香港證監會推進香港零售基金監管制度的優化改革 SFC to Proceed with Enhancements to Hong Kong's Retail Fund Regime

香港證券及期貨事務監察委員會（證監會）於2026年10月7日宣布，將落實對證監會認可零售基金監管制度的優化措施，旨在強化投資者保障並提升香港作為主要國際資產及財富管理中心的競爭力。 The Securities and Futures Commission (SFC) announced on 7 October 2026 that it will implement proposed measures to enhance the regulatory regime for SFC-authorised retail funds, aiming to strengthen investor protection and elevate Hong Kong's competitiveness as a premier international asset and wealth management centre. --- 一、 內容摘要 / 要点总结 (Summary of Key Highlights) 1. 優化《單位信托及互惠基金守則》 (Enhancements to the UT Code) 新規將於2026年11月起正式生效，引入風險值（VaR）方法管理衍生工具風險，並放寬管理公司接納標準及餽贈/聯接基金（feeder funds）的合規要求，為基金經理提供更大的營運靈活性。 Scheduled to take effect in November 2026, the new rules introduce the Value-at-Risk (VaR) approach for managing derivative risk and streamline acceptability requirements for management companies and feeder funds, providing managers with greater operational flexibility. 2. 強化流動性與貨幣市場基金監管 (Strengthening Liquidity and Money Market Fund Regulation) 新修訂落實了與國際最新標準接軌的流動性風險管理要求，並進一步收緊貨幣市場基金的監管標準，藉此全面增強香港零售基金在瞬息萬變市場中的抵禦能力。 The revisions implement updated international standards for liquidity risk management and tighten requirements for money market funds, thereby comprehensively enhancing the resilience of Hong Kong retail funds in a dynamic market landscape. 3. 涵蓋多項相關產品守則 (Inclusion of Related Product Codes) 除了《單位信托及互惠基金守則》外，相關的《強積金計劃守則》、《保險相連投資計劃守則》及《房地產投資信託基金守則》等修訂也將於2026年10月16日刊憲，並同步於11月1日生效。 Consequential amendments to the Pooled Retirement Funds Code, MPF Products Code, ILAS Code, and REIT Code will be gazetted on 16 October 2026 and become effective on 1 November 2026. 4. 設立為期12個月的過渡期 (12-Month Transitional Period) 為協助現有證監會認可基金順利過渡至新規要求，當局將普遍提供為期12個月的過渡期，並會於近期發布補充指引、常見問題及修訂範本以作支援。 To facilitate a smooth transition for existing SFC-authorised funds, a 12-month transitional period will generally be provided, supported by supplementary guidance, FAQs, and revised templates to be published soon. --- 二、 觀察與解析 (Insights) 1. 推動產品創新與擴展零售產品選擇 (Promoting Product Innovation and Expanding Retail Offerings) 引入VaR方法標誌著香港基金監管更具前瞻性，不僅讓基金經理能夠採用更廣泛且多元的投資策略，也有效豐富了面向公眾的零售投資產品矩陣。 The introduction of the VaR approach marks a forward-looking step in Hong Kong's fund regulation, enabling managers to adopt broader investment strategies while enriching the matrix of retail investment products available to the public. 2. 與國際標準接軌以鞏固全球樞紐地位 (Aligning with International Standards to Solidify Global Hub Status) 透過升級流動性風險管理及貨幣市場基金規範，確保了香港的資產管理生態與國際最新監管趨勢保持同步，有助於進一步吸引環球資產管理機構落戶。 Upgrading liquidity risk management and money market fund standards ensures Hong Kong's asset management ecosystem stays synchronized with the latest international regulatory trends, helping attract global asset managers to the city. 3. 監管靈活性與風險防範的平衡 (Balancing Regulatory Flexibility and Risk Prevention) 在精簡行政審批與管理公司要求的同時，透過嚴格的流動性及衍生工具風險控制築牢安全防線，體現了證監會在高質量發展與投資者保護之間的精準平衡。 While streamlining administrative approvals and management company requirements, the SFC builds robust safety lines through strict liquidity and derivative risk controls, reflecting a precise balance between high-quality development and investor protection. 4. 締造清晰透明的市場過渡環境 (Creating a Clear and Transparent Market Transition Environment) 12個月的寬裕過渡期及配套指引的安排，充份展現了監管機構務實的作風，有助於減低業界的合規摩擦成本，確保市場平穩過渡。 The generous 12-month transition period and supportive guidance demonstrate a pragmatic regulatory approach, helping reduce industry compliance friction costs and ensuring a smooth market transition. --- 原文链接 (Source)：[香港證監會官方新聞稿](https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=26PR161) 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.