2026年5月证监会观察：香港新规对您意味着什么 May 2026 SFC Watch: What Hong Kong’s New Rules Mean for You

引言 / Introduction 香港证券及期货事务监察委员会（SFC）在2026年5月发布了数份关键通函，这些通函将直接影响持牌法团（LCs）和虚拟资产交易平台（VATPs）。本文用通俗易懂的语言对每份通函进行了总结，并提供了务实的评论及建议执行要点。本文不构成法律建议，权威指引请参考证监会原版通函。 The Securities and Futures Commission (SFC) of Hong Kong issued several key circulars in May 2026 that directly affect Licensed Corporations (LCs) and Virtual Asset Trading Platforms (VATPs). This article provides a plain-language summary of each circular, practical commentary, and suggested action items. This is not legal advice. Please refer to the original SFC circulars for authoritative guidance. 重要法律声明 / Important Legal Disclosure 本文内容仅供一般信息参考和讨论之用，不构成任何法律、监管或合规建议。尽管我们已尽合理努力对证监会通函进行准确总结，但该总结可能并不完整，亦未必适用于您的具体情况。证监会是其规则、通函和指引的唯一权威来源。您不应将本总结作为任何商业决策、监管申报或合规计划的依据。在根据这些通函采取任何行动之前，强烈建议您咨询自身的专业法律及合规顾问。 This content is for general informational and discussion purposes only and does not constitute legal, regulatory, or compliance advice. While reasonable efforts have been made to summarise the SFC circulars accurately, this summary may not be complete or applicable to your specific circumstances. The SFC is the sole authoritative source for its rules, circulars, and guidance. You should not rely on this summary as a basis for any business decision, regulatory filing, or compliance program. You are strongly advised to consult your own qualified legal and compliance advisors before taking any action in response to these circulars. 通函一：2026年5月22日 – 有关开户及维持客户关系的预期管控措施 Circular 1: 22 May 2026 – Expected Controls for Account Opening and Maintaining Relationships with Clients 概要 / Summary 证监会公布了一项检视结果，指出部分持牌法团在开户尽职审查（Due Diligence）方面存在重大缺陷。具体问题包括接受虚假的银行账单和身份证明文件，尤其涉及部分中国内地投资者。 The SFC published findings from a review that identified significant deficiencies in account opening due diligence among certain Licensed Corporations. Specific concerns included the acceptance of forged bank statements and identity documents, particularly in relation to some Mainland Chinese investors. 行业评论 / Commentary 该通函释放了一个明确的信号：监管机构正高度关注跨境开户的合规性与真实性。证监会的措辞表明，未来对管控漏洞将采取“零容忍”态度。凡是涉及内地投资者或拥有大量远程开户业务的券商和法团，面临高强度监管审查的风险正在显著上升。 This circular signals a clear regulatory focus on cross-border onboarding integrity. The SFC’s tone indicates that weak controls will no longer be tolerated. Firms that handle Mainland Chinese investors or maintain high volumes of remote account openings are at elevated scrutiny risk. 持牌法团建议执行要点 / Suggested Action Items for Licensed Corporations 内部审计： 对2023年1月1日以来开立的账户进行抽样内部审查，以识别任何可疑或潜在的伪造文件。 Conduct an internal review of a sample of accounts opened since 1 January 2023 to identify any suspicious or potentially forged documents. 账户处理： 对于任何已确认使用伪造文件的账户，应考虑在六个月内予以销户，并保留相关决策记录。 For any account where a forged document is confirmed, consider account closure within six months and maintain records of the decision. 僵尸账户清理： 对于无法更新客户身份识别（KYC）资料且余额为零的内地投资者相关睡眠账户，建议考虑将其关闭。 For zero-balance dormant accounts linked to Mainland Chinese investors where KYC cannot be refreshed, consider closure. 新客管控： 针对新入场的内地投资者，可考虑引入书面声明，涵盖资金来源（Source of Funds）以及确认在其他司法管辖区未曾因监管原因被销户。 For new Mainland Chinese investors, consider implementing written declarations covering source of funds and confirmation of no prior regulatory closures in other jurisdictions. 合规通报： 在法律要求的情况下，若发现实质性违反中国内地相关法律的行为，或涉及中国证监会（CSRC）的整改计划，应向香港证监会通报。 Report any material breach of applicable Mainland laws or any CSRC remediation plan to the SFC if legally required to do so. 通函二：2026年4月20日（于2026年5月持续生效并维持高度相关）– 证监会认可代币化投资产品的二级市场交易 Circular 2: 20 April 2026 (active and relevant in May 2026) – Secondary Trading of Tokenised SFC-authorised Investment Products 概要 / Summary 证监会允许通过持牌虚拟资产交易平台（VATPs），对证监会认可的代币化投资产品（如代币化基金）进行二级市场交易。