香港证监会于2025年7月14日发表《财政资源规则》修订版的英文草拟本以咨询公众，并提及《财政资 源规则》修订版中文草拟本一经备妥，便会另作咨询。此中文版本与已发表的《财政资源规则》修订版 的英文草拟本相对应。 据媒体早前报道，香港证监会就《财政资源规则》修订版草拟本和相关指引展开公众咨询，以实施一套 适用于从事场外衍生工具活动的持牌法团的资本规定，该套规定与国际标准看齐。 11月7日，香港证券及期货事务监察委员会(香港证监会)就《证券及期货(财政资源)规则》(《财政资源 规则》)修订版的中文草拟本展开公众咨询。据了解，公众需于2026年2月6日或之前就此次咨询提交意 见书。 香港证监会中介机构部执行董事叶志衡此前表示，将场外衍生工具资本规定与全球标准接轨，对巩固香 港的国际金融中心地位至关重要。深信这些具前瞻性及包容性的建议将利便创新，并推动香港的离岸人 民币、固定收益、外汇和大宗商品市场，以及数字资产市场的持续发展。 ...

Core Points - The Hong Kong Securities and Futures Commission (SFC) is actively collaborating with the financial industry to transform innovation into sustainable market development [1] - The SFC aims to promote responsible innovation and lead the market towards the future while fulfilling its dual responsibilities of market development and investor protection [1] - The SFC emphasizes the importance of balancing regulatory principles with market integrity and investor protection in the face of technological and digital challenges [1] Group 1 - The SFC is leveraging opportunities from transformation to enhance market resilience and trustworthiness [1] - The President of the International Banking Federation, Hedwige Nuyens, highlighted the importance of openness in evolving ecosystems and the need for cross-border and cross-sector collaboration [1] - Nuyens emphasized that breaking down barriers within the banking industry and partnering with fintech companies can effectively drive innovation and improve customer experience through open banking initiatives [1]

Group 1 - The Central Commission for Discipline Inspection and the National Supervisory Commission has conducted a concentrated training for over 100 new disciplinary inspection and supervision cadres at China Investment Corporation, enhancing their job performance capabilities through a 4-day program focused on theory, discussion, and practical training [1] - The training targets young cadres with less than two years of experience in the discipline inspection and supervision roles within the China Investment Corporation system, covering the characteristics of discipline inspection work in the financial sector and addressing integrity risk points [1] - The training utilized a "group operation + simulated practice" model to tackle the challenges faced by young cadres, allowing them to engage in discussions and write preliminary investigation reports [1] Group 2 - The discipline inspection and supervision group at China Investment Corporation has developed an annual training plan that emphasizes high-quality development in line with the new era's requirements, ensuring the political and quality standards of the courses [2] - A "2+N" training mechanism has been established, organizing two concentrated training sessions annually, supplemented by multiple short and efficient professional training sessions to address new work requirements and challenges [2] - The group has conducted 10 training sessions with over 4,000 participants, focusing on tailored training packages for different groups, including leadership and new cadres [2] Group 3 - The discipline inspection and supervision group has sent over 70 business backbone personnel to participate in important cases and key tasks, enhancing their capabilities in challenging situations [3] - Nearly 30 cadres have been sent to various business training sessions organized by higher authorities to continuously improve their job performance [3] - A mechanism for sharing training outcomes has been established, allowing participants to present their training experiences and suggest improvements based on their roles and responsibilities [3]

Core Insights - The International Financial Leaders Investment Summit held in Hong Kong on November 4, 2023, gathered around 300 international financial leaders to discuss the latest developments in China's economic and financial landscape, as well as measures to enhance Hong Kong's status as an international financial center [1][3]. Group 1: Financial Cooperation and Development - The Financial Regulatory Administration aims to deepen financial cooperation between mainland China and Hong Kong, promoting Hong Kong's integration into national development and enhancing its international financial center status [3][5]. - There is a focus on steadily expanding high-level financial openness, aligning with international trade rules, and responding to the financial needs of Hong Kong and Macau [3][4]. - The initiative includes enhancing connectivity between mainland and Hong Kong financial markets, supporting the issuance of catastrophe bonds by mainland insurance companies in Hong Kong, and improving financial services in the Greater Bay Area [3][4]. Group 2: Financial Innovation and Risk Management - Emphasis is placed on collaboration in technology finance, green finance, inclusive finance, pension finance, and digital finance, leveraging Hong Kong's strengths in innovation and intellectual property protection [4][5]. - The People's Bank of China is committed to strengthening the offshore RMB market in Hong Kong and enhancing cross-border payment services through financial technology innovations [6]. - The China Securities Regulatory Commission (CSRC) is focused on risk prevention and regulatory strengthening while promoting high-quality development and enhancing cross-border investment facilitation [7]. Group 3: International Engagement - The CSRC welcomes more international institutions and long-term capital to engage in business in China, aiming for mutual development and win-win outcomes [7]. - The summit serves as a platform for discussing macroeconomic trends, trade, and digital developments, highlighting opportunities and risks in various financial markets and asset classes [1].

