APAC Monthly Private Wealth Legal Developments – April 2026

AUSTRALIA

APRA calls for a step-change in managing AI-related risks

APRA has published a letter to industry calling for a step-change in how banks, insurers and superannuation trustees manage and govern AI-related risks.

The letter sets out APRA’s findings from its targeted supervisory review in 2025. The review found that governance, risk management and assurance practices are not keeping pace with the rapid adoption of AI across the sector – and that gap is creating real prudential risk. Key concerns identified are:

• governance lagging adoption: entities are moving from internal experimentation to customer-facing AI applications without appropriately matured governance arrangements. Boards are particularly underprepared, with many lacking the technical literacy to effectively challenge management on AI-related risks and an over-reliance on vendor presentations rather than independent scrutiny;
• cybersecurity under strain: AI is expanding attack pathways and shortening attack cycles, while information security systems and patching timelines are struggling to keep up; and
• multi-faceted risk: AI risks can cut across operational resilience, cyber and information security, privacy, and procurement, but existing assurance frameworks are fragmented and not fit for purpose.

APRA confirmed it is not proposing to introduce additional requirements at this stage but expects significant improvement in how entities are closing the gap between the power of the technology they are deploying and their ability to monitor and control it. In particular, APRA expects boards to be AI-literate and oversee an AI strategy supported by effective monitoring and reporting. To this end, APRA has set out detailed observations and expectations for accountable executives in the letter. [30 Apr 2026]

Government consults on cash distribution framework reform

The Australian Government has announced that it is seeking feedback on proposed legislation which aims to strengthen how Australia’s cash system is regulated and promote access to cash. Under the proposed regime:

• the Reserve Bank of Australia (RBA) would have the power to designate certain entities which have a significant role in Australia's cash distribution system;
• designated entities will be subject to obligations in relation to the negotiation and terms of their cash distribution services and access arrangements;
• designated entities will be overseen by the Australian Competition and Consumer Commission (ACCC) and must report to the ACCC on their cash distribution services and access arrangements;
• the RBA and the ACCC will have information gathering and enforcement powers;
• the RBA will have additional crisis-readiness and crisis-resolution powers to issue directions and take control of designated entities where there is a risk to the continuity of cash distribution services; and
• maximum penalties for non-compliance would be $16.5 million or three times the benefit derived.

Feedback is due by 13 May 2026. [22 Apr 2026]

ASIC sets out roadmap for digital assets law reform

ASIC has announced that it intends to issue new regulatory guidance and standards as part of implementing the Corporations Amendment (Digital Assets Framework) Act 2026, which brings digital asset platforms (DAPs) and tokenised custody platforms (TCPs) under the financial services licensing regime from April 2027.

DAPs are facilities where an operator holds digital tokens (also known as crypto) and can be thought of as exchanges or brokerages. In contrast, TCPs are facilities where an operator holds non-money assets (such as gold) or traditional financial products and creates a 1:1 token which represent an underlying right to redeem. Under the new regime, ASIC will license, supervise and take any necessary regulatory action against these platforms.

ASIC has now set out its roadmap for implementing the new regime over the next 18 months:

• months 1 to 6 will focus on stakeholder roundtables and establishing an industry advisory group to discuss regulatory guidance and standards;
• months 6 to 12 will focus on the release of the new regulatory guide and setting of standards; and
• months 12 to 18 will allow DAP and TCP operators to lodge financial services licence applications and operate under regulatory relief while their applications are processed. [20 Apr 2026]

ASIC consults on implementation of financial market infrastructure reforms

ASIC has announced that it is seeking feedback on proposed updates to three regulatory guides:

• Regulatory Guide 172 Financial markets: Domestic and overseas operators (RG 172);
• Regulatory Guide 249 Derivative trade repositories (RG 249); and
• Regulatory Guide 268 Licensing regime for financial benchmark administrators (RG 268),

The proposed amendments aim to align ASIC’s guidance with the newly reformed regulatory framework for financial market infrastructure (FMI). FMIs are the key entities that enable trading in Australia’s capital markets, and include financial market operators, benchmark administrators, clearing and settlement facilities, and derivative trade repositories.

The reforms seek to strengthen system resilience and crisis management to ensure continuity of critical clearing functions and safeguard financial stability. The amendments also reflect ASIC’s expanded licensing, supervisory and enforcement powers, including its enhanced oversight of foreign FMIs with a significant connection to Australia, and aim to ensure the guidance remains market neutral where relevant.

Submissions are due by 5pm on Monday 25 May 2026. [20 Apr 2026]

FSC strengthens superannuation platform investment and adviser governance with new industry standard

The Financial Services Council (FSC) has released a new industry standard aimed at strengthening investment and adviser governance practices across wrap superannuation platforms. Wrap superannuation platforms consolidate various assets such as shares, ETFs, term deposits and managed funds into a single account. They provide customers a simpler way to invest widely and are governed by super trustees.

Recently, concerns have emerged around the role of wrap superannuation platform trustees and the investment options they are allowing onto these platforms. In response to these concerns and calls from regulators for governance uplift, the FSC has developed the new Wrap Superannuation Platform Trustee Investment and Adviser Governance Principles: Standard and Better Practice Guidance (the Standard).

The Standard sets out enhanced investment governance obligations for trustees. These include requirements around initial due diligence of investment options, advice licensees and financial advisers, ongoing monitoring of the appropriateness of including the investment options, oversight of licensees and advisers using the platform, and providing protection for unadvised members.

The Standard will commence on 1 July 2026 subject to a six-month transition period. It will become mandatory for FSC full members from 1 January 2027. Earlier compliance is encouraged. [16 Apr 2026]

AUSTRAC flags low reporting in the wealth management sector

The AUSTRAC has written to businesses in the wealth management sector raising concerns about low suspicious matter reporting (SMR) and the risk that significant financial crime may be going undetected.

AUSTRAC's supervisory campaign found that 98% of wealth management businesses did not submit a single SMR in 2025, with just three businesses responsible for nearly two-thirds of all SMRs submitted across the entire sector. AUSTRAC's 2024 annual compliance report further revealed that 92% of wealth management businesses claim to have zero high-risk customers, a finding AUSTRAC considers inconsistent with the sector's actual risk exposure. In the regulator’s view, the sector remains particularly vulnerable to financial crime through digital channels and stolen identities enabling cyber fraud.

AUSTRAC has urged all wealth management businesses, including trustees of managed investment schemes, financial advisers, and financial planners, to implement clear systems and processes surrounding their reporting obligations. [15 Apr 2026]

AUSTRAC targets financial crime vulnerabilities in foreign-owned banks

AUSTRAC has released the findings of two supervisory campaigns examining low SMR in foreign-owned bank branches and subsidiaries operating in Australia.

The first campaign found an entrenched view among many foreign bank branches that their businesses are low-risk for money laundering, a perception AUSTRAC considers misplaced. AUSTRAC noted that the fifty foreign branches operating in Australia moved $2.5 trillion in and out of the country last year, yet SMR from the sector remains disproportionately low.

The second campaign examined money mule risks across the six foreign bank subsidiaries operating in Australia. AUSTRAC found a high degree of exposure to money mule activity (where criminal organisations use third-party bank accounts to move illicit funds) at both the client onboarding stage and during transactions.

