APAC Monthly Private Wealth Legal Developments – January 2026

Australia

ASIC: Federal Court orders Australian Unity Funds Management to pay $7 million penalty for failing to confirm product suitability for investors

ASIC has announced that the Federal Court of Australia has ordered Australian Unity Funds Management Limited (Australian Unity), the responsible entity of the Australian Unity Select Income Fund (Fund), to pay $7.125m for failing to verify the suitability of one of its products for retail investors, in breach of its design and distribution obligations.

As a result of Australian Unity's failure to take reasonable steps to ensure that interests in the Fund were only distributed to investors meeting the requirements of its three Target Market Determinations (TMDs), hundreds of retails investors could acquire an interest in the Fund even where the product was unsuitable for them under the TMDs.

In addition to the pecuniary penalty, the Court ordered Australian Unity to publish an adverse publicity notice and pay ASIC's costs. [30 Jan 2026]

ASIC proposes to extend intra-fund transfer relief for super trustees

ASIC is seeking feedback on its proposal to extend relief for superannuation trustees from complying with application form (see section 1016A of the Corporations Act 2001) and cooling-off (see section 1019A of the Corporations Act 2001) requirements during an intra-fund transfer under the ASIC Corporations (Superannuation: Accrued Default Amount and Intra-Fund Transfers) Instrument 2016/64.

In extending the relief (from 1 April 2026 to 1 April 2031), ASIC proposes to remove relief for movements of accrued default amounts to MySuper products and make minor amendments to simplify the instrument.

Feedback is requested by 18 February 2026. [28 Jan 2026]

ASIC: Key issues outlook 2026

ASIC has announced the key financial issues it intends to prioritise in 2026. The issues include:

• increased retail client exposure to private credit markets;
• operational failures by superannuation fund trustees leading to member harm;
• consumers losing their retirement savings through investments in high-risk products, including as a result of high-pressure sales tactics and inappropriate financial advice;
• advanced technology harming consumers (including agentic AI);
• cyber-attacks, data breaches and/or inadequate operational resilience and crisis management undermine market confidence and harm consumers;
• regulatory gaps related to emerging financial sector participants (digital assets, payments, users of AI) and others on the regulatory perimeter;
• poor insurance claims handling, particularly following extreme weather events;
• failure or significant outage resulting from the implementation of CHESS replacement or due to the ongoing use of the aging infrastructure of the current system;
• poor quality financial reporting, sustainability reporting and audit quality; and
• increased risk appetite in the banking sector in response to competitive pressures that results in consumer harm. [27 Jan 2026]

ASIC: BPS Financial to pay $14 million in penalties over crypto Qoin Wallet

The Federal Court of Australia has ordered BPS Financial Pty Ltd to pay $14m in penalties for conduct relating to its crypto product, the 'Qoin Wallet'.

The penalties follow the Court's findings in 2024 and 2025 that BPS made misleading representations about the Qoin Wallet, operated and promoted it without holding an Australian Financial Services Licence (AFSL) and incorrectly relied on the 'authorised representative' exemption under the Corporations Act 2001.

The Court also made orders restraining conduct, requiring an adverse publicity notice to be published and paying ASIC's costs. [27 Jan 2026]

Hong Kong

SFC outlines initiatives to foster a dynamic, forward-looking and globally competitive REIT market in Hong Kong

In her remarks at a luncheon hosted by the Hong Kong REITs Association, Ms Alexandra Yeong, Interim Head of Investment Products of the SFC, emphasised the importance of strengthening the competitiveness of the Hong Kong real estate investment trust (REIT) market. Ms Yeong highlighted some of the key measures in this regard:

• Grant scheme and stamp duty waiver: The SFC worked with the Government to extend the REIT grant scheme for three years to May 2027, providing continued financial support for REIT listings in Hong Kong (see our previous update). The waiver on stamp duty for transfers of REIT units implemented in December 2024 (see our previous update) has enhanced market liquidity, with average daily turnover of Hong Kong REITs increasing by 16% in 2025.
• REIT Connect: The SFC reiterated that the early implementation of REIT Connect (see our previous update) remains a top priority. The initiative is expected to significantly broaden the investor base and enhance liquidity, particularly in light of the rapid growth of the Mainland C‑REIT market. The SFC has continued to work closely with the Government and Chinese Mainland authorities and has made good progress. It will announce further details once available.
• New REIT Channel and streamlined measures: A dedicated REIT Channel launched in October 2025 (see our previous update) allows confidential pre‑application consultations, while the authorisation process for new REIT listings has been streamlined to enable decisions to be made within four weeks from take-up under normal circumstances. Documentary requirements for secondary offerings have also been simplified.
• Facilitating corporate activities and privatisation: After concluding the public consultation in October 2024 (see our previous update), the Government and the SFC are taking forward the legislative proposals to introduce a statutory scheme of arrangement and compulsory acquisition mechanism for REITs, and to enhance the market conduct regime applicable to REITs under the Securities and Futures Ordinance. The legislative amendments will be introduced into the Legislative Council in due course.

The SFC also highlighted its engagement with overseas regulators to explore cross‑border collaboration opportunities, and encouraged local and international REIT managers to take advantage of Hong Kong's regulatory framework and policy initiatives. Looking to the future, the SFC's priority in fostering a dynamic, forward-looking and globally competitive REIT market in Hong Kong remains. [30 Jan 2026]

Cross-Agency Steering Group sets strategic priorities for 2026 to 2028 to strengthen Hong Kong's role as a competitive and future‑ready sustainable finance centre

The Green and Sustainable Finance Cross-Agency Steering Group, co-chaired by the HKMA and the SFC, has published its strategic priorities for 2026 to 2028, aimed at further strengthen Hong Kong's role as a competitive and future‑ready sustainable finance centre.

The strategic priorities are anchored around two key pillars:

• Consolidating and strengthening efforts to solidify Hong Kong as a sustainable finance centre: This includes (i) strengthening the sustainability disclosure ecosystem, including sustainability assurance, supporting high-quality transition plan disclosure, and the effective use of technology, (ii) facilitating sustainable capital flows through Hong Kong and strengthening cross border carbon market collaboration, (iii) strengthening external engagement via events and participation in global dialogues, and (iv) supporting talent development through capacity building initiatives.
• Developing Hong Kong's strengths in emerging areas: This includes (i) Scaling transition finance with practical guidance, enabling tools and case studies, while encouraging wider industry adoption of transition planning, and (ii) supporting adaptation finance by building market readiness, identifying capability gaps, and supporting product innovation and development, while strengthening physical risk assessment capabilities.

