Hong Kong’s SFC Signs MoU with ICAC to Fight Financial Crime
- The MoU aims to strengthen collaboration between the two entities in order to combat illegal activity.

The Securities and Futures Commission (SFC) has signed a Memorandum of Understanding (MOU) Memorandum of Understanding (MOU) A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is viewed as a serious document in the eyes of most authorities.An MOU is seen as an important step in any process given the level of time, energy and resources needed to draft an effective and fair document. This step forces participating parties to reach a semblance of a mutual understanding. An MOU helps all sides naturally mediate and figure out what is most important in moving toward an eventual future agreement that benefits both sides.Memorandums of Understanding (MOU) ExplainedIt is best to think of an MOU as a formal letter of intent, which is a nonbinding agreement stating a binding agreement will soon follow.MOUs are commonly used as part of international relations because, unlike treaties, they can be quickly crafted or signed, while also escaping public attention or scrutiny MOUs can also be used domestically and as a tool to modify existing treaties.These agreements do share some common similarities. As mentioned above, MOUs are not legally binding.While they do vary in complexity, each of these agreements ultimately reflect represents mutually accepted expectations between people, organizations or governments.Of note, MOUs do not involve the exchange of money or finances. A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is viewed as a serious document in the eyes of most authorities.An MOU is seen as an important step in any process given the level of time, energy and resources needed to draft an effective and fair document. This step forces participating parties to reach a semblance of a mutual understanding. An MOU helps all sides naturally mediate and figure out what is most important in moving toward an eventual future agreement that benefits both sides.Memorandums of Understanding (MOU) ExplainedIt is best to think of an MOU as a formal letter of intent, which is a nonbinding agreement stating a binding agreement will soon follow.MOUs are commonly used as part of international relations because, unlike treaties, they can be quickly crafted or signed, while also escaping public attention or scrutiny MOUs can also be used domestically and as a tool to modify existing treaties.These agreements do share some common similarities. As mentioned above, MOUs are not legally binding.While they do vary in complexity, each of these agreements ultimately reflect represents mutually accepted expectations between people, organizations or governments.Of note, MOUs do not involve the exchange of money or finances. Read this Term) with the Independent Commission Against Corruption (ICAC) this Monday to strengthen the cooperation between the two agencies to combat financial crime.
Under the MoU, the two organizations will aim to improve the overall effectiveness of their operations in combating financial crime, which impacts the integrity and reputation of the securities and futures markets of Hong Kong.
The SFC’s Executive Director of Enforcement, Thomas Atkinson, signed the MoU this Monday alongside the ICAC’s Deputy Commissioner and Head of Operations, Ricky Yau Shu-chun.
Commenting on the partnership, Atkinson said: “The arrangement under the MoU will enable the SFC to perform its statutory duties with greater efficiency and effectiveness in combating financial crime and maintaining the integrity of Hong Kong’s securities and futures market. We look forward to closer collaboration with the ICAC."
Following the signing of the MoU, the two organizations have launched a three-day joint investigation trading workshop. According to the statement, this workshop allows investigators of the two agencies to share their expertise and experience in policing serious financial crime.
"The MoU sets out the framework for cooperation and collaboration between the two agencies in various aspects, showing our common determination in maintaining a level-playing field for doing business in Hong Kong,” added Yau.
SFC clamps down on broker conduct
The SFC has remained vigilant in monitoring Hong Kong’s securities and futures markets. As Finance Magnates recently reported, the regulator fined Hong Kong-based brokerage firm Sincere Securities Limited (SSL) a collective HK$5 million ($640,000) for multiple regulatory breaches spanning ten years.
The fines were the result of several control failures, including those related to the conduct of a former account executive of SSL. Some of the violations stretch back more than a decade, with one reprimand over a failure to properly update the company’s Compliance and Procedural Manual to capture the regulatory requirements that came into effect in 2009.
The Securities and Futures Commission (SFC) has signed a Memorandum of Understanding (MOU) Memorandum of Understanding (MOU) A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is viewed as a serious document in the eyes of most authorities.An MOU is seen as an important step in any process given the level of time, energy and resources needed to draft an effective and fair document. This step forces participating parties to reach a semblance of a mutual understanding. An MOU helps all sides naturally mediate and figure out what is most important in moving toward an eventual future agreement that benefits both sides.Memorandums of Understanding (MOU) ExplainedIt is best to think of an MOU as a formal letter of intent, which is a nonbinding agreement stating a binding agreement will soon follow.MOUs are commonly used as part of international relations because, unlike treaties, they can be quickly crafted or signed, while also escaping public attention or scrutiny MOUs can also be used domestically and as a tool to modify existing treaties.These agreements do share some common similarities. As mentioned above, MOUs are not legally binding.While they do vary in complexity, each of these agreements ultimately reflect represents mutually accepted expectations between people, organizations or governments.Of note, MOUs do not involve the exchange of money or finances. A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is viewed as a serious document in the eyes of most authorities.An MOU is seen as an important step in any process given the level of time, energy and resources needed to draft an effective and fair document. This step forces participating parties to reach a semblance of a mutual understanding. An MOU helps all sides naturally mediate and figure out what is most important in moving toward an eventual future agreement that benefits both sides.Memorandums of Understanding (MOU) ExplainedIt is best to think of an MOU as a formal letter of intent, which is a nonbinding agreement stating a binding agreement will soon follow.MOUs are commonly used as part of international relations because, unlike treaties, they can be quickly crafted or signed, while also escaping public attention or scrutiny MOUs can also be used domestically and as a tool to modify existing treaties.These agreements do share some common similarities. As mentioned above, MOUs are not legally binding.While they do vary in complexity, each of these agreements ultimately reflect represents mutually accepted expectations between people, organizations or governments.Of note, MOUs do not involve the exchange of money or finances. Read this Term) with the Independent Commission Against Corruption (ICAC) this Monday to strengthen the cooperation between the two agencies to combat financial crime.
Under the MoU, the two organizations will aim to improve the overall effectiveness of their operations in combating financial crime, which impacts the integrity and reputation of the securities and futures markets of Hong Kong.
The SFC’s Executive Director of Enforcement, Thomas Atkinson, signed the MoU this Monday alongside the ICAC’s Deputy Commissioner and Head of Operations, Ricky Yau Shu-chun.
Commenting on the partnership, Atkinson said: “The arrangement under the MoU will enable the SFC to perform its statutory duties with greater efficiency and effectiveness in combating financial crime and maintaining the integrity of Hong Kong’s securities and futures market. We look forward to closer collaboration with the ICAC."
Following the signing of the MoU, the two organizations have launched a three-day joint investigation trading workshop. According to the statement, this workshop allows investigators of the two agencies to share their expertise and experience in policing serious financial crime.
"The MoU sets out the framework for cooperation and collaboration between the two agencies in various aspects, showing our common determination in maintaining a level-playing field for doing business in Hong Kong,” added Yau.
SFC clamps down on broker conduct
The SFC has remained vigilant in monitoring Hong Kong’s securities and futures markets. As Finance Magnates recently reported, the regulator fined Hong Kong-based brokerage firm Sincere Securities Limited (SSL) a collective HK$5 million ($640,000) for multiple regulatory breaches spanning ten years.
The fines were the result of several control failures, including those related to the conduct of a former account executive of SSL. Some of the violations stretch back more than a decade, with one reprimand over a failure to properly update the company’s Compliance and Procedural Manual to capture the regulatory requirements that came into effect in 2009.