AUSTRAC has called on the foreign bank branches and subsidiaries to review and tighten their AML controls, increase SMR reporting, and consider the detailed guidance letter AUSTRAC has issued. [10 Apr 2026]

ASIC updates relief for securitisation entities from holding an AFS licence

ASIC has announced that it has remade ASIC Corporations (Securitisation Special Purpose Vehicles) Instrument 2026/175. The instrument will continue the relief provided underASIC Corporations (Securitisation Special Purpose Vehicles) Instrument 2016/272, and is due to expire on 1 April 2031. Under the instrument, securitisation entities are exempted from holding an Australian financial services (AFS) licence in specific circumstances, such as where they hold the securitisation product as a custodian or trustee, or are issuing a securitisation product to: an AFS licence holder; an entity that is exempt from holding an AFS licence; or a wholesale client.

ASIC will also make minor amendments to Regulatory Guide 167 AFS licensing: Discretionary powers (RG 167) for consistency and clarity. [10 Apr 2026]

ASIC ramps up action to protect consumers from AI-powered online investment scams

ASIC has announced that it is removing record numbers of harmful social media phishing and investment scam websites. There has been a 90% increase in takedowns in 2025 compared to 2024, averaging at 32 websites being taken down per day. ASIC is warning consumers to watch out for scammers who are increasingly using AI in social media advertisements to lure them into providing their personal details.

ASIC refers suspicious investment scam websites to a third-party specialising in cybercrime detection and disruption. The company also proactively detects investment scam websites and investment scam ads on social media that direct consumers to scam websites. This collaboration is helping ASIC monitor for scams on a 24/7 basis. [8 Apr 2026]

ASIC and AASB team up to help smaller companies get ready for sustainability reporting

ASIC has announced that, with the Australian Accounting Standards Board, it will host a series of free in-person workshops to help companies prepare for the new mandatory sustainability reporting requirements. These workshops are aimed at smaller and mid-size companies, particularly those preparing to commence reporting for financial years commencing on or after 1 July 2026. This follows ASIC’s recent release of e-learning modules on the core concepts underpinning the sustainability reporting requirements which will complement the workshops. [7 Apr 2026]

HONG KONG

Government gazettes notice for tabling before Legislative Council proposing commencement of USM regime on 16 November 2026

The Government has announced the publication in the Gazette of the Securities and Futures and Companies Legislation (Amendment) Ordinance 2021 (Commencement) Notice to implement the uncertificated securities market (USM) regime in Hong Kong, appointing 16 November 2026 as the commencement date for Part 2 (except section 9(2)) and Part 5 of the amendment ordinance.

The commencement notice will be tabled before the Legislative Council on 6 May 2026.

The relevant provisions of the amendment ordinance establish the principal framework of the USM regime, which seeks to eliminate the need for paper documents in evidencing and transferring legal ownership of prescribed securities, with a view to enhancing the infrastructure, efficiency, competitiveness and investor protection of the Hong Kong securities market by reducing reliance on paper and manual processes (see our previous update).

Six pieces of subsidiary legislation made in 2025 (they can be accessed here), which set out the detailed arrangements of the USM regime, will also come into operation on 16 November 2026 under their respective commencement provisions. [30 Apr 2026]

SFC launches Rednote account to strengthen public outreach and education, particularly in relation to scams

The SFC has announced the launch of its official account on Rednote (also known as 'Xiaohongshu'), to share key updates on its regulatory work as well as timely investor alerts, reaching a broader demographic of investors of the Hong Kong market. It serves as a strategic addition complementing the SFC’s existing social media presence on other platforms, including LinkedIn, Facebook, WeChat, Instagram and YouTube.

This new channel will be an added tool to support the SFC’s existing multi-faceted investor education efforts, which are increasingly critical given the rising complexity and volume of investment scam complaints reported to the SFC. [29 Apr 2026]

OTC Clear notifies members of amendments to rules and procedures to remove special arrangements for money settlements during severe weather days from 27 April 2026

The OTC Clear has issued a circular to inform its members that the SFC has approved amendments to the following rules and procedures for the purpose of removing the special arrangements for money settlements during severe weather days, following an announcement of the change on 20 April 2026 (see our previous update):

• OTC Clear Clearing Rules (clean and marked-up versions);
• OTC Clear Clearing Procedures (clean and marked-up versions).

The amendments came into effect on 27 April 2026. [24 Apr 2026]

HKMA publishes presentation materials for upcoming briefing to LegCo Panel on Financial Affairs on 4 May 2026

The HKMA has published presentation materials for its upcoming briefing to the LegCo Panel on Financial Affairs on 4 May 2026. The developments include (among others):

Banking Stability

• The HKMA is consulting on amendments to the Banking (Capital) Rules (BCR) to align with other major jurisdictions and with Basel Committee supplementary standards. Subject to industry consultation, the aim is to submit the BCR amendments (together with any consequential amendments to other rules) to the LegCo in the fourth quarter of 2026, with a view to their taking effect in the first quarter of 2027 (slide 55).
• The HKMA is planning to modernise its enforcement powers under the Banking Ordinance. The target is to introduce the Banking Legislation (Miscellaneous Amendments) Bill 2026 into LegCo in the first half of 2026 (slides 56).
• An enhanced bank-to-bank information-sharing platform covering all 28 retail banks is expected to be launched by June 2026 (slide 57).
• The HKMA is progressing Phase 2B of the Hong Kong Taxonomy for Sustainable Finance, engaging the industry and preparing banking-sector disclosure alignment with international standards, and targeting the finalisation of transition-planning guidelines within 2026 (slide 59).
• The HKMA launched an industry consultation in late 2025 on the proposed approach for handling customer claims for losses arising from authorised payment scams, and is reviewing comments received from the Hong Kong Association of Banks. The HKMA will continue engaging the banking industry to develop a reasonable and balanced approach (slide 61).
• Following the implementation of Phase 2 of the Mandatory Reference Checking Scheme in September 2025, the HKMA is now collaborating with the Insurance Authority to take forward a cross-sector reference checking arrangement between the banking and insurance sectors, expected to be implemented in 2026. The HKMA commenced an industry consultation on the proposed arrangement in February 2026 (slide 62).
• On 20 March 2026, the HKMA commenced an industry consultation on four circulars relating to intermediaries’ virtual asset (VA)-related activities, authorised institutions’ relevant stablecoin-related activities and provision of custodial services for digital assets, and offering of financing for VA dealing, shared order book, and client VA withdrawals.

Financial Infrastructure

• CMU OmniClear Limited has launched and planned for initiatives on various fronts, including post-trade equity servicing, studying a one-stop multi-asset class post-trade securities infrastructure to cover Mainland and Hong Kong equity and debt securities, building overseas linkages, launching a Digital Asset Platform this year to support the issuance and settlement of digital bonds (to be gradually expanded to other digital assets and linked with other tokenisation platforms in the region), and launching the CMU New Platform in 2027 (slide 69).
• Fintech 2030 will focus on data and payment, AI, resilience, and tokenisation, with a portfolio of over 40 initiatives (slide 70).
• The EnsembleTX pilot environment will be progressively upgraded and enhanced to support settlement of tokenised deposits in tokenised central bank money on a 24/7 basis. The HKMA will continue to collaborate with the industry to advance the practical applications of tokenisation technology across a diverse set of asset classes, use cases, and sectors within the financial industry (slide 70).
• The HKMA is advancing the implementation of the Project CargoX recommendations and roadmap published in January 2026 (slide 71).