The steering group also reviewed progress on the implementation of the Roadmap on Sustainability Disclosure in Hong Kong, including ongoing work on sustainability assurance (see our previous update) and enhancements to the Hong Kong Taxonomy for Sustainable Finance (see our previous update).

The steering group, established in 2020, also comprises the Insurance Authority, the HKEX, the Financial Services and the Treasury Bureau, the Environment and Ecology Bureau, the Mandatory Provident Fund Schemes Authority, and the Accounting and Financial Reporting Council. [29 Jan 2026]

HKMA and SFC jointly consult on standard calculation periods under OTC derivative clearing rules

The HKMA and the SFC have issued a joint consultation on proposals to standardise the calculation periods under the over-the-counter (OTC) derivatives mandatory clearing regime. Comments on the proposals are to be submitted by 27 February 2026.

Under the Securities and Futures (OTC Derivative Transactions – Clearing and Record Keeping Obligations and Designation of Central Counterparties) Rules (Clearing Rules), a calculation period is used to determine whether a person is subject to the mandatory clearing obligation, based on the size of its applicable position in OTC derivative transactions for a calculation period as calculated in accordance with the Clearing Rules.

Currently, the list of calculation periods under the Clearing Rules requires regular updating. The regulators propose to amend the Clearing Rules to designate two standard calculation periods per year – 1 March to 31 May and 1 September to 30 November – with effect from 1 March 2027.

The proposals aim to enhance the efficiency of the operation of the Clearing Rules and provide greater certainty to derivative dealers in identifying future calculation periods for compliance purposes. [29 Jan 2026]

HKMA and PCPD strengthen collaboration to combat fraud and safeguard personal data

The HKMA and the Office of the Privacy Commissioner for Personal Data (PCPD) have jointly announced a series of new measures to enhance collaboration in combatting fraud and strengthening the protection against misuse of personal data.

In light of the increasing sophistication of fraud, the two regulators have strengthened their cooperation to ensure that banks' systems and safeguards against these risks are robust, and that best practices are shared with banks on a timely basis.

• Joint risk-based examinations of selected banks' anti-fraud systems and controls will be conducted, in which the HKMA will focus on assessing the effective implementation of anti-fraud measures set out in circulars issued in December 2024 and April 2025 (see our previous updates here and here), while the PCPD will review the banks' data security measures and access controls that are designed to safeguard personal data against misuse and leakage.
• The two regulators will strengthen joint publicity and educational efforts (including targeted outreach activities), and work closely with other key stakeholders including the Hong Kong Police Force, The Hong Kong Association of Banks and the industry to raise public awareness of the latest scam tactics and the importance of protecting personal data, including bank account information

The HKMA reminds the public to remain vigilant when providing personal data (including bank account information and login credentials), to prevent such data from being misused for deception or money laundering, and to stay informed about the latest fraud prevention information published by the HKMA, the PCPD and the Police. [27 Jan 2026]

SFC and UAE's CMA sign milestone MoU to strengthen cross-border digital asset collaboration

The SFC and the CMA of the United Arab Emirates (UAE) have signed a memorandum of understanding (MoU) to strengthen cross-border regulatory collaboration on digital asset-related matters, the SFC's first agreement with an overseas regulator dedicated to supervisory collaboration on regulated digital asset entities.

The MoU establishes a framework to enhance regulatory cooperation, including mutual consultation and information exchange for supervising cross-border regulated digital asset entities.

The signing of the MoU followed an industry roundtable on digital asset innovation, where the SFC and the CMA convened senior executives from the digital asset industry to discuss the digital asset ecosystem. The regulators reaffirmed at the roundtable their shared vision to develop their digital asset markets sustainably through balanced regulation, and position both jurisdictions as forward-looking digital asset hubs. Industry leaders also shared market insights and operational experiences.

The SFC and the CMA also co-hosted a high-level roundtable with senior executives of Hong Kong's leading asset managers, to further the asset management-related ties between Hong Kong and the UAE, and build on the Mutual Recognition of Funds MoU signed in September 2025 (see our previous update). Co-chaired by the CEOs of the SFC and the CMA, attendees explored diverse opportunities to expand their business footprint in the UAE. An industry seminar was also co-hosted by the regulators earlier in the day to enhance Hong Kong asset managers' understanding of the regulatory requirements to distribute funds in the UAE. [27 Jan 2026]

SFC suspends licensed representative for 27 months for undisclosed personal trading and false declarations

The SFC has suspended Mr Wong Chi Fai, a former licensed representative of Fulbright Securities Limited and Fulbright Futures Limited (collectively Fulbright), for 27 months. The suspension follows findings from an investigation into a suspected ramp-and-dump scheme.

• The SFC found that, between October 2019 and January 2022, Mr Wong conducted approximately 1,300 securities transactions (totalling about HK$670 million in value) in a securities account under his relative's name at another brokerage, without Fulbright's knowledge. He also falsely declared to Fulbright on multiple occasions that he had no beneficial interests in external accounts.
• In addition, between 1 January 2015 and 31 December 2018, Mr Wong conducted around 10,000 personal trades (totalling about HK$2.8 billion in value) via a securities account under his relative's name at Open Securities Limited (OSL) while he was employed there, without obtaining the required approval. He made various false declarations to conceal from OSL his financial interest in and control over the account from May 2011 to December 2018.

The SFC considers that Mr Wong's conduct in circumventing the relevant staff dealing policies of Fulbright and OSL and preventing them from monitoring his personal trading activities was wilful and dishonest, calling into question his fitness and properness to remain licensed. [26 Jan 2026]

SFC suspends licensed representative for seven months for facilitating unauthorised personal trading in client account

The SFC has suspended Ms Choi Sau Wai, a former licensed representative of Glory Sun Securities Limited (GSSL), for seven months. The suspension follows findings from an investigation into a suspected ramp-and-dump scheme.

• The SFC found that between October 2019 to January 2022, Ms Choi knowingly allowed and facilitated an account executive of another brokerage, Mr Wong Chi Fai, to operate and conduct personal trades in a client's securities account at GSSL without obtaining the client's written authorisation or Mr Wong's employer's written consent, in breach of GSSL's internal policies and the SFC's main code of conduct.
• Mr Wong was a relative of the client and conducted approximately 1,300 securities transactions (totalling about HK$670 million in value) in the client's account without disclosing them to his employer. He has been suspended for 27 months in separate disciplinary proceedings (see 'SFC suspends licensed representative for 27 months for undisclosed personal trading and false declarations' above).