Core Insights - The Hong Kong Monetary Authority (HKMA) has launched the "FinTech 2030" vision to establish Hong Kong as a robust, resilient, and forward-looking international fintech hub [1][2] - The initiative focuses on four key areas: building a new generation of data and payment infrastructure, supporting comprehensive AI applications, enhancing business and technological resilience, and promoting financial tokenization, encompassing over 40 specific projects [1][2] Group 1 - HKMA aims to strengthen cross-border payment connectivity, creating new opportunities for businesses, such as expanding credit channels, promoting trade financing, and providing personalized financial services and convenient cross-border remittances for citizens [1] - The authority plans to collaborate with the industry to develop a shared and scalable AI infrastructure and specialized models for the financial sector to ensure responsible AI application [1][2] Group 2 - HKMA is preparing for the quantum computing era by taking proactive measures to enhance the resilience of the financial system [2] - To build a thriving tokenization ecosystem in Hong Kong, HKMA will advance the tokenization of real-world assets, with settlements on the blockchain facilitated by new digital currencies, including the digital Hong Kong dollar, tokenized deposits, and regulated stablecoins [2] - The "FinTech 2030" strategy framework is interconnected, where data serves as the lifeblood of the digital economy, AI acts as the engine, resilience functions as the safety net, and tokenization serves as the channel, all working together to create a smarter, more inclusive, efficient, and secure financial ecosystem in Hong Kong [2]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has announced the next phase of its fintech development blueprint, "Fintech 2030," focusing on the preparation for post-quantum cryptography (PQC) to address potential threats posed by quantum computing to current data protection and online verification methods [1] Group 1: Quantum Computing and Cryptography - The HKMA recognizes the potential impact of quantum computing on modern encryption methods, particularly in identity authentication and privacy data [1] - The HKMA is proactively preparing for these changes by collaborating with banks and technology companies to discuss the transition process to new encryption methods [1] - The authority aims to assist the industry in understanding related risks and developing early response strategies for the transition to post-quantum cryptography [1] Group 2: Cross-Border Payments - The HKMA plans to continue close cooperation with the People's Bank of China to optimize cross-border payment services [1] - There are discussions to expand the range of entities eligible for personal remittance services and to explore new remittance application scenarios relevant to residents of both regions [1] Group 3: Digital Bond Issuance - The HKMA acknowledges that the transition from traditional to digital processes for bond issuance cannot be achieved overnight [1] - Future plans include further automation in the digital issuance of bonds, with the third batch of bonds expected to see more digitalization [1]

Core Insights - The Hong Kong Monetary Authority (HKMA) announced the "FinTech 2030" initiative, focusing on four key areas and over 40 specific projects aimed at enhancing the financial technology landscape in Hong Kong [1][2] Group 1: Data and Payment Infrastructure - HKMA plans to develop a robust and future-oriented infrastructure to support secure, efficient, and scalable data sharing, enhancing cross-border payment connectivity [1] - The initiative aims to create new opportunities for businesses, such as expanding credit channels and promoting trade financing, while providing citizens with personalized financial services and convenient cross-border remittances [1] Group 2: Artificial Intelligence Application - HKMA will introduce a new AI² strategy to promote the comprehensive and responsible application of artificial intelligence in the financial sector [1] - The authority aims to collaborate with the industry to build a shareable and scalable AI infrastructure and specialized financial models, enhancing the accessibility, convenience, and personalization of banking services while maintaining transparency and accountability [1] Group 3: Resilience and Quantum Computing - HKMA will implement measures to strengthen business and technological resilience, including a new certification framework for fintech cybersecurity and a real-time analysis-based early warning system [2] - The authority is preparing the financial sector for post-quantum cryptography (PQC) and will develop quantum-resistant infrastructure to ensure the security of financial services [2] Group 4: Tokenization Promotion - HKMA aims to advance the tokenization ecosystem in Hong Kong by promoting the tokenization of real-world assets, including financial assets [2] - The authority will lead by example, making the issuance of tokenized government bonds a regular practice and exploring the feasibility of tokenizing foreign exchange fund notes and bonds [2] - The settlement of these assets on the blockchain will be facilitated through new digital currencies, including the digital Hong Kong dollar, tokenized deposits, and regulated stablecoins [2]

