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Hong Kong: Conduct, Safeguarding & Promotions

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Conduct and safeguarding of SVF licensees are governed by HKMA guidelines issued under s.54 PSSVFO. SVF licensees must maintain AML/CFT systems and meet supervisory expectations set out in the Guideline on Supervision of SVF Licensees. There is no single statutory 'safeguarding' instrument modelled on UK CASS; protection of the float is delivered through SVF minimum criteria and supervisory oversight. The MA holds pecuniary-penalty powers under s.33Q, and an appeals route exists via the PSSVF Appeals Tribunal.

Standing sub-brief · as of 4 July 2026192 words · last cycle 2026-06-28

Conduct, Safeguarding & Financial Promotions

Conduct and float protection for SVF licensees is delivered via HKMA guidelines under s.54 PSSVFO (the Guideline on Supervision of SVF Licensees) and the SVF minimum criteria, rather than through a single CASS-style safeguarding statute. Float protection is supervisory and criteria-based: there is no discrete statutory safeguarding instrument, and protection of holders' funds is delivered through the SVF minimum criteria and ongoing HKMA supervisory oversight. The Monetary Authority holds pecuniary-penalty powers under s.33Q, with appeals routed via the PSSVF Appeals Tribunal, whose current membership runs 4 November 2025 to 3 November 2028.

no periodic updates on record for this sub-brief

Sources and findings (3)
  1. T1https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stored-value-facilities-and-retail-payment-systems/regulatory-regime-for-stored-value-facilities/retrieved
  2. T1https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stored-value-facilities-and-retail-payment-systems/retrieved
  3. T1https://www.fstb.gov.hk/fsb/en/topical/pssvfat.htmlretrieved