The SFC considers that Ms Choi's conduct had exposed the client to potential losses and GSSL to potential liability in the event the client disputes the trades in her account, and prevented GSSL from discharging its obligations under the SFC's main code of conduct. [26 Jan 2026]

SFC issues circular regarding logistical arrangements for transitioning to enhanced STR reporting platform (STREAMS 2) by 2 February 2026

The SFC has issued a circular regarding the logistical arrangements for transitioning to the Joint Financial Intelligence Unit (JFIU)'s new suspicious transaction reporting platform, the Suspicious Transaction Report and Management System 2 (STREAMS 2), from the current STREAMS platform.

STREAMS 2 has enhanced system automation and analytical capabilities, which will increase the efficiency and effectiveness of the JFIU's analysis and dissemination of financial intelligence gathered from the suspicious transaction reports (STRs) received. The enhanced system was introduced by the JFIU during webinars held on 17 and 18 November 2025 (see presentation materials).

With effect from 2 February 2026, STEAMS 2 will be the only channel for filing STRs. Licensed firms are required to submit STRs to the JFIU via the methods stated in the circular. The JFIU will cease accepting STR submissions via STREAMS at 12:00am on 28 January 2026, and will resume accepting STR submissions at 9:00am on 2 February 2026 via STREAMS 2. STRs requiring urgent submission during the blackout period should be submitted via email (jfiu@police.gov.hk), phone (2866 3366) or fax (2529 4013). Further details of the transitional arrangements are set out in the circular.

Licensed firms should register STREAMS 2 user accounts to facilitate the prompt submission of STRs. New users should download the STREAMS 2 User Registration Form available on the JFIU website, and submit the completed form to the JFIU via email (jfiu@police.gov.hk). [26 Jan 2026]

HKMA RMB Business Facility to increase from RMB100 billion to RMB200 billion from 2 February 2026, against backdrop of further support from PBoC in six aspects

The HKMA has announced that the total size of the RMB Business Facility will double from RMB100 billion to RMB200 billion with effect from 2 February 2026.

The RMB Business Facility was launched in October 2025 (see our previous update) with support from the PBoC, and replaced and enhanced the RMB Trade Financing Liquidity Facility introduced in February 2025. The RMB Business Facility provides banks with a stable and relatively lower-cost source of RMB funds, enabling them to offer RMB financing to corporate clients and support the wider use of RMB in the real economy.

Since its launch, the facility has received overwhelming response, with its RMB100 billion quota fully allocated to 40 participating banks. Eligible end-users have expanded to include corporate clients of participating banks' overseas intragroup banking entities, and eligible activities have expanded from trade finance to cover capital expenditure and working capital term loans (see our previous update). The facility has not only served corporates in Hong Kong but has also successfully channelled offshore RMB funds to regions such as the ASEAN countries, the Middle East, and Europe. In addition, more banks have expressed interest in participating in the facility.

The increase to RMB200 billion will allow for higher quotas for existing participants and onboarding of additional banks. The HKMA encourages applications from both existing and aspiring participants and will allocate quotas in line with established practice. Further details, including application guidance and operational procedures, are available on a dedicated webpage.

More broadly, the PBoC has indicated its support for Hong as an offshore RMB business hub. The Deputy Governor of the PBoC, Mr Zou Lan, indicated at the Asian Financial Forum that the PBoC will:

• Increase the scale of RMB funding arrangements to provide more ample liquidity support for Hong Kong's offshore market;
• Continue to advance financial market connectivity, enriching liquidity management and risk hedging tools for overseas investors;
• Expand the supply of offshore RMB sovereign bonds to enhance market liquidity; and
• Support the development of Hong Kong's gold market to strengthen the offshore RMB market function of Hong Kong. [26 Jan 2026]

FSTB signs co-operation agreement with Shanghai Gold Exchange and announces six supporting measures to advance Hong Kong's gold market

The FSTB has signed a co-operation agreement with the Shanghai Gold Exchange, marking a significant step in deepening collaboration between the gold markets of Hong Kong and Shanghai.

The agreement sets out two key areas of co-operation:

• Establishing a high-level governance structure for Hong Kong's new gold central clearing system, with the Hong Kong Precious Metals Central Clearing Company Limited chaired by the Secretary for Financial Services and the Treasury, with a representative from the Shanghai Gold Exchange as Deputy Chairman.
• The two sides will also explore leveraging the Shanghai Gold Exchange's well-established physical warehousing management regime to provide secure gold management services for participants in both Hong Kong and international markets. They will also aim to drive greater connectivity between on-exchange and off-exchange gold trading activities, and forge ahead broader mutual market access.

The FSTB also discussed six supporting measures for the development of Hong Kong's gold market:

• Supporting the Airport Authority Hong Kong and financial institutions in establishing gold storage facilities;
• Welcoming Hong Kong gold traders to engage in substantive co-operation with qualified Shenzhen refining enterprises, following the signing of a memorandum of understanding with the Shenzhen Municipal Financial Regulatory Bureau;
• Commencing trial operations this year at Hong Kong's central clearing system for gold;
• Proposing including precious metals as qualifying investments for the purpose of the preferential tax regimes offered to funds and single family offices, with the aim of introducing the legislative proposal in the first half of 2026;
• Listing a new gold fund in Hong Kong, with features bridging traditional and digital finance;
• Releasing an outlook by market participants on the development of Hong Kong's sustainable gold governance framework and standards at the gold-themed session of the Asian Financial Forum. [26 Jan 2026]

HKMA publishes presentation materials for upcoming briefing to LegCo Panel on Financial Affairs on 2 February 2026

The HKMA has published presentation materials for its upcoming briefing to the Legislative Council (LegCo) Panel on Financial Affairs on 2 February 2026. The developments to expect include (among others):

Banking Stability

• Enhancements to the banking regime – The HKMA targets to introduce legislative amendments into the LegCo within 2026 to simplify the three-tier banking system, provide for engagement of skilled persons, and modernise the HKMA's enforcement powers, among others (slide 56).
• Resolution regime – The HKMA is consulting the industry on two code of practice chapters on resolution valuations (slide 58).
• Green and sustainable banking – The HKMA is carrying out industry engagement and other preparatory work to align disclosure requirements for the banking sector with international standards, and is conducting a second round of industry consultation on transition planning guidelines with the aim of finalising them within 2026 (slide 59).
• Authorised payment scams – The HKMA is conducting an industry consultation on 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 (slide 62).
• Remuneration structures – The HKMA consulted the banking industry in October 2025 on the proposed requirements regarding the remuneration structures of banks in relation to the sale of participating policies with regular payment terms. The HKMA is reviewing relevant details of the requirements in light of the feedback received and is exploring the feasibility for implementation (slide 64).

