MyComplianceOffice Blog

In the dynamic landscape of financial services compliance, multiple global regulators play a pivotal role in shaping policies and ensuring stability.

Hong Kong’s Securities and Futures Commission (SFC) has published its consultation conclusions on proposed amendments to enforcement-related provisions of the Securities and Futures Ordinance (SFO) (Note 1).

It has been a lukewarm first quarter of 2023 for the global Initial Public Offering (IPO) market. Ernst & Young reports that 299 IPOs raised US$21.5b in Q1, representing 8% and 61% drops, respectively, year-over-year (YOY). Interest rate and inflation hikes, banking industry issues, and pessimism throughout the global stock market have made their mark this year.

After challenges with strict COVID restrictions and political issues in the last several years, Hong Kong is fighting to bolster its status as a global financial hub - and prove its unique advantage as the gateway between mainland China and the rest of the globe. As a result, technological developments and the regulations required to stay ahead of a rapidly evolving financial landscape are now a priority in the region.

The virtual asset market has seen its share of upheaval recently. By the end of 2022, the global decentralised virtual asset (cryptocurrency) market had slumped by 64.1% to $829 billion, down from $2.3 trillion at the start of the year, according to a 2023 report by CoinGecko.