The Hong Kong Accounting and Finance Bureau and the Securities and Futures Commission expand financial reporting and auditing supervision to virtual asset service providers

PANews reported on September 28 that the Hong Kong Securities and Futures Commission announced today that it and the Accounting and Financial Reporting Council signed a new "Memorandum of Understanding" on September 28 to expand the regulatory cooperation between the two parties to areas other than monitoring the financial reporting and related audit work of listed entities. The new memorandum covers the financial and compliance reporting of licensed corporations, virtual asset service providers licensed by the SFC, SFC-authorized funds and registered open-ended fund companies, as well as related audit and assurance work performed by their auditors. The two parties also established a comprehensive framework for information sharing, case referrals, mutual assistance, and coordinated inspections and investigations related to regulatory matters of common concern.