Financial Infrastructure

• Fintech initiatives – The HKMA continues to progress in this area, launching the Fintech 2030 with a portfolio of 40 initiatives. Among others, the HKMA will continue its efforts to prepare a solid policy, legal, and technical foundation, with the aim of laying the groundwork for the potential future use of an e-HKD for individuals and corporates in Hong Kong, subject to international developments, latest technologies, and market needs (slide 71).

Hong Kong as an international financial centre

• Developing the asset and wealth management industry – 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. The target is to submit the proposals to the LegCo for deliberation in 2026, for the measures to take effect from the 2025-26 financial year (slide 79).
• Supply chain finance – The Government is consulting the industry on proposed legislative amendments to facilitate the digitalisation of trade documents, with the aim of submitting the proposed amendments to the LegCo within 2026 (slide 80).
• Corporate treasury business – To attract more corporates to manage intra-group liquidity through Hong Kong, the HKMA and relevant Government agencies are studying enhancements to tax concession measures, with the aim of concluding the study by the first half of 2026 (slide 80).
• Developing the bond market – The HKMA will continue to assist the Government to issue more regularised token bonds (slide 82).
• Stablecoin licensing regime – The HKMA is currently processing licensing applications, and expects to set a high bar for licensing, only granting a handful of licences initially (slide 87). [26 Jan 2026]

HKMA publishes Phase 2A of Hong Kong Taxonomy for Sustainable Finance following consultation

The HKMA has announced (via a press release and a circular) its publication of the Hong Kong Taxonomy for Sustainable Finance (Phase 2A), further advancing the development of a transparent framework for classifying economic activities that contribute to green and sustainable development and the transition to a low‑carbon economy.

Following the publication of Phase 1 of the Hong Kong Taxonomy in May 2024, the HKMA launched a public consultation in September 2025 on the Phase 2A prototype to seek views on the proposed expansion of taxonomy coverage and enhancements (see our previous update). Respondents generally supported the expansion in taxonomy coverage and the addition of transition elements and climate change adaptation category, and welcomed further enhancements in clarity and practicality of the taxonomy. The consultation report summarises the consultation feedback and the HKMA's responses.

Drawing on the feedback gathered, the HKMA has now refined the prototype and published it as Phase 2A. The taxonomy is a living document. Development of the next phase is underway and will continue to be informed by market developments, government policies, industry priorities, technological advancements, and ongoing stakeholder engagement.

The HKMA encourages authorised institutions to use the taxonomy for assessing the greenness and transition attributes of projects and assets in different applications such as product labelling, product development, identification, disclosures, risk management and investment guidance. [22 Jan 2026]

Former bank employee pleads guilty to bribery over bank account opening, with plea pending for four co-defendants

A former bank employee has admitted at the Eastern Magistrates' Courts that she had accepted bribes from intermediaries to assist clients of the latter to open bank accounts.

Ms Wan Hui, a former premier business manager of a bank, pleaded guilty at the Court to one count of conspiracy for an agent to accept an advantage. The Magistrate adjourned the case to 19 March 2026 for mention and granted bail to Ms Wan.

The Court heard that Ms Wan was posted to a bank branch at the material time and had reached an agreement with two intermediaries to assist clients referred by them to open accounts at the bank, in exchange for a reward of RMB500 for each successful application. Between October 2024 and February 2025, she assisted 12 referred clients in opening bank accounts and accepted bribes totalling RMB6,000 on various occasions. Four of the accounts were subsequently assessed by the bank as bearing money‑laundering risk and were referred to the relevant law enforcement agency for follow‑up.

There are four co‑defendants in the proceedings, namely Lo Wing‑hang and Lo Cheuk‑kim (former employees of the bank), and Han Jie and Zhou Yinying (both insurance agents acting as intermediaries). They face charges including two counts of conspiracy for an agent to accept an advantage and one count of offering an advantage to an agent. Their case was adjourned to 19 March 2026 for plea. [22 Jan 2026]

SEHK to launch Designated Specialist Programme for Dual Counter Securities on 26 January 2026

The Stock Exchange of Hong Kong Limited (SEHK) has issued a circular to announce that the Designated Specialist Programme for Dual Counter Securities is scheduled for launch on 26 January 2026. The HKD‑RMB Dual Counter Model was introduced in June 2023 (see our previous update).

Under the programme, eligible market participants may apply for registration as Designated Specialists for Dual Counter Securities, subject to compliance with the relevant obligations and requirements under the Rules of the Exchange. Market making and liquidity‑providing activities conducted under the Dual Counter Market Maker Stamp Duty Exemption Programme are eligible for stamp duty exemption, provided the applicable criteria and requirements are satisfied.

Details of the application for registration are set out in the Explanatory Notes for Application for Acquisition / Surrender of Dual Counter Market Maker Permit(s) and Application for Acquisition / Surrender of Dual Counter Market Maker Permit(s). The relevant application documents will be available on the HKD‑RMB Dual Counter Model webpage, together with guidance and information, such as FAQs.

The SFC has approved amendments to the Rules of the Exchange (see clean and marked-up versions) and the Operation Procedures for Stamp Duty Collection (see clean and marked-up versions) for the purpose of introducing the Designated Specialist Programme. The amendments come into effect on 26 January 2026. [19 Jan 2026]

HKMA shares good practices for managing operational risk associated with trading activities

The HKMA has issued a circular to share good industry practices identified from its on‑site examinations of authorised institutions' (AIs') operational risk management for trading activities.

The HKMA noted that trading activities, ranging from treasury operations to market‑making and client‑driven transactions, expose AIs to risks such as unauthorised trading, deal input errors, rogue trading and settlement failures, which could result in significant financial losses as well as reputation damage. In light of this, the HKMA has conducted regular reviews of AIs' operational risk management in respect of their trading activities.

The HKMA has observed that AIs have generally put in place effective frameworks for managing the risk, and has therefore shared some good practices in the annex to its circular, covering 10 areas under the following aspects:

• risk governance, oversight and overall control framework;
• trade lifecycle controls; and
• ongoing risk management, monitoring and reporting.

