證監會與會財局簽署新諒解備忘錄：跨機構監管合作延伸至持牌機構及基金財務匯報 SFC and AFRC Sign New MoU Extending Regulatory Cooperation to Financial Reporting of Licensed Corporations and Funds

香港證券及期貨事務監察委員會（證監會）與會計及財務匯報局（會財局）於2026年9月28日簽署全新的《諒解備忘錄》，將雙方監管合作由上市實體延伸至持牌法團、虛擬資產服務提供者及認可基金等更廣泛的金融領域，以下為要點總結及深度觀察。 On September 28, 2026, the Securities and Futures Commission (SFC) and the Accounting and Financial Reporting Council (AFRC) signed a new Memorandum of Understanding (MoU), expanding their joint regulatory oversight beyond listed entities to encompass licensed corporations, virtual asset service providers, and authorized funds. A summary of key points and analytical insights follows. 一、 內容摘要 / 要点总结 (Summary of Key Highlights) 合作范畴重大拓展 (Substantial Expansion of Regulatory Scope) 全新的《諒解備忘錄》取代了雙方於2021年簽署的舊有文件，將合作防線由傳統上市實體的財務匯報及審計，大幅擴展至持牌法團、獲證監會發牌的虛擬資產服務提供者（VASP）、證監會認可基金以及獲註冊的開放式基金型公司（OFC）的財務與合規匯報及其核數師的審計與鑑證工作。 The new MoU supersedes the previous agreement signed in 2021, strategically broadening joint oversight beyond traditional listed company financial reporting and auditing to cover financial and compliance reporting—as well as associated auditing and assurance work—for licensed corporations, SFC-licensed Virtual Asset Service Providers (VASPs), SFC-authorized funds, and registered Open-ended Fund Companies (OFCs). 建立全方位协同框架 (Comprehensive Framework for Cross-Agency Collaboration) 新《諒解備忘錄》為證監會與會財局建構了全方位的監管協作機制，明確涵蓋了資訊共享（Information Sharing）、個案轉介（Case Referrals）、相互協助，以及就共同關注的監管事宜展開協調檢查（Coordinated Inspections）與聯合調查（Joint Investigations）的具體工作流程。 The new MoU establishes a holistic mechanism for cross-agency collaboration between the SFC and AFRC, defining clear operational frameworks for information sharing, case referrals, mutual assistance, and coordinated inspections and investigations regarding regulatory matters of common concern. 强化资本市场诚信与韧性 (Elevating Market Integrity & Systemic Resilience) 證監會主席黃天祐博士与行政總裁梁鳳儀女士强调，深化多领域监管合作能确保监管顺应市场变化，增强全球投资者对香港监管体系的信心；會財局主席孫德基博士与行政總裁賴翠碧女士补充，深化合作与信息共享有助于提早识别新兴风险，巩固香港作为国际金融中心的长远竞争力。 SFC Chairman Dr. Kelvin Wong and CEO Ms. Julia Leung emphasized that deepening multi-domain regulatory cooperation ensures oversight evolves with market dynamics and bolsters global investor confidence. AFRC Chairman Dr. Kelvin Sun and CEO Ms. Janey Lai added that enhanced information sharing will enable early identification of emerging risks, supporting the long-term competitiveness of Hong Kong's financial ecosystem. 二、 觀察與解析 (Insights) 破除监管套利与盲区：打造“全生态链”财务合规防线 过去，跨机构监管协作多聚焦于已公开招股的上市企业，而中介机构（如持牌券商、基金公司及新兴的Web3/虚拟资产平台）的财务审查往往由证券主管机关独立承担。随着金融产品结构日益复杂与资产流动泛基金化，私有实体与公募基金的财务真实性直接关乎广大投资者的资产安全。本次谅解备忘录将监管触角全面覆盖至持牌法团及虚拟资产提供者，标志着香港监管层正致力于消除不同金融细分板块之间的“信息孤岛”，堵截跨市场套利与财务造假漏洞。 Dismantling Regulatory Arbitrage: Building a Full-Ecosystem Financial Compliance Defense Historically, cross-agency oversight centered primarily on public listed companies, leaving the audit quality of intermediaries—such as brokerages, fund managers, and emerging Web3/VASP platforms—largely within the sole purview of securities regulators. As financial instruments grow increasingly complex and asset management expands, the financial integrity of private entities and funds directly impacts investor protection. Extending cooperation to licensed entities and virtual asset providers marks a decisive move to eliminate regulatory silos and close cross-market arbitrage loopholes. 虚拟资产与新兴资产类别监管的正规化与审慎升级 将获发牌的虚拟资产服务提供者（VASPs）及开放式基金型公司（OFCs）明确纳入与会财局的审计监管协同范畴，是香港建设Web3国际枢纽的关键一步。虚拟资产及新型基金结构的估值方法、客户资产隔离以及储备证明（Proof of Reserves）一直面临极高的审慎监管挑战。引入会财局在财务汇报及独立审计领域的专业监督，能够为虚拟资产生态引入更高标准的审计鉴证质量，显著提升国际机构投资者参与香港数字资产市场的信任度。 Normalizing & Elevating Oversight for Virtual Assets & Emerging Asset Classes Explicitly incorporating SFC-licensed VASPs and OFCs into joint audit oversight with the AFRC represents a landmark step for Hong Kong's ambition to become a global Web3 hub. Valuation methodologies, client asset segregation, and proof-of-reserves for digital assets have traditionally posed complex audit challenges. Leveraging the AFRC's accounting and audit quality oversight introduces rigorous assurance standards to the virtual asset ecosystem, significantly boosting institutional investor confidence in Hong Kong's digital asset market. 从“事后惩戒”走向“早介入、早预警”的微观审慎联动 根据新备忘录订立的“协调检查与联合调查”机制，监管部门无需等待财务问题演变成危机或公开发酵后才展开调查。证监会与会财局可以在日常合规抽查（Inspections）阶段便共享数据，提早察觉中介机构或基金在资产计提、内部控制或审慎资本要求上的异常迹象。这种“早识别、快应对”的跨部门预警模式，将大幅提升香港金融监管体系的整体抗风险韧性。 Transitioning to "Early Intervention and Early Warning" Micro-Prudential Supervision Under the newly established framework for coordinated inspections and joint investigations, regulators are no longer limited to ex-post enforcement actions after financial distress surfaced. By enabling the SFC and AFRC to share data during routine compliance inspections, regulators can detect early warning signs—such as questionable asset valuation, internal control failures, or capital adequacy shortfalls—among intermediaries and funds. This proactive approach greatly strengthens the overall resilience of Hong Kong's financial system. 原文链接 (Source) https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=26PR158 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. 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