2026年3月香港证监会观察：人工智能、反洗钱与市场升级 March 2026 SFC Watch: AI, AML & Market Upgrades

引言 / Introduction 2026年3月，香港证券及期货事务监察委员会（证监会）发布了几份针对性通函，重点关注技术创新、反洗钱强化、衍生工具报告以及市场基础设施就绪情况。这些更新延续了证监会支持数字化转型、加强合规性并确保香港金融生态系统运营韧性的努力。 March 2026 saw the Hong Kong Securities and Futures Commission (SFC) issue several targeted circulars focusing on technological innovation, anti-money laundering enhancements, derivatives reporting, and market infrastructure readiness. These updates continue the SFC’s efforts to support digital transformation, strengthen compliance, and ensure operational resilience in Hong Kong’s financial ecosystem. 官方来源 / Official Sources •联合通函编号：26EC11 (2026年3月5日) – 扩大生成式人工智能沙盒 Joint Circular Ref: 26EC11 (5 Mar 2026) – Expansion of Generative AI Sandbox •通函编号：26EC13 (2026年3月13日) – 反洗钱 / 打击恐怖主义筹资 Circular Ref: 26EC13 (13 Mar 2026) – Anti-Money Laundering / Counter-Financing of Terrorism •通函编号：26EC14 (2026年3月16日) – 场外衍生工具交易报告的文件更新 Circular Ref: 26EC14 (16 Mar 2026) – Documentation Updates for OTC Derivatives Trade Reporting •通函编号：26EC15 (2026年3月23日) – 香港交易所市场演习的最新进展 Circular Ref: 26EC15 (23 Mar 2026) – Updates on HKEX Market Rehearsals 重点领域 / Highlighted Areas 1. 扩大生成式人工智能沙盒 (26EC11)Expansion of Generative AI Sandbox (26EC11) 一份联合通函，旨在扩大证监会的生成式人工智能沙盒，以允许更多持牌公司在受控环境中测试创新的AI应用，并包含有关风险管理、治理和监督的最新指引。 A joint circular expanding the SFC’s Generative AI Sandbox to allow more licensed firms to test innovative AI applications in a controlled environment, with updated guidelines on risk management, governance, and oversight. 2. 反洗钱 / 打击恐怖主义筹资强化 (26EC13)AML / CFT Enhancements (26EC13) 向持牌法团、获证监会发牌的虚拟资产服务提供商以及相关实体提供的关于反洗钱和打击恐怖主义筹资措施的最新指引，其中纳入了财务行动特别工作组（FATF）的最新进展和行业特定控制措施。 Updated guidance to licensed corporations, SFC-licensed Virtual Asset Service Providers, and associated entities on anti-money laundering and counter-financing of terrorism measures, incorporating recent FATF developments and sector-specific controls. 3. 场外衍生工具交易报告更新 (26EC14)OTC Derivatives Trade Reporting Updates (26EC14) 通函提示持牌法团关注香港金管局《场外衍生工具交易资料储存库（HKTR）参考手册》的文件和程序更新，包括ISO 20022数据存档强化以及修订后的服务暂停时间表。 Circular reminding licensed corporations of documentation and procedural updates to the HKMA Reference Manual for the OTC Derivatives Trade Repository (HKTR), including ISO 20022 data archiving enhancements and revised outage schedules. 4. 香港交易所市场基础设施演习 (26EC15)HKEX Market Infrastructure Rehearsals (26EC15) 为中介人参与香港交易所证券市场系统骨干网络升级的市场演习提供进一步更新，以确保平稳过渡并尽量减少干扰。 Further updates for intermediaries on participating in HKEX market rehearsals for the backbone network upgrade of securities market systems, ensuring smooth transition and minimal disruption. 这些举措体现了监管机构在拥抱金融科技创新的同时，对核心合规与基础设施建设的重视。 These initiatives reflect the regulator's emphasis on embracing fintech innovation while reinforcing core compliance and infrastructure foundations. 整体评论 / General Comments 2026年3月的通函突显了证监会前瞻性的监管方法——在拥抱AI创新的同时，巩固核心合规与基础设施根基。AI沙盒的扩大信号表明，监管机构对金融科技进步给予了日益增长的支持，特别是在生成式AI应用方面。反洗钱更新反映了不断演进的全球标准，这与虚拟资产从业者的关联尤为紧密。与此同时，衍生工具和市场演习通函则侧重于实际的运营就绪情况，帮助各公司高效地应对技术变动。 March 2026’s circulars highlight the SFC’s forward-looking approach — embracing AI innovation while reinforcing core compliance and infrastructure foundations. The AI Sandbox expansion signals growing regulatory support for fintech advancements, particularly in generative AI applications. AML updates reflect evolving global standards, especially relevant for virtual asset players. Meanwhile, the derivatives and market rehearsal circulars focus on practical operational readiness, helping firms navigate technical changes efficiently. 总而言之，这些措施旨在促进创新、降低风险，并保持香港作为国际金融中心的竞争力。持牌实体应当将其视为强化系统与控制的契机，尽管具体实施可能需要根据自身的业务模式投入相应的资源。 Collectively, these measures aim to foster innovation, mitigate risks, and maintain Hong Kong’s competitiveness as an international financial centre. Licensed entities should view them as opportunities to strengthen systems and controls, though implementation may require resource investment depending on business models. 对持牌实体的建议考虑因素 / Suggested Considerations for Licensed Entities 持牌法团、虚拟资产服务提供商及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, virtual asset service providers, and 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): •对于AI沙盒参与者： 评估参与资格，为生成式AI工具准备稳健的治理框架、风险评估和测试协议。 For AI Sandbox participants: Assess eligibility, prepare robust governance frameworks, risk assessments, and testing protocols for generative AI tools. •强化反洗钱 / 打击恐怖主义筹资政策： 特别是针对虚拟资产等高风险领域，包括客户尽职审查、交易监控和记录保存。 Enhance AML/CFT policies, particularly for high-risk areas like virtual assets, including customer due diligence, transaction monitoring, and record-keeping. •更新场外衍生工具报告流程： 以符合最新的香港金管局参考手册要求和存档标准。 Update OTC derivatives reporting processes to align with new HKMA Reference Manual requirements and archiving standards. •积极参与香港交易所的市场演习： 并针对网络升级审查业务连续性计划。 Actively participate in HKEX market rehearsals and review business continuity plans for the network upgrade. •进行内部差距分析： 开展员工培训，并加强相关核心职能主管（MIC）的监督职能。 Conduct internal gap analyses, provide staff training, and reinforce oversight by relevant Managers-In-Charge. •留意进一步的指引： 并在需要申请沙盒或寻求澄清时，考虑与证监会保持沟通。 Monitor for further guidance and consider engaging with the SFC where needed for sandbox applications or clarifications. •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.