AIs are expected to review from time to time their operational risk management for trading activities, giving due consideration to these good practices and observations, and take steps to strengthen risk management practices and control frameworks as appropriate. [15 Jan 2026]

HKFE obtains CFTC certification for Hang Seng Biotech Index Futures

The HKFE has announced that the US CFTC has certified the Hang Seng Biotech Index Futures for offer and sale to persons in the US. US investors can trade the contracts within the US.

A full list of the existing contracts of the HKFE which the CFTC has granted no-action relief or has certified can be found on this webpage. Details of the Hang Seng Biotech Index Futures can be found here. [13 Jan 2026]

SEHK issues circular on implementation of Phase 2 of minimum spread reduction in Hong Kong securities market tentatively around mid-2026

The SEHK has issued a circular to announce that Phase 2 of the reduction of minimum spreads in the Hong Kong securities market will tentatively be implemented around mid-2026, subject to market readiness and regulatory approval.

This follows the successful implementation of Phase 1 on 4 August 2025 (see our previous update) and an interim review which observed no undesirable impact on affected stocks. The consultation conclusions on the proposed reduction of minimum spreads in the Hong Kong securities market was published in December 2024 (see our previous update).

Under Phase 2, the scope of applicable securities will remain the same as Phase 1, covering equities, real estate investment trusts, equity warrants and other securities (excluding exchange traded products, debt securities, exchange traded options and structured products). The minimum spreads for applicable securities within the price band of HK$0.5 to HK$10 will be reduced by 50%, ie, from HK$0.01 to HK$0.005.

An end-to-end test session and a market rehearsal will be tentatively scheduled in 2026 (with further details to be announced). Information and reference materials are set out in the dedicated webpage. [9 Jan 2026]

SEHK issues circulars regarding commencement of Northbound Program Trading Reporting Guidelines on 12 January 2026 and publication of English guidance and forms by SSE and SZSE and FAQs by SEHK

The SEHK has issued a circular to remind China Connect exchange participants (CCEPs) and trade-through exchange participants (TTEPs) that the Northbound Program Trading Reporting Guidelines will take effect from 12 January 2026 with a three-month transition period (see our previous update). CCEPs and TTEPs are encouraged to participate in the optional post release test to be held on 10 January 2026.

A set of frequently asked questions (FAQs) has been published in response to enquiries received from market participants.

The SEHK had earlier issued a circular regarding the publication by the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) of English versions of the following (previously available in Chinese only):

• Northbound Program Trading Reporting Guidelines – SSE and SZSE;
• Northbound Program Trading Fill-in Instructions – SSE and SZSE;
• Points to Note for Northbound Program Trading Fill-in and Reporting – SSE and SZSE; and
• Northbound Program Trading Reporting Template – SSE and SZSE. [23 & 31 Dec 2025, 9 Jan 2026]

SFC reprimands and fines licensed corporation HK$4 million for regulatory breaches over distribution of VA-related products

The SFC has reprimanded and fined Saxo Capital Markets HK Limited (SCMHK) HK$4 million for failures in distributing virtual asset (VA) funds not authorised by the SFC and VA-related products (collectively, VA Products) on the firm's online trading platform between 1 November 2018 and 25 November 2022.

The SFC found that SCMHK had failed to comply with various requirements under the SFC's main code of conduct, Guidelines on Online Distribution and Advisory Platforms, the SFC's circular dated 1 November 2018 on distribution of VA funds (see our previous update), and the SFC-HKMA joint circular dated 28 January 2022 on intermediaries' VA-related activities (see our previous update). Among other things, SCMHK had:

• Allowed retail clients (ie, individuals who did not qualify as professional investors (PIs)) to trade certain VA Products which should only be offered to PIs on the online platform without (i) assessing whether the clients had knowledge of investing in VA Products, (ii) providing clients with sufficient information and warning statements specific to VAs, and (iii) conducting adequate product due diligence;
• Failed to effectively manage and adequately supervise the operation of the online platform to ensure that it meets the relevant regulatory requirements and expected standards and practices in distributing VA Products;
• Failed to ensure that transactions in complex VA Products effected via the online platform were suitable for the clients in all the circumstances, and ensure that sufficient information on such products and appropriate warning statements were provided on the online platform to enable clients to understand the nature and risks of the products before making investment decisions; and
• Failed to properly assess clients' knowledge of the VA Products that were derivative products, and characterise them based on such knowledge.

SCMHK had self-reported its misconduct to the SFC and has since taken remedial actions, including voluntarily compensating clients for losses incurred from trading the VA Products during the relevant period. [6 Jan 2026]

Former bank employee and operator of intermediary both sentenced to six months' imprisonment for bribery over account opening following guilty pleas

The ICAC has announced that Mr Chan Chun-hei (a former bank employee) and Ms Zhang Ling (an operator of an intermediary) have both been sentenced to six months' imprisonment at the Kwun Tong Magistrates' Court, after pleading guilty to the offence of conspiracy for an agent to accept an advantage. The Court also ordered Mr Chan to make restitution of over RMB13,000 (around HK$15,000), equivalent to the bribe amount involved, to his former employer bank.

Between March 2024 and January 2025, Mr Chan accepted bribes of over RMB13,000 in total from Ms Zhang for assisting over 120 clients referred by Ms Zhang and her associates to open bank accounts at his employer bank.

The Court considered that the imposition of deterrent sentences was necessary to eradicate corruption. It adopted nine months' imprisonment as the starting point, reducing the sentences to six months after taking into account guilty pleas and other mitigating factors.

The ICAC highlighted its ongoing efforts to promote an integrity culture in the banking industry through the Banking Industry Integrity Charter, supported by the HKMA and the Hong Kong Association of Banks (see our previous update). [6 Jan 2026]

Singapore

SGX RegCo proposes rule changes to facilitate wider adoption of broker custody accounts

SGX RegCo has published a consultation paper (CP) seeking feedback on proposed rule amendments to facilitate the broader use of broker custody accounts. SGX RegCo is consulting on rule amendments to effect the following:

• Enable the use of omnibus broker custody accounts.
• Require those who operate broker custody accounts (i.e. brokers and depository agents) to facilitate clients' exercise of shareholder rights. This includes requiring them to disseminate to clients notices of meetings and corporate action events, to assist clients in requisitioning meetings and to provide clients sufficient time to give instructions.
• Enhance the regulatory framework for depository agents to maintain robust regulatory oversight.