Hong Kong as an International Financial Centre

• The HKMA is working with Government agencies and financial regulators on various initiatives, including reviewing the existing tax concession measures applicable to funds, single family offices and carried interest, with the aim of submitting the legislative proposal to the LegCo in the first half of 2026 and for the relevant measures to take effect in the 2025/26 assessment year (slide 77).
• The HKMA is supporting digitalisation of B2B trade documents, with a legislative proposal expected later in 2026, and policy enhancements for corporate treasury centres expected in mid-2026 (slide 78).
• The HKMA has continued to develop the bond market with various initiatives, including a target to publish guidelines in the first half of 2026 to clarify that registers of debenture holders can be kept in the form of a distributed ledger (slide 80).
• The HKMA has granted two licences under the new Stablecoin Ordinance and will follow up on the licensees' progress on operational arrangements to ensure that they commence business orderly and in compliance with the rules (slide 85). [24 Apr 2026]

SFC joins global regulatory effort to combat unlawful activities of finfluencers

The SFC has joined fellow members of the IOSCO in the 2026 'Global Week of Action Against Unlawful Finfluencers' to tackle unlawful financial promotions on social media. A total of 17 IOSCO members, including the SFC, have participated in the initiative this year, almost twice as many as 2025 (see our previous update).

This initiative aims at disrupting the unlawful activities of finfluencers, with regulators undertaking measures ranging from enforcement and supervisory actions to investor education and awareness programmes.

In the past year, the SFC took a number of enforcement actions, such as:

• securing a custodial sentence against a finfluencer convicted of providing paid investment advice without a licence (see our previous update);
• issuing a compliance advice letter to a finfluencer in relation to the unlicensed promotion of overseas virtual asset trading platforms to the Hong Kong public;
• submitting 12 reports concerning 33 suspicious posts or accounts to major social media platforms since July 2025 (with over 90% of such posts or accounts being promptly removed by the respective platforms); and
• leveraging social media platforms to combat unlawful activities of finfluencers through collaboration with the HKMA and other local authorities under the Anti‑Scam Consumer Protection Charter 3.0 (see our previous update), as well as through its leadership role in the IOSCO’s Asia‑Pacific Regional Committee Scams Working Group.

The SFC has been proactive in strengthening its capability in detecting social media financial scams through its in-house AI-powered social media monitoring system launched in the third quarter of 2025 (see our previous update). It has also continued with its investor education efforts, working with the Hong Kong Police Force and other agencies to enhance public awareness of scams across different community groups. [24 Apr 2026]

SFC hosts IOSCO Committee 2 meeting in Hong Kong on issues relating to secondary markets worldwide

The SFC hosted the plenary meeting of the IOSCO Committee on Regulation of Secondary Markets (Committee 2) in Hong Kong on 22 and 23 April 2026. Committee 2 monitors developments in global capital market structures and financial market infrastructure, and plays a key role in advancing the IOSCO’s mission to protect investors, ensure fair and efficient markets, and promote financial stability.

The meeting brought together global securities regulators to exchange views on key issues affecting secondary markets worldwide. The discussion focused on regulatory responses to an evolving trading environment, including developments relating to extended trading hours, challenges associated with market liquidity and volatility, and ongoing efforts to strengthen global market resilience. [22 Apr 2026]

HKEX hosts 40th AOSEF General Assembly convening 18 regional exchanges

The HKEX has hosted the 40th Asian and Oceanian Stock Exchanges Federation (AOSEF) General Assembly in Hong Kong, convening 18 regional exchanges and welcoming over 100 senior exchange leaders from across the region.

During the Assembly, the HKEX affirmed its commitment to strengthening regional connectivity, leveraging AOSEF as a key platform for collaboration among member exchanges. The discussions centred around:

• establishing frameworks that support cross-market listings;
• joint product development such as indices, exchange traded funds, and thematic solutions;
• enhancements to facilitate cross-border capital flows;
• alignment with global standards; and
• exploration of emerging opportunities such as carbon markets.

With Hong Kong's role as a superconnector with a unique connectivity with Mainland China, the HKEX sees a real opportunity to bring Asian and Chinese markets closer together. The HKEX is focused on developing the right products, platforms and partnerships that make two-way access easier and more meaningful for investors and issuers across the region.

This connectivity-led approach has translated into tangible outcomes, including a recent memorandum of understanding with Bursa Malaysia, co-branded indices launched in partnership with Bursa Malaysia and Korea Exchange, and licensing agreements based on these co-branded indices to support ETF issuance in Hong Kong (see our previous updates here and here). [22 Apr 2026]

HKFE announces arrangements for enhancements to after-hours trading (T+1) in derivatives market

The HKFE has issued a circular setting out the features of its enhancements to the after-hours trading (T+1) session in the derivatives market, targeted for implementation around mid-2026, subject to market readiness and regulatory approval.

The enhancements are intended to improve accessibility to the derivatives market and trading continuity during the T+1 session, and include:

• the removal of UK and US mutual bank holidays for equity index products: The T+1 session will be opened for such products during UK and US mutual bank holidays (except for 25 May 2026); and
• reduction of the time break between the T and T+1 sessions from 45 minutes to 30 minutes: The T+1 session will commence 15 minutes earlier for all T+1 products, including equity index, currency, and commodity products.

To facilitate exchange participants’ operational readiness for the reduced time break, the HKFE will arrange a practice session on 20 June 2026 (see online registration form). Participation by eligible exchange participants is highly recommended. [21 Apr 2026]

HKEX announces appointment of head of new Debt Market Development team as part of advancing Hong Kong's international bond fundraising hub status

The HKEX has announced the appointment of Mr Lawrence Lau as Managing Director and Head of Debt Market Development. Mr Lau will head a new Debt Market Development team as HKEX continues to build out its fixed income and currency (FIC) business, covering both primary and secondary market development.

Mr Lau's primary market responsibilities include strengthening bond issuance and issuer engagement, while his secondary market development focus will include supporting liquidity and market infrastructure development across the debt market value chain. He will report to Mr Kevin Fan, the HKEX's Head of FIC Product Development. [21 Apr 2026]

SFC launches framework for secondary trading of tokenised SFC authorised investment products

The SFC has announced a new regulatory framework (set out in a circular) to pilot the secondary trading of tokenised SFC‑authorised investment products in Hong Kong, with a view to improving their tradability and further integrating them with the broader Web3.0 ecosystem.

The framework primarily aims to facilitate secondary trading of tokenised SFC‑authorised open‑ended funds on SFC‑licensed virtual asset trading platforms (VATPs), including for retail investors, while over‑the‑counter arrangements may be considered on a case‑by‑case basis. The initial batch of products is expected to focus on tokenised money market funds. The SFC will review their operation and consider expanding the product scope in due course.

Drawing on the experiences of Hong Kong’s exchange-traded fund market and SFC-licensed VATP operators, the SFC sets out in the circular the requirements for secondary trading of tokenised products, covering the following areas:

• operation of the trading channel;
• risk management and supervisory controls to ensure fair pricing;
• liquidity provision;
• disclosure in offering documents and online dedicated interfaces;
• client onboarding; and
• notification to the SFC, for example, early alerts of untoward circumstances and notification of cessation or suspension of dealing in the tokenised products.