Core Points - The inter-ministerial joint meeting on preventing and combating illegal financial activities emphasized the urgency of addressing illegal financial activities conducted through apps [1][2] - The meeting highlighted the importance of understanding new risks and characteristics in the current situation, urging relevant departments to take decisive actions to protect citizens' financial interests [1] Group 1 - The meeting was chaired by Li Yunze, the Secretary of the Party Committee and Director of the Financial Regulatory Administration, with participation from various regulatory bodies including the Central Cyberspace Affairs Commission and the Ministry of Public Security [1] - Participants discussed the need for comprehensive coordination and the implementation of key tasks to combat illegal financial activities effectively [2] - Local governments and party committees were urged to take responsibility for managing risks and to act decisively against major cases of illegal financial activities [2] Group 2 - The meeting called for a continued focus on the special action against illegal fundraising, ensuring that all action plans are detailed and effectively implemented [2] - There is a strong emphasis on building a long-term mechanism to prevent risks and ensure that the expected outcomes are achieved [2]

Core Viewpoint - The financial law forum emphasizes the importance of legal frameworks in promoting financial development, innovation, and transformation, highlighting the need for a robust financial legal system to support the construction of a financial power and modern governance capabilities [1][4]. Group 1: Financial Legal System Development - The establishment of a sound financial legal system is crucial for building a financial power and modernizing financial governance [4]. - Legislative tasks in the financial sector are significant, with goals set by the 20th National Congress to formulate financial laws, including the Financial Stability Law and amendments to existing banking laws [4][5]. Group 2: Risk Prevention and Legal Framework - Preventing and mitigating financial risks, particularly avoiding systemic financial risks, is a core function of financial law [6]. - The Supreme People's Court has been guiding lower courts in major risk management, providing legal frameworks to address risks in areas like internet finance and real estate [6][7]. Group 3: Cross-Border Financial Challenges - The forum discussed the legal challenges and responses in cross-border finance, with a focus on the increasing complexity of international capital flows [11][14]. - The Beijing Financial Court highlighted the prevalence of securities fraud and disputes related to financial loans and investment contracts, reflecting the diverse legal needs arising from international cooperation [14]. Group 4: Regulatory Developments in Hong Kong - Hong Kong is adapting its regulatory framework to address new challenges, such as the implementation of a licensing system for virtual asset trading platforms to protect investors [8]. Group 5: Collaborative Outcomes - The Beijing Financial Court and industry associations released two reports focusing on judicial support for the high-quality development of the capital market and investor protection practices [18][19]. - These reports aim to address industry challenges, particularly concerning the management of private investment funds and the legal implications of fund manager failures [19].

Core Viewpoint - The Chinese government is intensifying efforts to combat illegal financial activities conducted through mobile applications, emphasizing the importance of safeguarding citizens' financial interests [1][2]. Group 1 - A recent inter-ministerial meeting was held in Beijing to address the crackdown on illegal financial activities via apps, with participation from various regulatory bodies [1]. - The meeting highlighted the urgency of recognizing the current situation and the need for decisive actions to address illegal financial activities [1][2]. - Authorities are instructed to adopt a proactive approach in identifying and mitigating risks associated with illegal fundraising activities [2]. Group 2 - The meeting called for a comprehensive coordination platform to ensure the effective implementation of key tasks related to combating illegal financial activities [2]. - Local governments are urged to take responsibility and act decisively against major cases to deter criminal activities [2]. - A focus on continuous improvement of mechanisms to prevent risks and ensure the effectiveness of actions taken against illegal fundraising is emphasized [2].