Responses are requested by 27 March 2026. [30 Jan 2026]

SGX RegCo consults on changes to board lot sizes

SGX RegCo has published a consultation on proposed changes to reduce the standard board lot size of certain instruments traded on SGX's stock market. The proposed changes comprise:

• a reduction in the standard board lot size from 100 units to 10 units for instruments priced above $10 and up to $100; and
• a reduction in the standard board lot size from 100 units to 1 unit for instruments priced above $100.

Separately, the SGX RegCo is also proposing to remove the requirement to align the minimum bid sizes of securities and futures contracts traded in Hong Kong Dollar, Renminbi or Japanese Yen to those in their home markets. Responses to the consultation are requested by 13 February 2026. The proposed changes are expected to be implemented in mid-2026. [23 Jan 2026]

MAS: Response to PQ on regulations relating to mortgage equity withdrawal loans

The Monetary Authority of Singapore (MAS) has published the written reply to a Parliamentary Question (PQ) on regulations relating to mortgage equity withdrawal loans. MAS clarified that home equity loans (HEL), also known as Mortgage Equity Withdrawal Loans (MEWLs), are subject to MAS' residential property loan rules and that they are subject to Total Debt Servicing Ratio (TDSR), though exceptions apply.

To mitigate delinquency risks arising from using HELs for speculative overseas property investments, MAS expects financial institutions to perform a holistic credit assessment for loan applications in addition to complying with MAS' loan-to-value (LTV) limit and TDSR requirements. [14 Jan 2026]

MAS: Response to PQ on effectiveness of requirements to protect consumers from scams

MAS has published the written reply to a PQ on effectiveness of requirements imposed by MAS on bank to protect consumers from scams. MAS replied with the example of the introduction of Money Lock accounts and depositors receive regular reminders by banks to set up these accounts. MAS then gave a remark on the progressive discontinuance SMS one-time passwords (OTPs). Additionally, MAS commented that banks will also introduce further safeguards in 2026 such as additional cooling period for higher-risk activities and in-app notifications to help customers verify that an incoming call is indeed from the bank. [13 Jan 2026]

Thailand

SECT consults on the proposed principles for reviewing the definition of major shareholders of derivatives business operators

The SECT has announced it is consulting on the proposed principles for reviewing the definition of major shareholders of derivatives business operators. The review aims to enhance regulatory oversight to effectively cover individuals who exercise ultimate control, in line with the supervisory approach for securities and digital asset businesses.

Feedback is requested by 13 February 2026. [30 Jan 2026]

SECT consults on proposed changes to tokenised funds sale and redemption regulations

The SECT has published a consultation on proposed principles for amending the regulations governing the sale and redemption of mutual fund units issued in tokenized form. The proposals are intended to enable faster transaction processing and enhance the clarity and appropriateness of the related regulations. Feedback is requested by 11 February 2026. [27 Jan 2026]

SECT revises advertising rules for securities and derivatives business operators to align with the current context

The SECT has amended rules governing advertisements of securities and derivatives business operators. Key principles include:

• Establish criteria and procedures for selecting advertising service providers with adequate readiness and credibility.
• Enter into an agreement between the business operator and the advertising service provider, with detailed provisions that enable the business operator to comply fully with the prescribed advertising rules.
• Supervise the preparation and dissemination of advertisements to ensure compliance with the advertising rules, such as reviewing or approving advertising content prior to publication, and overseeing the conduct of advertising service providers to ensure adherence to the requirements.
• Disclose additional warnings in the description or caption of advertisements disseminated through social media. In cases where advertising service providers are engaged, clearly disclose in all channels and formats used that the content is sponsored by the business operator, unless the advertising format is already self-evidently an advertisement in itself.

The revised notifications were published in the Royal Gazette on 19 January 2026 and became effective on 16 January 2026. However, business operators who entered into advertising agreements with service providers prior to the effective date may continue disseminating advertisements under the previous rules. [20 Jan 2026]

SECT consults on proposed amendments to regulations on borrowing and benefit procurement of REITs

The SECT has published a hearing document seeking public comments on proposed amendments to regulations governing the borrowing and benefit procurement of Real Estate Investment Trusts (REITs). These amendments aim to enhance flexibility, reduce cost burdens, and provide greater clarity.

The public hearing ends on 16 February 2026. [15 Jan 2026]

SECT consults on proposed amendments to enhance flexibility for securities companies in managing unclaimed client assets in order to ensure secure custody and enable clients to trace and reclaim their assets

The SECT has published a CP seeking public comments on proposed amendments to the regulations regarding the handling of unclaimed assets for inactive clients by securities companies. The aim is to ensure the safekeeping of unclaimed client assets, enable clients to trace and reclaim their assets, and enhance operational flexibility for securities companies in handling such assets.

Responses are requested by 12 February 2026. [14 Jan 2026]

SECT consults on proposed amendments to short selling and SBL rules to align with current capital market conditions

The SECT has published a CP seeking public comments on proposed amendments to the rules governing short selling transactions and securities borrowing and lending (SBL) services provided by securities companies. The aim is to ensure that these services are appropriate, efficient, and enhance regulatory oversight in line with the current capital market environment.

Responses are requested by 11 February 2026. [12 Jan 2026]

SECT consults on draft regulations for Green Investment Trusts

The SECT has published a CP seeking public comments on draft regulations regarding the establishment and management of Investment Trusts investing in environmental projects (Green Investment Trust), with the aim of supporting and promoting investments in environmental projects that reduce or capture greenhouse gas emissions in forestry or agricultural activities.

Responses are requested by 9 February 2026. [9 Jan 2026]

SECT enhances flexibility for AMCs in compensating mutual funds or investors in cases of incorrect pricing

The SECT has amended the regulations governing the operations of asset management companies (AMCs) in cases where investment unit values or prices are calculated incorrectly. Under the revised rules, AMCs can choose to provide monetary compensation to the mutual fund or investors, in addition to reducing the number of investment units held by those who received excess benefits. Moreover, AMCs are permitted to compensate in amounts exceeding the actual loss incurred.

The revised regulations are effective 1 February 2026. [6 Jan 2026]

SECT revises rules on mutual fund share class structure

SECT has amended the rules governing the classification of share classes to enhance clarity, better reflect the context of the Thai capital market, and align with international standards. The revisions aim to provide greater flexibility, reduce costs for AMCs, and ensure that investors charged appropriately. The revised rules also require AMCs to have in place additional risk management measures for mutual funds offering share classes with currency hedging policies.