The circular also set out the requirements for prior consultation, application and approval for product providers and intermediaries engaging in secondary trading of tokenised products.

This circular should be read in conjunction with:

• the circular on tokenisation of SFC authorised investment products (updated to take into account the above framework on secondary trading); and
• the circular on intermediaries engaging in tokenised securities-related activities (see our previous update). [20 Apr 2026]

SFC Executive Director sets out current progress and upcoming priorities under ASPIRe roadmap for digital assets in keynote speech

In a keynote speech at the Hong Kong Web3 Festival 2026, Dr Eric Yip, the SFC's Executive Director of Intermediaries, reviewed the progress made since the launch of the SFC’s ASPIRe roadmap in early 2025 (see our previous update) and outlined regulatory priorities for 2026 and beyond.

The speech emphasised the SFC’s continued application of the principle of 'same business, same risks, same rules' in regulating digital asset activities, alongside a focus on disciplined execution of the 12 initiatives under the ASPIRe roadmap.

Dr Yip highlighted the progress made under the roadmap so far, such as the enabling of staking services, consulting on licensing regimes for virtual asset (VA) dealers, custodians, and providers of advisory and management services, opening pathways to global liquidity via shared order books, broadening platform service and product offerings, expanding custody coverage, commencing its CrypTech initiative, and allowing licensed VA brokers to offer margin financing subject to meeting specified risk management requirements.

Looking ahead, Dr Yip highlighted some of the SFC’s upcoming priorities:

• completing the legislative process for the VA licensing regimes for dealing, advisory, management and custody services;
• developing a pragmatic solution for custody, insurance, and compensation arrangements in order to balance the use of the latest technology with investor asset protection;
• working on the VA perpetuals framework, actively discussing product specifications, clearing and settlement arrangements, margin requirements, disclosures, and other relevant topics with market participants – good progress has been made and guidance will be provided once ready;
• finetuning licensing terms and conditions to facilitate the launch of margin financing services (it will likely need to consult the market regarding the financial resources requirements for digital assets);
• working on product categorisation for tokenised assets, by considering in practice how the regulatory regime can embrace tokenised real-world assets, and support the tokenisation and trading of tokenised bonds, funds and other instruments. The SFC has just announced that VATPs can offer secondary on-platform trading of tokenised SFC-authorised funds (see 'SFC launches framework for secondary trading of tokenised SFC‑authorised investment products' above); and
• continuing the work on its CrypTech initiative, moving from conceptualisation to proof of concept – the SFC is experimenting with the use of supervisory technology to automate market participants' reporting and build analytics for blockchain, custody surveillance, and market surveillance. [20 Apr 2026]

SEHK publishes consultation conclusions on enhancements to structured products listing framework, with amendments coming into effect in 2 phases on 1 May 2026 and 1 July 2026

The SEHK has announced that it has published the conclusions to its consultation on proposed enhancements to the structured products listing framework under Chapter 15A of the Listing Rules, following a consultation launched in September 2025 (see our previous update).

The SEHK has received 28 responses, with majority support for all of the proposals, and will adopt the proposals with some modifications and clarifications in light of the respondents' views.

The SEHK considers that the updated listing framework will help ensure Hong Kong’s global competitiveness as the world’s leading structured product market, facilitate product innovation, and uphold robust standards of market quality and investor protection.

Key product requirements will be implemented on 1 May 2026:

• lowering the minimum issue price for derivative warrants from HK$0.25 to HK$0.15;
• removing the minimum issue price for callable bull bear contracts;
• lowering the minimum market capitalisation at issuance for derivative warrants and callable bull bear contracts from HK$10 million to HK$6 million; and
• requiring emulation issues to have product terms identical to existing issues (other than issue price and issue size).

The remaining Listing Rule amendments will come into effect on 1 July 2026.

Existing issuers and guarantors (ie, those with either structured products listed on the SEHK, or a valid base listing document, as at 30 June 2026) will have until (and including) 30 June 2027 to comply with the new issuer eligibility requirements and the related disclosure requirements and ongoing obligations.

The SEHK will publish updated guidance to assist issuers in complying with the new requirements. [20 Apr 2026]

OTC Clear removes special arrangements for bulk settlement runs under adverse weather conditions

The OTC Clear has issued a circular to inform its members of a change to its settlement arrangements during adverse weather conditions. With effect from 27 April 2026, the commencement time of the bulk settlement runs will remain unchanged regardless of adverse weather conditions, such as black rainstorm warnings, typhoon signals no. 8 or above, and extreme conditions.

Under the previous arrangements, the commencement time of bulk settlement runs could be delayed on days affected by adverse weather.

Clearing members, clearing brokers and sponsored settlement members should continue to follow the settlement timetable set out in Chapter 3.11.2 of the OTC Clear Clearing Procedures, and to ensure that sufficient funds are available before the bulk settlement runs begin. [20 Apr 2026]

SEHK issues circular regarding SSE and SZSE consultations on proposed amendments to trading rules

The SEHK has issued a circular informing China Connect exchange participants (CCEPs) and trade‑through exchange participants (TTEPs) that the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) have published consultation papers on proposed amendments to their trading rules. The consultation period ended on 17 April 2026.

The proposed amendments include those that may be applicable to the Shanghai Connect and the Shenzhen Connect, such as:

• adjusting the trading method for SSE-listed funds during the closing auction period from continuous auction to closing call auction, aligning it with SSE-listed stocks; and
• increasing the daily price limit for risk alert stocks on the Main Board of the SSE and the SZSE from 5% to 10%, aligning it with the price limit applicable to other Main Board stocks.

CCEPs and TTEPs should assess the potential impact of the proposed amendments on their operations and systems. The SSE and the SZSE will announce further details, including the implementation timeline and testing arrangements, once finalised. [20 Apr 2026]

HKEX publishes consultation paper on T+1 settlement for Hong Kong cash market, seeking feedback by 18 May 2026

The HKEX has published a consultation paper on accelerated settlement for the Hong Kong cash market, proposing to shorten the settlement cycle from T+2 to T+1. The consultation paper sets out the proposed operational model and related process changes, following a July 2025 discussion paper that initiated a market-wide dialogue on accelerated settlement (see our previous update). Feedback on the discussion paper indicated overall support for the Hong Kong cash market to move to T+1.

Comments on the proposals under the consultation paper are required to be submitted by 18 July 2026. In brief:

• The proposed T+1 settlement cycle will apply to secondary market exchange trades, including equities, exchange-traded products, structured products and debt securities, as well as the physical settlement of equities arising from stock options exercise and assignment. Initial public offerings and Stock Connect Northbound trading will continue to operate under existing settlement timetables.
• The proposals aim to facilitate earlier completion of post trade activities on the trade execution date (T) to better prepare market participants for settlement on the following business day (T+1). They include adjustments to the timing of clearing procedures, and settlement-related processing to facilitate timely and orderly settlement under a shortened cycle. The existing delivery versus payment framework and batch settlement structure will remain unchanged.
• The HKEX also proposes to extend service windows for settlement-related activities such as settlement instruction input and matching, providing participants with greater flexibility to complete their post trade processing ahead of settlement. The existing clearing risk management framework will continue to apply, with certain timelines adjusted to reflect the shorter settlement cycle.
• In light of feedback on the discussion paper, the HKEX will consider developing a tool that enhances operational efficiency for institutional market stakeholders, including investment managers, custodians and brokers.
• The HKEX notes that a shorter settlement cycle will require adjustments across downstream processes and related market activities, and is seeking market views on how these processes can be adjusted. It encourages market participants to review their securities‑ and money‑side activities to support T+1 settlement.

