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Institutional Ledger

National Supervisory Authority & Licensing Qualification Dossier • Asia-Pacific

SFC

Hong Kong SAR

Securities and Futures Commission

Source / Native Reference: 香港证券及期货事务监察委员会

Tier-1 SupervisorHong Kong SAREst. 1989Investor Compensation Fund (ICF — Administered by Investor Compensation Company Limited)
Supervisory tier
Tier-1
License classes
4
Licensed records
99
Active / regulated
95

Statutory Supervisory Mandate & Scope

Regulates securities and futures dealers, asset managers, investment advisers, leveraged foreign exchange traders, HKEX market infrastructure, and Virtual Asset Trading Platforms (VATPs).

Prudential Tier Assessment

Tier-1

Statutory Tier-1 capital markets and virtual asset regulator of Hong Kong SAR administering the Securities and Futures Ordinance (Cap. 571) and AMLO (Cap. 615).

Sovereign Jurisdiction: Hong Kong SAR (Asia-Pacific)

National licensing qualifications & statutory authorisation classes (SFC)

Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by SFC in Hong Kong SAR.

License class / codeOfficial designationPermitted institutional & retail activitiesMinimum initial / base capitalOngoing prudential & solvency rule
Type 1 & Type 2Dealing in Securities (Type 1) & Dealing in Futures Contracts (Type 2)Executing and clearing equities, bonds, funds, options, and futures contracts; margin financing (Type 1) and virtual asset omnibus distribution.HKD $5,000,000 minimum Paid-Up Share Capital (HKD $10,000,000 if providing securities margin financing) + HKD $3,000,000 minimum Liquid Capital.Monthly FRR (Financial Resources Rules) return; Required Liquid Capital must exceed the higher of floor capital or 5% of adjusted liabilities; minimum 2 Responsible Officers (ROs).
Type 3Leveraged Foreign Exchange TradingActing as principal counterparty or agent for retail and institutional off-exchange leveraged FX contracts.HKD $30,000,000 minimum Paid-Up Share Capital + HKD $15,000,000 minimum Liquid Capital (HKD $5M/3M for approved introducing agents).Strict 20:1 retail FX leverage cap (5% initial margin, 3% maintenance margin) + daily mark-to-market liquid capital calculation.
Type 4 & Type 9Advising on Securities (Type 4) & Asset Management (Type 9 — Traditional & Virtual Asset Funds)Discretionary management of SFC-authorised retail funds, private hedge funds, OFCs (Open-Ended Fund Companies), and virtual asset portfolios (>10% VA threshold).HKD $5,000,000 Paid-Up Share Capital + HKD $3,000,000 Liquid Capital (or HKD $100,000 Liquid Capital if restricted from holding any client assets).Fund Manager Code of Conduct (FMCC), mandatory appointment of an independent qualified custodian, and VA Terms and Conditions for Type 9 managers.
Type 7 & AMLO VATPAutomated Trading Services (Type 7) & Virtual Asset Trading Platform (VATP) OperatorOperating an institutional electronic matching engine, dark pool, or licensed retail/institutional centralized cryptocurrency exchange in Hong Kong.HKD $5,000,000 minimum Paid-Up Share Capital + HKD $3,000,000 minimum Liquid Capital plus minimum 12 months of actual operating expenses held in liquid assets in HK.98% cold wallet custody, token Admission and Review Committee due diligence, prohibition of proprietary market-making by the VATP, and monthly SFC FRR filings.

Investor compensation, client money segregation & digital-asset regime

Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under SFC.

Investor CompensationStatutory Scheme

Investor Compensation Fund (ICF — Administered by Investor Compensation Company Limited)

Maximum coverage per client
HKD $500,000 per investor per default for securities or futures contracts traded on HKEX (and northbound Stock Connect)
Eligible counterparties & scope
Retail and non-institutional investors (institutional professional investors and off-exchange VATP spot crypto transactions are excluded from ICF; VATPs must maintain mandatory third-party custody insurance).
Client Money & CustodyRing-Fenced

SFO Cap. 571I (Client Money Rules) & Cap. 571H (Client Securities Rules)

Reconciliation & audit cadence
Client money must be paid into a segregated trust account at an HKMA Authorized Institution in Hong Kong within one business day of receipt.
Approved custodian requirements
For VATPs, 98% of client virtual assets must be held in cold storage by an associated entity (TCSP-licensed wholly owned subsidiary in HK) with HSM FIPS 140-2 Level 3+ security.
Digital Assets & VASPFully operational mandatory VATP licensing regime, retail access to large-cap tokens on licensed VATPs, and Asia’s first Spot Bitcoin & Ether ETFs with in-kind creation/redemption.

