Speaker(s)
- Ms Elizabeth Wong, Director of Licensing and Head of Fintech unit, Intermediaries, Securities and Futures Commission
- Ms Angelina Kwan, Senior Advisor, IMC Asia Pacific (Panellist)
- Ms Hannah Cassidy, Partner, Head of Financial Services Regulatory, Asia, Herbert Smith Freehills (Panellist)
- Mr Mohan Datwani FCG HKFCG(PE), Deputy Chief Executive, The Hong Kong Chartered Governance Institute (Chair)
Description
The Securities and Futures Commission (SFC) consulted the market in February 2023 on the proposed regulatory requirements for all centralised virtual asset trading platform (VATP) operators in Hong Kong. This follows the SFC’s introduction of a comprehensive regulatory framework since 2018 to regulate a wide range of virtual asset-related activities, which mainly covered the operation of centralised VATP operators trading at least one security token and services provided by SFC-licensed intermediaries. The proposed regulatory requirements for VATP operators cover, amongst others, safe custody of assets, Know-Your-Client processes, anti-money laundering/counter-financing of terrorism, avoidance of conflicts of interest, criteria for admitting virtual assets for trading, prevention of market manipulative and abusive activities, accounting and auditing, risk management and cybersecurity. The proposals also included a range of robust investor protection measures for allowing retail access to licensed VATP operators.
In May 2023, the final text of regulations including the Guidelines for VATP Operators were published, along with a number of circulars and frequently asked questions as a key to understanding the new regulatory regime.
As governance professionals need to be aware of regulatory developments and also the risks and opportunities from legislative initiatives and the latest regulations, the Institute is delighted that a representative from the SFC has agreed to speak on this topic to Institute members and all those interested in the developments of this important product offering for Hong Kong as an international financial centre.
Key topics to be covered:
- The SFC’s overall regulatory framework for virtual asset-related activities
- The SFC’s new licensing regime for centralised virtual asset trading platforms which commenced on 1 June 2023
- Regulatory requirements for SFC-licensed virtual asset trading platforms, specifically those relating to governance issues
- Practical considerations for professionals involved in virtual asset-related activities
Level: Intermediate
Speaker's, Panellists' and Chair's bio:
Ms Elizabeth Wong
Ms Angelina Kwan
Ms Hannah Cassidy
Mr Mohan Datwani
Seat guarantee will only be given to HKCGI Fellows and/or Practitioner’s Endorsement (PE) holders if registered 10 clear working days with payment prior to the date of the seminar.