Subject to market readiness and regulatory approval, the transition to a T+1 settlement cycle is intended to take place in the fourth quarter of 2027. The HKEX encourages market participants to begin assessing their operational readiness, systems and processes as soon as practicable.

Following finalisation of the T+1 framework, the HKEX will make consequential amendments to the Exchange Rules, Clearing House Rules and Listing Rules. Technical specifications will also be published in due course to support system enhancements. [17 Apr 2026]

HKIMR publishes research report on transition finance and proposes considerations to foster a credible and vibrant transition finance ecosystem in Hong Kong

The Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the Hong Kong Academy of Finance, has published an applied research report titled 'Navigating the Green Shift: Opportunities and the Evolving Landscape of Transition Finance'.

The report reviews the global transition finance landscape, examining the importance of multi-stakeholder collaborations and international best practices in preventing greenwashing and maintaining transparency, capturing insights from a diverse range of global stakeholders, including financial institutions and multilateral organisations.

The study reveals a clear momentum in transition finance, with 60% of survey respondents already either active in or exploring transition finance developments. Equity and fund investments as well as debt instruments were the most commonly used financial instruments to channel capital towards transition projects. The study also indicates that market outlook is cautiously optimistic.

Survey respondents emphasised that further development of the transition finance ecosystem requires progress on both regulatory initiatives and market development. The report states that Hong Kong is strategically positioned as a hub for transition finance, given its ability to leverage its deep capital markets, robust regulatory framework and strong connectivity through the mainland Chinese and international markets.

The report proposes five considerations to foster a credible and vibrant transition finance ecosystem in Hong Kong:

• Maintaining a high level of regulatory and policy clarity – including in relation to Hong Kong‑aligned categories for transition activities, technical screening criteria, high‑quality corporate transition plans and climate disclosure requirements that meet global standards, and clear product guidance for transition‑labelled instruments.
• Building on regional partnerships and collaboration – developing harmonised frameworks with regional partners and engaging stakeholders in joint development, to reduce compliance costs, enhance credibility, and establish Hong Kong as a trusted hub for transition finance.
• Inducing private capital flows through effective de‑risking mechanisms – collaborations with multilateral development banks can support scalable pipelines, improve disclosure, and strengthen standards, thereby fostering a more attractive investment environment.
• Establishing best‑in‑class verification and data governance – including implementing clear assurance requirements, independent verification protocols, and audit‑ready data practices to maintain transparency, accountability and data integrity, thereby preventing greenwashing.
• Integrating frontier digital and green technologies – including leveraging Hong Kong’s Green Fintech Map and proximity to the Greater Bay Area’s green technology cluster to support innovative transition‑linked instruments and improve project verifiability, and adopting digital tools for ESG data management, climate risk modelling and real-time monitoring. [17 Apr 2026]

No changes to FSP list proposed by SFC and HKMA following joint annual review

The SFC has issued a circular announcing the completion of the joint annual review with the HKMA of the list of financial services providers (FSPs) for the implementation of the Securities and Futures (OTC Derivative Transactions—Clearing and Record Keeping Obligations and Designation of Central Counterparties) Rules. See our previous update regarding the joint consultation on the annual update to the FSP list.

In light of the results of the review, the SFC and the HKMA do not propose any changes to the current FSP list which came into effect on 1 January 2026. Accordingly, the current list on the SFC’s website remains unchanged and continues to be effective until further notice. [15 Apr 2026]

HKEX advances index ecosystem with launch of two tech focused benchmarks

The HKEX has announced the expansion of its index portfolio with the launch of two technology‑focused benchmarks, marking the latest development in its strategy to expand proprietary and co‑branded index offerings:

• HKEX KRX Semiconductor Index – This is the HKEX’s first co‑branded index with Korea Exchange (KRX), providing cross‑market exposure to Hong Kong‑listed semiconductor companies eligible for Southbound Stock Connect and to leading South Korean semiconductor companies, as represented by constituents of the KRX Semiconductor Top 15 Index.
• HKEX Tech & US Tech 100 Index – This tracks the performance of all constituents of the HKEX Tech 100 Index together with the 100 largest Nasdaq‑listed technology companies by market capitalisation, including the Magnificent Seven.

Both indices are designed with approximately 60% weighting in Stock Connect‑eligible Hong Kong‑listed companies and 40% in overseas‑listed companies. They are intended to support the development of ETFs and be eligible for inclusion under Southbound ETF Connect, enabling investors in Mainland China to access more diversified cross‑market exposure.

The HKEX has also announced that it has entered into licensing agreements with the following issuers for the introduction of ETFs in Hong Kong based on the newly launched indices (subject to regulatory approval):

• Bosera Asset Management (International);
• Da Cheng International Asset Management;
• E Fund Management (Hong Kong);
• GF International Investment Management; and
• Huatai PCG Asset Management.

The HKEX stated that the two new benchmarks are designed to reflect the increase in technology companies listing in Hong Kong and the diverse investor demand for related products, offering targeted and diversified exposure to global and regional technology themes while supporting the development of products tailored to different investment strategies and risk appetites. [13 Apr 2026]

SEHK announces mandatory market rehearsal and updated FAQs for Phase 2 implementation of minimum spreads reduction

The SEHK has announced further preparatory steps for Phase 2 implementation of the reduction of minimum spreads in the Hong Kong securities market, including a mandatory market rehearsal on 25 April 2026. This follows the successful completion of end‑to‑end testing of the Orion Central Gateway – Securities Market and is intended to allow exchange participants to validate their trading and market data systems in a production environment under the new regime (see our previous update).

The circular sets out details regarding the required preparations prior to the market rehearsal and the return that is to be submitted following the market rehearsal. An information package that sets out the test schedules, guidelines and rundowns of the market rehearsal is available for download from the designated web corner.

The relevant FAQs (also available on the designated web corner) have been updated to include the relevant changes, including the content of minimum spread table code, and display adjustments related to the stock options market.

The formal launch date for Phase 2 will be announced separately, subject to market readiness and regulatory approvals. [10 Apr 2026]

HKMA grants first two stablecoin issuer licences under new regulatory regime

The HKMA has granted its first two stablecoin issuer licences under the Stablecoins Ordinance to Anchorpoint Financial Limited and the Hongkong and Shanghai Banking Corporation Limited respectively.

The granting of the licences marks a significant milestone in the implementation of Hong Kong’s stablecoin regulatory regime. The licences were granted after reviewing the first batch of 36 applications which were required to be submitted by 30 September 2025 (see our previous update). The two licences were awarded based on the applicants’ (1) capability and experience in risk management as well as the commitment to comply with relevant rules and regulations in Hong Kong and other jurisdictions; and (2) ability to propose distinct use cases with viable business plans.

In the initial phase, the licensees plan to issue HKD‑referenced stablecoins. Proposed use cases include cross‑border and local payments, tokenised asset trading, and innovative programmable applications such as conditional payments and supply chain financing. Both licensees are also actively involved in the HKMA’s pilot projects on central bank digital currencies and tokenised deposits.

