Hong Kong's Securities and Futures Commission and the Accounting and Financial Reporting Council signed a new Memorandum of Understanding, extending regulatory cooperation to the financial reporting of licensed institutions and funds.

BlockBeats news, September 28: The Hong Kong Securities and Futures Commission (SFC) and the Accounting and Financial Reporting Council (AFRC) today signed a new Memorandum of Understanding (MoU) to expand their regulatory cooperation beyond the oversight of financial reporting and related audit work of listed entities.

The new MoU covers the financial and compliance reporting of licensed corporations, SFC-licensed virtual asset service providers, SFC-authorized funds, and registered open-ended fund companies, as well as the related audit and assurance work performed by their auditors.

In addition, the MoU establishes a comprehensive framework for information sharing, case referrals, mutual assistance, and coordinated inspections and investigations related to regulatory matters of mutual concern.