The revised rules are effective 16 January 2026. [5 Jan 2026]

India

SEBI issues circular to simplify and streamline the process of credit of securities to investors' demat account pursuant to investor service requests

SEBI has issued a circular to simplify and streamline the process of credit of securities to investors' demat account pursuant to investor service requests. Under the revised framework, registrars to an issue and share transfer agents and listed companies shall directly credit securities to the demat account of the investor, after carrying out necessary due diligence.

The provisions of this circular shall come into force with effect from 2 April 2026. [30 Jan 2026]

IFSCA consults on RBA

The International Financial Services Centre Authority has launched a consultation on the proposed directions of IFSCA on the 'remote booking' arrangements of banks licensed by IFSCA to set up an IFSC Banking Unit (IBU) and participation of IBUs in remote booking arrangements (RBA) of its parent bank.

Responses are requested by 13 February 2026. [22 Jan 2026]

SEBI: Master circular for framework on Social Stock Exchange

In order to enable stakeholders to have access to all applicable circulars in the subject matter at one place, SEBI has released a master circular that consolidates previously published circulars regarding the Social Stock Exchange. [19 Jan 2026]

RBI: Amendment directions on priority sector lending – targets and classification

The RBI has issued the Priority Sector Lending – Targets and Classification (Amendment) Directions, 2026. The amendments have been carried out to:

• align with certain regulatory changes that have been notified separately;
• notify the inclusion of the National Cooperative Development Corporation as an eligible entity under the on-lending provisions of the priority sector lending framework subject to certain specified conditions; and
• update references relating to certain existing instructions apart from providing clarification on some existing provisions. [19 Jan 2026]

RBI: Revised ombudsman scheme

The RBI has published the Integrated Ombudsman Scheme following its October 2025 consultation on a draft scheme. The revised scheme, which will come into force on 1 July 2026, is intended to strengthen the RBI ombudsman framework and bring about further efficiency in resolution of complaints. [16 Jan 2026]

SEBI consults on simplification of client on-boarding and rationalisation of risk management framework

SEBI has published a consultation on certain proposals intended to ease client on-boarding and rationalise the existing risk management framework at know your client (KYC) registration agencies. Feedback is required by 6 February 2026. [16 Jan 2026]

SEBI: Introduction of closing auction session in equity cash segment

SEBI has decided to introduce closing auction sessions in the equity cash segment of stock exchanges, following feedback received to its December 2024 and October 2025 consultation papers as and input from various stakeholders including the stock exchanges. [16 Jan 2026]

SEBI consults on permitting fund netting for FPI transactions

SEBI has published a consultation on its proposal to permit netting of funds for transactions carried out by foreign portfolio investors (FPIs). 'Netting of funds' in this context means using the proceeds of sale transactions in cash market on a particular day to fund the purchase transactions in cash market done by a FPI on the same day, thereby requiring the FPI to fulfil only the net fund obligation. Responses are requested by 6 February 2026. [16 Jan 2026]

RBI issues RBI (Internal Ombudsman) Directions, 2026

The RBI has issued RBI (Internal Ombudsman) Directions, 2026. The Master Directions, specific to each category of regulatory entity, are expected to strengthen the internal mechanism for resolution of customer grievances within the regulated entities. [14 Jan 2026]

SEBI and IEPFA conducted the fifth 'Niveshak Shivir'

SEBI and Investor Education and Protection Fund Authority (IEPFA), Ministry of Corporate Affairs, jointly organised the fifth 'Niveshak Shivir' at Bengaluru on 3 January 2026. This investor outreach initiative aims to assist shareholders in reclaiming unpaid dividends and unclaimed shares and thereby, reduce the volume of unclaimed investor assets in the system.

The Niveshak Shivir enabled direct facilitation of unpaid dividends and claims pending for over six to seven years, provided on-the-spot KYC and nomination updates, and addressed IEPFA claim issues. Dedicated kiosks were set up by stakeholder companies and Registrar and Transfer Agents, allowing investors to interact directly with officials and eliminate the need for intermediaries. [14 Jan 2026]

IFSCA amends IFSCA (Capital Market Intermediaries) (Amendment) Regulations, 2026

The IFSCA has published amendments to the IFSCA (Capital Market Intermediaries) (Amendment) Regulations, 2026. These regulations shall come into force on the date of their publication on the Official Gazette. [13 Jan 2026]

IFSCA specifies leases in respect of 'oilfield equipment' as a financial product

The IFSCA has published a notification which specifies operating lease, including any hybrid of operating and financial lease, in respect of 'oilfield equipment' as a financial product.

The notification shall come into force on the date of publication in the Official Gazette. [12 Jan 2026]

RBI issues Foreign Exchange Management (Guarantees) Regulations, 2026

The RBI has issued the Foreign Exchange Management (Guarantees) Regulations, 2026. The regulations are principle based and the guarantees fulfilling the principles laid down in the regulation are being permitted. Since, the universe of guarantees enabled under automatic route is being expanded, a comprehensive reporting of all guarantees – issued, modified or invoked – is being introduced. [12 Jan 2026]

SEBI issues circular which simplified the requirements for grant of accreditation to investors

SEBI has issued a circular which simplified the requirements for grant of accreditation to investors. To ensure ease of doing business, SEBI has permitted investment manager of alternative investment funds to raise commitment, pending receipt of certificate from an accreditation agency, based on investment manager's assessment of an investor's eligibility.

SEBI has also done away with requirement to give detailed break-up of net worth and made it optional for the certifying chartered accountant to specify the actual net-worth in the net-worth certificate. [9 Jan 2026]

SEBI reviews framework to address technical glitches in stock brokers electronic trading systems

SEBI has issued a circular: Review of Framework to address the 'technical glitches' in Stock Brokers' Electronic Trading Systems'. To enhance the ease of compliance, SEBI carried out review of the extant technical glitch framework for the stock brokers, and pursuant to public consultation and based on the feedback and views obtained from the stakeholders, the extant technical glitch is modified in line with ease of compliance for the stock brokers. [9 Jan 2026]

SEBI: Compliance reporting formats for SIFs

SEBI has issued a circular regarding compliance reporting for specialized investment funds (SIFs). The circular provisions have immediate effect on publication. [8 Jan 2026]

SEBI extends timeline for implementation of additional incentives structure for distributors for onboarding new individual investors from B-30 cities and women investors

SEBI has issued a circular extending the timeline for implementation of additional incentives structure for distributors for onboarding new individual investors from B-30 cities and women investors.

