Introduction 2026年2月，香港证券及期货事务监察委员会（证监会）发布了几份重要的通函，内容涉及监管合作、虚拟资产（VA）市场扩张以及市场基础设施就绪情况。关键发布包括一份关于视察合规表现的提示（该通函于1月底发布，但在2月份引发了广泛讨论）、2月11日发布的重大虚拟资产举措，以及在月底发布的基础设施更新。 February 2026 featured several important SFC circulars addressing regulatory cooperation, virtual asset (VA) market expansion, and market infrastructure readiness. Key releases included a reminder on inspection conduct (issued late January but widely discussed in February), major VA initiatives on 11 February, and an infrastructure update at month-end. 这些通函反映了证监会兼顾两者的监管方法：在强化监管合作的同时，促进香港金融市场的创新和运营韧性。 These circulars reflect the SFC’s balanced approach: reinforcing supervisory cooperation while promoting innovation and operational resilience in Hong Kong’s financial markets. 官方来源 / Official Sources •通函编号：26EC3 (2026年1月29日) – 关于在证监会视察期间履行法定责任的提示 Circular Ref: 26EC3 (29 Jan 2026) – Reminder on statutory obligations during SFC inspections •通函编号：26EC5 (2026年2月11日) – 虚拟资产交易服务（融资、共享订单簿、客户资产） Circular Ref: 26EC5 (11 Feb 2026) – VA dealing services (financing, shared order book, client assets) •通函编号：26EC6 (2026年2月11日) – 虚拟资产交易平台（VATP）的关连做市商 Circular Ref: 26EC6 (11 Feb 2026) – Affiliated market makers for VATPs •通函编号：26EC9 (2026年2月26日) – 香港交易所针对骨干网络升级的市场演习 Circular Ref: 26EC9 (26 Feb 2026) – HKEX market rehearsals for backbone network upgrade 重点领域 / Highlighted Areas 1. 证监会视察期间的配合 (26EC3) Cooperation During SFC Inspections (26EC3) 本通函提示持牌法团（LC）根据《证券及期货条例》第180条所规定的责任，在视察期间必须予以充分配合。通函重点指出了以下令人关注的问题：答复延误、提供不完整或避重就轻的回复、记录提取困难、不专业的行为以及员工难以配合等。通函附录中还提供了不理想做法的实例。 This circular reminds licensed corporations (LCs) of their obligations under section 180 of the SFO to cooperate fully during inspections. It highlights concerns such as delays, incomplete or evasive responses, record retrieval issues, unprofessional conduct, and challenges with staff availability. An appendix provides examples of unsatisfactory practices. 2. 虚拟资产经纪商服务扩张 (26EC5) Expansion of VA Broker Services (26EC5) 证监会推出了一个新框架，允许持牌虚拟资产经纪商执行以下操作： •向证券保证金客户提供虚拟资产交易融资（配有严格的抵押品规则，包括对比特币/以太币采用具折扣率的有限度使用）。 •与虚拟资产交易平台（VATP）及关连公司共同参与共享订单簿。 •针对客户将虚拟资产提现至外部钱包实施更强有力的保障措施。 The SFC introduced a framework allowing licensed VA brokers to: •Offer financing for VA dealing to securities margin clients (with strict collateral rules, including limited use of Bitcoin/Ether with haircuts). •Participate in shared order books with VATPs and affiliates. •Implement enhanced safeguards for client VA withdrawals to external wallets. 3. 虚拟资产交易平台的关连做市商 (26EC6) Affiliated Market Makers for VATPs (26EC6) 虚拟资产交易平台（VATP）现可在精简程序架构下接受关连做市商（不再纯粹采用逐案审批的方式），但须符合严格的利益冲突管理和控制要求。此举旨在提高市场流动性和深度。 VATPs may now accept affiliated market makers under a streamlined approach (no longer purely case-by-case), subject to robust conflict management and control requirements. This aims to improve liquidity and market depth. 4. 市场基础设施就绪情况 (26EC9) Market Infrastructure Readiness (26EC9) 向中介人提供关于参与香港交易所证券市场系统骨干网络升级市场演习的指引，以支持更平稳的技术过渡和运营韧性。 Guidance to intermediaries on participating in HKEX market rehearsals for the securities market systems backbone network upgrade, supporting smoother technical transitions and operational resilience. 这些更新在促进更高合规标准的同时推动了创新，但需要谨慎实施以应对新的风险。 These updates promote higher compliance standards alongside innovation, though they require careful implementation to navigate new risks. 整体评论 / General Comments 2月份的通函展示了证监会对于强力监管和市场发展的双重关注。