Prior to the official launch of regulated stablecoins, the licensees must complete their preparatory work, such as the testing of technology platforms and systems, and the implementation of risk management measures and human resource arrangements. Based on their current proposed business plans, the launch of the regulated stablecoins is expected to take place in mid to the second half of 2026.

Upon the rollout of the regulated stablecoins, the HKMA will conduct ongoing supervision through on-site examinations, off-site reviews, independent assessments and direct communications with senior management teams of licensees to evaluate business progress against the plans submitted.

The HKMA will also continue to engage the remaining applicants and potential applicants. The HKMA emphasises that given the risk inherent in stablecoin activity, the need for user protection, and considerations of market capacity and sustainable development, the licensing threshold will remain high. The overall number of additional licences to be granted in the future (if any) will remain very limited. [10 Apr 2026]

SFC imposes HK$2 million fine on licensed corporation and bans former RO for eight months over staff trading activities

The SFC has publicly reprimanded and fined Impression Investment Limited (Impression) HK$2 million for failing to diligently supervise its staff and maintain effective internal controls over staff trading activities. It has also prohibited Mr Liu Shan, a former director, responsible officer (RO) and manager‑in‑charge of various core functions, from re‑entering the industry for eight months.

The SFC found that during the period from January 2016 and March 2021, Mr Liu and another staff member of Impression engaged in personal trading in a manner contrary to regulatory requirements when they were responsible for making investment decisions for funds managed by Impression. Among other things, Mr Liu:

• Conducted over 2,500 personal transactions without pre‑approval from Impression;
• Traded in the same securities on the same day as the fund he managed on over 200 occasions (sometimes at more favourable and sometimes at less favourable prices than the fund);
• Participated in 12 initial public offerings through his personal accounts, subscribing for the same shares as the fund he managed; and
• Failed to hold his personal investments for at least 30 days on 29 occasions.

The above conduct breached both the Fund Manager Code of Conduct and Impression’s staff dealing policies, and demonstrated Mr Liu's failure to identify, prevent or manage actual or potential conflicts of interest arising from the trading activities.

Impression was found to have breached various provisions of the SFC's main code of conduct, the Fund Manager Code of Conduct and guidelines relating to internal control by failing to:

• Diligently supervise its staff to ensure compliance with staff dealing policies and all applicable regulatory requirements; and
• Maintain and enforce effective procedures and controls to monitor staff dealing activities and detect non-compliance or other irregularities.

Such failures by Impression were attributable to Mr Liu’s neglect in discharging his duties as an RO and a member of the senior management of Impression. [9 Apr 2026]

HKMA announces DataGRID framework and GDR 3.0 for phased transition to datapoint centric regulatory reporting

In her opening remarks at FiNETech7: 'Data Excellence for Intelligent Risk Management', Ms Carmen Chu, Executive Director (Banking Supervision) of the HKMA, announced a new risk data strategy, the DataGRID framework, which defines the most important attributes of data excellence form governance to technology and culture:

• Granularity – Data at the right level of detail;
• Reliability – Building a consistent, audible single source of truth;
• Ingenuity – Designing data for the future; and
• Discoverability – Unified, instant access to critical information.

Ms Chu describes three core building blocks for establishing an industry-wide DataGRID:

• Co‑design – Collaboration across the financial ecosystem to ensure that the shared data foundation is accurate, robust, and fit-for-purpose.
• Reference architecture – One that is tailored to the unique data environment of the financial sector, enabling the seamless integration of structured and unstructured data from internal and external sources.
• Granular Data Reporting 3.0 (GDR 3.0) – Building on the success of GDR 2.0, the HKMA is launching GDR 3.0, a multi-phase multi-year revamp that paves the way for on-demand data reporting, potentially removing rigid reporting cycles in the long run.

The HKMA has issued a circular setting out the proposed implementation details for GDR 3.0. As part of the HKMA’s Fintech Promotion Blueprint of February 2026 (see our previous update), GDR 3.0 aims to enable a transition towards a more data-driven and technology-empowered supervisory regime, initiating a shift from aggregated, template‑based reporting to datapoint-centric submissions.

GDR 3.0 will be implemented in phases, with full implementation targeted for 2030-2031. As a first step, the HKMA has initiated a review of its existing template-based surveys to identify obsolete requirements, with over 10 surveys being streamlined or discontinued so far. The implementation will be guided by three design principles:

• 'Report once, use multiple';
• Replacing templates with direct granular data submissions; and
• Automated reporting.

The circular notes:

• While the specific implementation standards are being developed, authorised institutions (AIs) are expected to begin preparations, such as stock-taking risk data inventory and evaluating the readiness of their current data infrastructure for migration to GDR 3.0.
• Throughout the implementation, AIs will be invited to a series of engagement activities between the second and third quarters of 2026.
• The HKMA aims to finalise the three-phase GDR 3.0 implementation plan (see proposals in the annex to the circular) in 2026 based on industry input, and encourages AIs to provide feedback. [2 Apr 2026]

SEHK reminds exchange participants of end of transition period for Northbound program trading reporting under Stock Connect on 10 April 2026

The SEHK has issued a circular to remind China Connect exchange participants (CCEPs) and trade-through exchange participants (TTEPs) that the 3-month transition period for the Northbound Program Trading Reporting Guidelines will end shortly (see our previous update), and that they are required to complete the relevant reporting by 10 April 2026.

The SEHK advises CCEPs and TTEPs to refer to the websites of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, as well as the dedicated Northbound Program Trading Reporting section on the HKEX Stock Connect website, and to remind their clients who are existing investors to fulfill their reporting obligations by 10 April 2026. [1 Apr 2026]

SINGAPORE

SGX RegCo to implement new listing rules for Global Listing Board

The SGX RegCo has announced it will implement a new set of listing rules for the Global Listing Board (GLB) aimed at facilitating cross-border capital raising for companies and access to a wider range of listings for investors.

The new listing rules will:

• harmonise listing timelines and submission processes with those of Nasdaq;
• set minimum fundraising and market capitalisation admission requirements;
• facilitate retail participation by requiring a minimum share allocation to be made available through retail brokers; and
• require material disclosures in the US to be released on SGXNet in a timely manner.

Subject to amendments to the Securities and Futures Act 2001 (SFA), as well as the issuance of related regulations, the rules are expected to be effective from mid-2026.

The MAS has also published its response on proposed amendments to the SFA to facilitate dual listing arrangements on the Singapore Exchange. [30 Apr 2026]

SGX RegCo proposes requiring disclosures for dividend, remuneration and IR policies

The SGX RegCo has published a consultation paper which proposes requiring disclosures for dividend, remuneration and investor relation (IR) policies. The proposed new rules will require an issuer to:

• disclose in its annual report the key performance indicators used to determine remuneration of the board and key management, and how these indicators align with long-term shareholder value creation;
• maintain and describe a dividend policy in its annual report;
• maintain an investor engagement website;
• maintain and publish, on its website, an IR policy; and
• describe investor engagement activities in its annual report.