这标志着此前主要集中在一级市场发行的框架得到了进一步拓宽。 The SFC permitted secondary trading of tokenised SFC-authorised investment products (such as tokenised funds) through licensed virtual asset trading platforms. This expands the previous framework which focused mainly on primary issuance. 行业评论 / Commentary 这是将现实世界 assets（RWA）引入受监管二级市场的重要一步。然而，这同时也带来了全新的操作风险，尤其是代币化产品交易价格与其官方资产净值（NAV）之间可能出现的价格偏离。 This is a significant step toward integrating real-world assets into regulated secondary markets. However, new operational risks arise, particularly around price divergence between the tokenised product and its official net asset value (NAV). 建议执行要点（产品发行方/基金经理） / Suggested Action Items for Product Providers (Fund Managers) 文件更新： 检查并更新招股说明文件，充分披露二级市场交易风险，包括潜在的价格偏离、流动性限制以及技术相关风险。 Review and update offering documents to disclose secondary trading risks, including potential price deviation, liquidity constraints, and technology-related risks. 流动性支持： 考虑引入或支持做市商（Market-making）安排，以促进二级市场有序交易。 Consider implementing or supporting market-making arrangements to facilitate orderly secondary trading. 建议执行要点（虚拟资产交易平台） / Suggested Action Items for VATPs 价差监控： 部署价格偏离监控系统，当交易价格与参考资产净值（NAV）的差额超过设定阈值时，自动触发预警。 Implement price deviation monitoring systems that trigger alerts when trading prices exceed a defined threshold from the indicative NAV. 市场监察： 实施标准的盘前及盘后市场监察，以有效侦测潜在的市场操纵行为。 Apply standard pre-trade and post-trade market surveillance to detect potential manipulation. 通函三：2026年5月27日 – 虚拟资产交易平台及持牌法团提供相关稳定币服务 Circular 3: 27 May 2026 – Provision of Relevant Stablecoin Services by VATPs and Licensed Corporations 概要 / Summary 证监会阐明了处理“相关稳定币”（指由香港金融管理局（金管局，HKMA）持牌实体发行的稳定币）的预期标准。对于仅交易此类相关稳定币的零售客户，部分常规的虚拟资产监管要求（例如强制性零售客户知识评估和5倍风险敞口限制）可予以豁免。 The SFC clarified expected standards for dealing with "Relevant Stablecoins" – those issued by Hong Kong Monetary Authority (HKMA)-licensed entities. Certain standard virtual asset requirements, such as the mandatory knowledge assessment for retail clients and the five-times exposure limit, may be waived for clients trading only Relevant Stablecoins. 行业评论 / Commentary 该通函建立了一种分层监管机制：由金管局持牌机构发行的稳定币被视为低风险资产。证监会显然希望通过消除部分业务摩擦点，鼓励零售交易更多地使用受监管的稳定币。 This circular creates a tiered approach: stablecoins issued by HKMA licensees are treated as lower risk. The SFC appears to encourage the use of regulated stablecoins in retail trading by removing certain friction points. 虚拟资产交易平台及持牌法团建议执行要点 / Suggested Action Items for VATPs and LCs 客户客群细分： 对仅交易“相关稳定币”的客户进行独立划分，以评估是否可以豁免常规的虚拟资产知识评估。 Segment clients who trade exclusively Relevant Stablecoins to determine whether the standard virtual asset knowledge assessment may be waived. 更新适当性框架： 调整合规评级与适当性框架，在计算5倍风险敞口限制时，将客户持有的相关稳定币仓位剔除在外。 Update suitability frameworks to exclude holdings of Relevant Stablecoins from the calculation of the five-times exposure limit. 完善信息披露： 确保向客户提供的信息披露中，全面覆盖稳定币的稳定机制、赎回权以及发行人的牌照状态。 Ensure all disclosures to clients cover stabilisation mechanisms, redemption rights, and issuer licensing status. 托管伙伴筛选： 在选择托管合作伙伴时，优先考虑使用金管局持牌发行人来进行独立账户（Segregated Account）的安排。 When selecting custody partners, consider using HKMA-licensed issuers for segregated account arrangements. 如何获取通函原件 / How to Access the Original Circulars 证监会电子发布门户网站（SFC electronic distribution portal）是获取权威文件的唯一渠道。您可以通过以下网址进行访问： The official SFC electronic distribution portal is the sole authoritative source. You can access it at the following address: apps.sfc.hk/edistributionWeb 在网站中将文件类型筛选为“通函”（Circulars），并将日期范围设定为“2026年5月”，即可查阅并下载原版英文及中文官方文件。 Filter by document type "Circulars" and date range "May 2026" to view and download the original documents.