关于视察的通函（26EC3）起到了强有力的提示作用，即全力配合是毫无妥协余地的，这有助于精简监管流程并维护市场完整性。与此同时，2月11日发布的虚拟资产举措（26EC5及26EC6）标志着在提升流动性和丰富产品种类方面迈出了重要一步，这既基于香港的 ASPIRe 路线图，也巩固了其作为具竞争力的虚拟资产枢纽的地位。基础设施通函则确保了中介人对系统升级做好准备。 February’s circulars demonstrate the SFC’s dual focus on robust supervision and market development. The inspections circular (26EC3) serves as a strong reminder that full cooperation is non-negotiable, helping to streamline regulatory processes and maintain market integrity. Meanwhile, the 11 February VA measures (26EC5 & 26EC6) mark a significant step in enhancing liquidity and product offerings, building on Hong Kong’s ASPIRe roadmap and reinforcing its position as a competitive VA hub. The infrastructure circular ensures intermediaries stay prepared for system enhancements. 总体而言，这些更新在推动创新的同时也促进了更高的合规标准，尽管这需要各机构进行精心部署，以应对诸如利益冲突、抵押品波动以及运营变动等新风险。 Overall, these updates promote higher compliance standards alongside innovation, though they require careful implementation to navigate new risks such as conflicts of interest, collateral volatility, and operational changes. 对持牌实体的建议考虑因素 / Suggested Considerations for Licensed Entities 持牌法团（包括虚拟资产经纪商、虚拟资产交易平台及一般中介人）或须审阅通函全文，并考虑以下一般领域（这些内容并非穷尽，应结合专业意见进行定制）： Licensed corporations (including VA brokers, VATPs, and general intermediaries) may wish to review the circulars in full and consider the following general areas (these are not exhaustive and should be tailored with professional input): •强化视察就绪状态：完善记录保存、答复协议和员工培训，确保及时、完整和专业的监管配合。 Strengthen inspection readiness: Enhance record-keeping, response protocols, and staff training to ensure timely, complete, and professional cooperation. •针对虚拟资产活动：评估新服务的参与资格（融资、共享订单簿、提现、关连做市商），更新风险管理、抵押品政策、利益冲突控制及客户保障措施。 For VA activities: Assess eligibility for new services (financing, shared order books, withdrawals, affiliated market makers), update risk management, collateral policies, conflict controls, and client safeguards. •积极参与香港交易所的市场演习：并及时更新业务连续性计划。 Participate actively in HKEX market rehearsals and update business continuity plans. •进行内部差距分析：审阅政策和程序，并强化核心职能主管（MIC）的监督职能。 Conduct internal gap analyses, review policies and procedures, and reinforce oversight by Managers-In-Charge. •密切留心后续指引：并考虑就拟议安排寻求证监会的反馈意见。 Monitor for any follow-up guidance and consider seeking SFC feedback on proposed arrangements. •鼓励各公司查阅官方通函，并寻求适合其业务发展的适当专家建议。 Firms are encouraged to consult the official circulars and seek appropriate specialist advice suited to their operations. 免责声明 / Disclaimer 本文仅作为一般概述，旨在提供信息参考，并基于有关证监会通函的公开资料编写。它不构成任何法律、监管、合规或专业建议。读者不应依赖本概述来代替审阅完整的官方通函及相关文件，亦不应代替寻求合格专业人士的独立意见。文中所载资料可能并不完整或并非最新，且监管要求可能会发生变化。对于基于本文内容所采取的任何行动或引起的任何遗漏，概不承担任何法律责任。持牌实体应直接咨询证监会或其自身的法律/合规顾问以获取具体指引。 This article is a general summary prepared for informational purposes only and is based on publicly available information regarding the SFC circulars. It does not constitute legal, regulatory, compliance, or professional advice. Readers should not rely on this summary as a substitute for reviewing the full official circulars and associated documents or obtaining independent advice from qualified professionals. The information may not be complete or up to date, and regulatory requirements can change. No liability is accepted for any actions taken or omissions based on this content. Licensed entities should consult the SFC directly or their own legal/compliance advisors for specific guidance.