Responses are requested by 22 May 2026. [22 Apr 2026]

MAS consultation: Prudential treatment of cryptoassets on permissionless blockchains

The MAS has published a consultation on the prudential treatment of cryptoassets on permissionless blockchains. MAS proposes to allow banks to classify and treat a permissionless cryptoasset as a Group 1 cryptoasset, if the permissionless cryptoasset is able to meet a set of principle-based requirements designed to adequately mitigate the risks arising from the use of permissionless blockchains.

Responses are requested by 18 May 2026. [17 Apr 2026]

MAS: Joint statement of thirteenth ASEAN finance ministers’ and central bank governors’ meeting

The MAS has published the joint statement by ASEAN finance ministers and central bank governors following their thirteenth meeting to discuss regional and global developments, assess the progress of finance and central bank cooperation initiatives, and reaffirm the importance of strengthening ASEAN’s integration and resilience. [10 Apr 2026]

MAS: Reply to PQ on VCCs

The MAS has published the written reply to a Parliamentary Question (PQ) on variable capital companies (VCCs). The response addressed the following:

• the current number of VCCs in Singapore;
• how many currently do not hold any assets;
• how many currently do not have any investors; and
• the number of VCCs that have had supervisory interventions or regulatory actions directed against them.

As at 1 April 2026, there were 1,338 VCCs managed by licensed fund managers and banks. Last year, 25 VCCs were found to have held no assets without a valid reason. The fund managers of these VCCs have been directed to de-register them. [8 Apr 2026]

MAS: Reply to PQ on exposure of Singapore-domiciled FIs to US private credit

The MAS has published the written reply to a PQ on exposure of Singapore-domiciled financial institutions (FIs) to US private credit which queries:

• whether MAS has assessed the aggregate exposure of Singapore-domiciled FIs to US private credit;
• whether MAS has conducted or plans to conduct equivalent stress tests; and
• if MAS has not conducted or does not plan to conduct stress testing, why is this the case.

The reply advised that Singapore FIs have very small exposure to private credit, and that MAS regularly monitors the risk exposures of Singapore FIs as part of its supervisory oversight. This includes engaging FIs on stress testing their balance sheets, which features global financial stress scenarios such as defaults on private credit assets. [7 Apr 2026]

MAS: The Securities and Future (Amendment) Bill 2026) – Explanatory Brief

The MAS has announced that The Securities and Futures (Amendment) Bill 2026 has been moved for First Reading in Parliament. The Bill seeks to enable the implementation of the proposed regulatory regime for the GLB that the Singapore Exchange Securities Trading and the Nasdaq will establish. The GLB will enable issuers to simultaneously list on both exchanges under a streamlined regulatory framework. The Bill also provides MAS with flexibility to adopt a similar framework for dual listing arrangements with other overseas exchanges should future opportunities arise. [7 Apr 2026]

MAS: Key enforcement actions Q1 2026

The MAS has published a summary of the key enforcement actions it has taken during the period January to March 2026. [1 Apr 2026]

THAILAND

SECT consults on amendments to rules on liquidity risk management tools for mutual funds

The SECT has published a consultation on proposed principles for amending the regulations governing liquidity risk management tools for mutual funds, as well as on the criteria relating to disclosure requirements for sustainable and responsible investing funds.

The proposed amendments are aimed at enhancing regulatory flexibility and clarity in line with international practices, strengthening transparency in the operations of asset management companies, and supporting the long-term stability and sustainability of the mutual fund industry. Comments are requested by 5 June 2026. [30 Apr 2026]

SECT consultation: Amendments to prohibited characteristics of major shareholders of capital market business operators

The SECT has published for consultation proposed principles for amending the prohibited characteristics of major shareholders of securities business operators, derivatives business operators and digital asset business operators. The proposed amendments will establish a unified standard for prohibited characteristics and for the assessment of the severity of conduct of major shareholders across all types of business operators. Responses are requested by 28 May 2026. [29 Apr 2026]

SECT consults on proposed amendments to private fund regulations

The SECT has published a consultation on proposed amendments to the private fund regulations. The proposal is intended to enhance clarity in private fund standard portfolio disclosure requirements, refine the reporting financial statements of private funds to ensure appropriateness and alignment with investor profiles, and establish clearer guidelines for the disclosure of conflicts of interest. The core principle remains that investors should receive sufficient decision-making information, while avoiding undue burden on business operators. Feedback is requested by 27 May 2026. [27 Apr 2026]

BoT speech: Advancing safe and inclusive digital finance

The Bank of Thailand has published the opening keynote by its Assistant Governor Daranee Saeju at Money20/20 Asia in Bangkok on how to build digital economy. The Assistant Governor outlined the structure of a digital economy – identity, payments and data – and discussed the two layers of digital public infrastructure established in Thailand: digital identity and payments. She also noted important data gaps that need addressing. [21 Apr 2026]

SECT to permit digital asset business operators to engage in derivatives-related businesses

The SECT has proposed principles for revising the licensing framework for derivatives businesses, to allow digital asset business operators to apply for derivatives business licences without the need to establish new legal entities. The draft revisions also aim to enable investors to use such derivatives as additional risk management tools, while enhancing the SECT’s regulatory oversight across all types of businesses to a unified standard, in line with international standards.

Responses are requested by 20 May 2026. [20 Apr 2026]

SECT consults on definition of 'major shareholder' requiring approval for derivatives business operators

The SECT has published a consultation on its review of the definition of 'major shareholder' whose approval is required for derivatives business operators. The proposal aims to enhance supervisory oversight up to the level of ultimate controlling persons, in line with the regulatory approach applied to securities business operators and digital asset business operators.

Responses are requested by 1 May 2026. [17 Apr 2026]

SECT consults on crypto ETF regulatory framework

The SECT has published a consultation on proposed principles regarding the establishment and regulatory framework for crypto ETFs in Thailand. The draft framework covers, among other matters, the delegation of digital asset investment management for mutual funds and the principles governing the appointment of trustees for crypto ETFs.

The initiative is aimed at expanding investment options for investors, strengthening the capabilities of business operators, promoting product diversity in the Thai capital market, and supporting the development of a more robust crypto ETF ecosystem. Responses are requested by 11 May 2026. [10 Apr 2026]

SECT consultations: Use of proceeds by bond issuers, regulatory framework for transition & Thailand amber bonds

The SECT has published for consultation:

• draft amendments to regulations governing the use of proceeds by bond issuers, covering circumstances where bond proceeds are used inconsistently with previously disclosed purposes, as well as changes to the stated use of proceeds, in order to avoid creating obstacles to fundraising; and
• a proposed regulatory framework for transition finance to support transition bonds and Thailand amber bonds, with the aim of facilitating fundraising by the business sector toward the green economy. The proposed framework also includes enhancements to the ESG bond regulations to improve disclosure requirements.

Feedback on both consultation is requested by 11 May 2026. [10 Apr 2026]

SECT prepares to introduce enhanced KYC/CDD standards

The SECT has announced that it intends to establish consistent supervisory guidelines for securities and derivatives business operators on know-your-customer and customer due diligence in coordination with the Anti-Money Laundering Office.

The measures are expected to come into force in April 2026. [8 Apr 2026]

SECT proposes approval requirements for funding providers as major shareholders of securities and digital asset business operators

The SECT has proposed approval requirements for funding providers as major shareholders of securities and digital asset business operators to strengthen measures against illicit funding.