Dual SFO & AMLO Part 5B Virtual Asset Trading Platform (VATP) Licensing + Spot Crypto ETFs (In-Kind Creation)

Travel Rule, custody & stablecoin rules
Immediate Travel Rule compliance under SFC AML/CFT Guideline Chapter 12; mandatory compensation insurance covering 50% of cold storage and 100% of hot storage assets.

Primary Governing Statutes & Rulebooks

  • Securities and Futures Ordinance (SFO — Cap. 571) & Securities and Futures (Financial Resources) Rules (FRR)
  • Securities and Futures (Client Money) Rules (Cap. 571I) & (Client Securities) Rules (Cap. 571H)
  • Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO — Cap. 615 Part 5B VATP Regime)
  • SFC Code of Conduct for Persons Licensed by or Registered with the SFC

Regulatory Reporting & Audit Obligations

Monthly electronic Financial Resources Rules (FRR) return within 3 weeks of month-end via SFC WINGS portalAnnual audited accounts and independent auditor’s compliance report on Client Money and Client Securities rules within 4 months of financial year-endMandatory registration with the Financial Dispute Resolution Centre (FDRC) for all SFC-licensed corporations

Cross-Border Equivalence & Passporting

Mutual Recognition of Funds (MRF) with Mainland China (CSRC), Switzerland (FINMA), France (AMF), United Kingdom (FCA), Luxembourg (CSSF), Netherlands (AFM), Thailand, and Australia (ASIC); Wealth Management Connect across the Greater Bay Area.

Supervised institutions & SFC licence records in our database

99 licence records referencing SFC (95 regulated/registered, 4 flagged with warnings/revocations).