This extension was based on feedback regarding operational difficulties that was received from the industry to SEBI's November 2025 circular which prescribed a framework for incentivizing distributors for mobilizing investment from new individual investors from B-30 cities and new women individual investors from both T-30 and B-30 cities.

The provisions of the circular dated 27 November 2025 shall now come into effect from 1 March 2026. [7 Jan 2026]

RBI issues amendment directions on lending to related parties by regulated entities

The RBI has issued amendment directions on lending to related parties by regulated entities, with updates as and when they become effective. The amendment directions incorporate feedback which the RBI received to earlier consultation. [5 Jan 2026]

IFSCA: Modification to the IFSCA (AML, CTF and KYC) Guidelines, 2022

The IFSCA has issued a circular modifying the guidelines to anti-money laundering (AML), counter-terrorist financing (CTF) and know your customer (KYC). To facilitate ease of reference and better understanding, all modifications issued under the IFSCA (AML, CFT and KYC) Guidelines, 2022 up to date have been consolidated and published.

To provide clarity on the intent and scope of certain provisions relating to Video-based Customer Identification Process, frequently asked questions have been issued and are available under Point VI of the document titled - Frequently Asked Questions (FAQs) on International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022. [5 Jan 2026]

Philippines

SECP publishes responses to FAQs on the Beneficial Ownership Disclosure Rules of 2026

The SECP has published responses to frequency asked questions (FAQs) on the Beneficial Ownership Disclosure Rules of 2026, which are intended to serve as guidance in complying with the requirements of the Commission on Beneficial Ownership Disclosure Rules of 2026. [30 Jan 2026]

SECP: Revised rules for registrars of qualified buyers

The SECP has published amended guidelines governing registrars of qualified institutional and individual buyers. Key amendments to the rules include: requirement to initiate functions as registrar of qualified buyers (QBs), assignment of QB identification numbers, and a provision on QB reliance to streamline registration process. [26 Jan 2026]

SECP amends Rule 39.1.4 of the 2015 SRC Rules

The SECP has issued a Memorandum Circular making amendments to Rule 39.1.4. Rules Governing Registrars of Qualified Institutional and Individual Buyers of the 2015 Implementing Rules and Regulations of the Securities Regulation Code (SRC).

This Circular shall take effect immediately upon its complete publication in the Official Gazette or in at least two newspapers of general circulation in the Philippines. [20 Jan 2026]

BSP extends window for incentives to support sustainable finance

The Monetary Board of Banko Sentral ng Pilipinas (BSP) has approved the extension of existing regulatory incentives that allow banks to boost lending for eligible green or sustainable projects or activities. With the extension, the incentives will remain available for another two years from 06 January 2026, helping sustain banks' momentum in scaling sustainable finance.

In addition, the BSP is looking into the recalibration of risk weights for climate resilience‑focused financing to ensure that the prudential treatment of these exposures remains appropriate for the country's domestic circumstances.

The BSP is also exploring blended finance mechanisms, with government agencies, development partners, and the private sector, to help de‑risk sustainable and climate‑resilient projects and broaden investor participation.

Before the extended two‑year incentive period ends, the BSP will conduct a comprehensive review of market conditions, utilization, and any refinements needed to further scale adaptation financing and support the country's long‑term climate and development goals. [11 Jan 2026]

SECP: Revisions to the Revised Implementing Rules and Regulations of the REIT Act of 2009

The Securities and Exchange Commission Philippines (SECP) has issued a Master Circular (MC) to the Revised Implementing Rules and Regulation of the Real Estate Investment Trust (REIT) Act of 2009.

The rules in the MC shall take effect fifteen days after its complete publication in the Official Gazette or in at least two newspapers of national circulation in the Philippines. [8 Jan 2026]

Vietnam

SBV regulates discounting of negotiable instruments and other valuable papers

SBV has issued Circular No.81/2025/TT-NHNN regulating the discounting of negotiable instruments and other valuable papers by credit institutions and foreign bank branches for their customers. This Circular replaces Circular No. 04/2013/TT-NHNN as amended and supplemented by Circular No. 21/2016/TT-NHNN.

This Circular takes effect from 2 March 2026. [22 Jan 2026]

SBV amends and supplements circular regulating refinancing

SBV has issued circular No. 76/2025/TT-NHNN amending and supplementing a number of Articles of Circular No. 24/2019/TT-NHNN regulating the refinancing in the form of an on-lending based on a credit application submitted by a credit institution.

The new Circular takes effect from the date of signing. [13 Jan 2026]

SBV amends and supplements regulating lending activities

SBV has issued Circular No. 52/2025/TT-NHNN amending and supplementing a number of Articles of Circular No. 39/2016/TT-NHNN regulating the lending activities by credit institutions and foreign bank branches to their customer.

The new Circular is with effect from 25 December 2025. [12 Jan 2026]

SBV amends and supplements circular regulating the trading of corporate bonds

SBV has issued Circular No. 51/2025/TT-NHNN amending and supplementing a number of Articles of Circular No. 16/2021/TT-NHNN regulating the trading of corporate bonds by credit institutions and foreign bank branches.

The new Circular is with effect from 25 December 2025. [12 Jan 2026]

SBV process for approval of changes at commercial banks and foreign bank branches

SBV has issued Circular No. 50/2025/TT-NHNN stipulating the dossiers and procedures for SBV's approval of changes at commercial banks and foreign bank branches.

The new Circular takes effect from 7 February 2026. [9 Jan 2026]

Malaysia

SCM publishes Practice Note on Offering of Broking Services for Digital Assets

SCM has published Practice Note on Offering of Broking Services for Digital Assets. The Practice Note is issued pursuant to the Capital Markets and Service Act 2007, and is applicable to capital market services licence (CMSL) holder for dealing in securities and CMSL holder for dealing in securities restricted to listed securities. SCM has also published Appendix 1 - Declaration on System and Operational Readiness. [30 Jan 2026]

CCOB: Update on the CCA 2025

The CCOB has published an update on the Consumer Credit Act 2025 (Act 873) (CCA). The CCA was officially published on 31 December 2025, following the granting of the Royal Assent on 22 December 2025.

Announcements are expected to be made in Q1 2026 relating to the commencement date of the CCA and the establishment of the Consumer Credit Commission. [8 Jan 2025]

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.