Feedback is requested on 22 April 2026. [7 Apr 2026]

SECT amends regulations to accommodate tokenised funds

The SECT has amended certain regulations to accommodate the sale and redemption of mutual fund units issued in tokenised form. The changes are intended to enable faster transaction processing and to enhance clarity and appropriateness. [2 Apr 2026]

INDIA

SEBI extends timeline for debenture trustees' compliance with conditions for activities outside SEBI remit

The SEBI has announced it is extending by six months the deadline by which debenture trustees must comply with the terms and conditions for carrying out activities outside the purview of SEBI. [28 Apr 2026]

RBI: Reporting instructions for Authorised Dealer Category – I banks

The RBI has published a set of directions requiring Authorised Dealer Category-I banks to report their related parties' global foreign exchange derivative transactions involving the Indian rupee to the Trade Repository of the Clearing Corporation of India Limited. [27 Apr 2026]

SEBI: Framework for net settlement of funds for transactions by FPIs in cash market

The SEBI has published a circular which sets out the framework for the netting of funds for outright transactions undertaken by foreign portfolio investors in the cash market. The circular will be implemented on or before 31 December 2026. [24 Apr 2026]

RBI issues draft Master Direction on PPIs

The RBI has issued a draft Master Direction on Prepaid Payment Instruments (PPIs), following a review of guidelines on PPIs. This initiative forms a part of the RBI's continued efforts to develop a conducive framework for long term growth of PPIs with enhanced security of transactions. Responses are requested by 22 May 2026. [22 Apr 2026]

RBI issues consolidated directions on digital payments – e-mandate framework

The RBI hasissued directions on the digital payments – e-mandate framework, 2026. The directions consolidate extant instructions on e-mandates and incorporate a few minor changes based on stakeholder feedback. The directions come into effect immediately. [21 Apr 2026]

RBI: Risk management and inter-bank dealings

The RBI has issued a circular on risk management and inter-bank dealings, which withdraws the instructions issued in A.P. (DIR Series) Circular No. 03. Further, it has been decided that authorised dealers must not undertake any foreign exchange derivative contract involving Indian rupee with their related parties except for the following:

• cancellation and rollover of existing contracts; and
• transactions undertaken with non-related, non-resident users on a back-to-back basis in terms of the July 2016 master direction - risk management and inter-bank dealings, as amended from time to time.

These instructions have immediate effect. [20 Apr 2026]

RBI speech on AI in finance

The RBI has published a speech by Deputy Governor Swaminathan Janakiraman on the use of AI in the financial sector. Mr Janakiraman spoke about both the opportunities and challenges presented by AI and outlined five broad principles to shape its responsible use: human responsibility must remain central; fairness and explainability must be built into the system from the beginning; strong data governance; institutional capacity must be strengthened; and inclusion must be a design objective, not an accidental by-product. [13 Apr 2026]

RBI discussion paper on safeguards in digital payments

The RBI has issued a discussion paper on potential safeguards to curb fraud in digital payments. The RBI explains that, following its intervention, frauds attributed to account take-over are now negligible, with most fraudulent activity being instead authorised push payment (APP) frauds. The discussion paper sets out options to address APP fraud, including lagged credit, requiring additional authentication for high-value digital transactions, aggregate transaction limits for receiving entities, and other customer-managed controls. For each option, the RBI sets out international comparisons, and the pros and cons of adopting approaches in India.

Feedback is requested by 8 May 2026. [9 Apr 2026]

RBI releases guidelines on faster cross-border inward payments

The RBI has issued a circular containing Guidelines to facilitate faster cross-border inward payments. The circular is intended to address certain frictions identified in inward cross-border payments to facilitate the timely intimation of payment information and crediting of funds to the beneficiary’s account. [9 Apr 2026]

RBI: Statement on Developmental and Regulatory Policies – consolidation exercise, TReDs access, more

The RBI has published its latest Statement on Developmental and Regulatory Policies which sets out various developmental and regulatory policy measures relating to regulations; supervision; payment systems; and financial markets.

Among the developments highlighted are the consolidation of supervisory instructions into draft master circulars, the simplification of the onboarding process for micro, small and medium enterprises (MSMEs) onto the Trade Receivables Discounting System (TReDS), and expanding access to the term money market.

With regard to consolidating supervisory instructions, the RBI has published 64 draft Master Directions and a list of circulars proposed to be repealed as a consequence of the consolidation. An explanatory note of the consolidation exercise has been provided by RBI. Feedback on the consolidation exercise is requested by 8 May 2026.

With regard to MSME onboarding, the RBI has released the draft RBI (Trade Receivables Discounting System) Directions. The directions also streamline capital requirements for authorised entities with that of other non-bank Payment System Operators and permit financiers to avail credit guarantee cover for exposures undertaken on TReDS. Feedback is requested by 1 May 2026. [8 Apr 2026]

IFSCA publishes pension fund regulations

The IFSCA has published the IFSCA (Pension Fund Regulations, 2026. These regulations shall come into force on the date of their publication in the Official Gazette. [6 Apr 2026]

PHILIPPINES

SECP consults on proposed framework governing registration and trading of structured warrants

The SECP has published a consultation on a draft set of rules and regulations governing the registration and trading of structured warrants. Responses are requested by 13 May 2026.  [29 Apr 2026]

SECP issues rules on umbrella funds

The SECP has published rules on the creation of umbrella funds, expanding the structuring options for investment firms in a bid to provide greater operational flexibility and administrative efficiency for fund managers and increase portfolio diversification options for investors.  [15 Apr 2026]

SECP publishes rules on umbrella funds 

The SECP has published SEC Memorandum Circular No.14 – Rules on Umbrellas Funds. It shall apply to newly formed or existing open-end unit-issuing investment companies which consists of, or are likely to consist of, two or more sub-funds with segregated assets and liabilities.

The rules shall take effect immediately after publication in two newspapers of general circulation the Philippines.  [8 Apr 2026]

TAIWAN

FSC amends regulations on securities firms’ trading of foreign securities and wealth management business rules

The Financial Supervisory Commission has announced amendments to the regulations governing securities firms accepting orders to trade foreign securities as well to the directions on the conduct of wealth management business by securities firms. Changes include the easing of qualifications and conditions for securities dealers to apply for the high-asset customer business, and removal of the substantive commitment requirements related to net value restrictions and conditions for investment attraction and talent recruitment in the financial conditions under the application qualifications of securities dealers. [10 Apr 2026]

VIETNAM

SBV: Vietnam – Korea Financial Cooperation Forum

The SBV has published a report on the Vietnam – Korea Financial Cooperation Forum, held on 23 April 2026 with the theme 'Financial Infrastructure – A Pillar for Growth'. In his remarks, SBV Deputy Governor Nguyen Ngoc Canh expressed his belief that the Forum would serve as an important platform for dialogue, enabling regulators, financial institutions, and businesses from both countries to engage in in-depth discussions on strategic cooperation orientations.

The SBV also announced the launch of the cross-border QR payment service between Vietnam and South Korea. [28 Apr 2026]

SBV: Credit institutions required to strictly implement measures to stabilize common interest rates

The SBV has emphasized that credit institutions are required to strictly implement the measures stipulated in Document No. 2342/NHNN-CSTT dated 30 March 2026. These measures aim to stabilize the common interest rate environment while ensuring a balance between credit growth and deposit mobilization. [8 Apr 2026]

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