Filter directory by SFC →
InstitutionLicence numberStatusLicensed legal entityEffective dateVerification
Mizuho SecuritiesAEZ953RegulatedMizuho Securities Asia Limited2005-04-27
Blackwell GlobalBGX460RegulatedBlackwell Global Futures Limited2016-11-07
Blackwell GlobalBJU094RegulatedBlackwell Global Asset Management Limited2018-01-15
Blackwell GlobalBGX296RegulatedBlackwell Global Securities Limited2016-11-07
HashBPL992RegulatedHash Blockchain Limited—
SwissquoteAZV127RegulatedSwissquote Asia Limited2013-02-25
Eddid FinancialBHT550RegulatedEddid Financial Holdings Limited2016-12-14
Tiger BrokersBMU940RegulatedUP Fintech Holding Ltd2018-7-11
The Capital GroupNumber pending checkRegulatedCapital International Inc.2004-12-03
HashKey ExchangeBOP237RegulatedHashKey Capital Limited2020-01-31
UOBAAW261Exceeded scopeUOB Kay Hian (Hong Kong) Limited2005-02-15
UOBAHY424RegulatedUOB Kay Hian Futures (Hong Kong) Limited2005-02-15
YuantaABS015RegulatedYuanta Securities (Hong Kong) Co., Ltd2004-02-16
YuantaAXQ690RegulatedYuanta Securities (Hong Kong) Co., Ltd2012-02-24
HongNot suppliedRegulatedHong Kong BGE Limited2025-06-17
HSBCACB389RegulatedThe Hongkong and Shanghai Banking Corporation Limited2005-02-01
HuobiBPK544RegulatedHuobi2020-07-31
SucdenASE480RegulatedSucden Financial (HK) Limited2009-04-28
ajsecuritiesBOF740RegulatedAJ Futures Limited2019-07-08
ASA SECURITIESASU517RegulatedASA SECURITIES LIMITED2010-08-19
Bright Smart SecuritiesAEZ575RegulatedBright Smart Securities International (H.K.) Limited2004-12-03
CAPITALACC324RegulatedCAPITAL2003-12-29
CASH Financial ServicesAAF532RegulatedCelestial Securities Limited2004-02-19
Central WealthAVE583RegulatedCentral Wealth Securities Investment Limited2015-06-11
CESACI995RegulatedCES Forex (HK) Limited2005-03-04
Charles SchwabADV256RegulatedCharles Schwab Corporation2004-05-04
ChinaAYH772RegulatedChina Galaxy International Futures (Hong Kong) Co., Limited2011-12-14
China Gather WealthAGQ863RegulatedChina Gather Wealth Financial Company Limited2003-8-26
China Merchants Securities (HK)AAI650RegulatedChina Merchants Securities (HK) Co., Limited2005-01-26
Cmbc CapitalBIY679RegulatedCMBC CAPITAL HOLDINGS LIMITED2017-3-17
DA InternationaAXH777Regulated(DA International Financial Service Ltd)2016-5-10
Donghai International SecuritiesBGV506RegulatedDonghai International Securities (Hong Kong) Limited2016-07-27
EmperorACJ776Suspected cloneEmperor International Exchange (Hong Kong) Company Limited2005-01-20
Emperor Capital GroupAAP057RegulatedEmperor Securities Limited2005-3-2
Essence International SecuritiesAUW685RegulatedEssence International Financial Holding Ltd.2010-05-18
Everbright SecuritiesAEX690RegulatedChina Everbright Securities International Company Limited2003-10-31
Finet SecuritiesAAH574RegulatedFinet Securities Limited2004-09-23
Finet SecuritiesAAH574RegulatedFinet Securities Limited2004-09-23
Forthright SecuritiesBGP713RegulatedForthright Securities Company Limited2016-05-12
FortuneAHQ488RegulatedFORTUNE (HK) SECURITIES LIMITED2003-11-03
FUBONAWS291RegulatedFUBON SECURITIES (HONG KONG) LIMITED2012-05-18
FUBONAWS291RegulatedFUBON SECURITIES (HONG KONG) LIMITED2012-05-18
Fulbright SecuritiesAFB820RegulatedFulbright Securities Limited2004-11-30
FUTUAZT137RegulatedFutu Securities International (Hong Kong) Limited2012-10-04
GF SecuritiesAOB364RegulatedGF Securities (Hong Kong) Brokerage Limited2007-01-31
Guo YuanBDV271RegulatedGUOYUAN INTERNATIONAL HOLDINGS LIMITED2014-10-30
Guosen Securities (HK)AUI491RegulatedGuosen Securities (HK) Brokerage Company, Limited2010-02-26
Guotai Junan SecuritiesABY236RegulatedGuotai Junan Securities2004-3-30
Hai Cloud ExchangeBMG520RegulatedHAI Cloud2018-08-16
Haitong InternationalAAF806RegulatedHaitong International Securities Group Limited2003-09-29
HantecAFL779RegulatedHantec Securities2004-12-17
HGNH InternationalBBT518RegulatedHGNH International Securities Co., Limited2014-01-08
HSBCACB389RegulatedHSBC Securities Brokers (Asia) Limited2015-02-01
Hua Jin SecuritiesBFJ286RegulatedHua Jin Securities2015-08-17
Huatai SecuritiesAOK809RegulatedHuatai Financial Holdings (Hong Kong) Limited2007-04-04
KGIBKJ214RegulatedKGI Asia Limited2017-10-03
KingstonABL789RegulatedKingston Financial Group2005-01-24
KOG FOREXBAB663RegulatedKOG FOREX2013-01-08
LivermoreBJN764RegulatedLivermore2017-11-13
MaiCapitalBMC948RegulatedMaiCapital Limited2018
Mizuho SecuritiesAEZ953RegulatedMizuho Securities Asia Limited2005-04-27
MonexAEF808RegulatedMonex Boom Securities (H.K.) Limited2005-01-26
NericoAGK862RevokedNerico Brothers2004-08-02
Phillip SecuritiesAAG460RegulatedPhillip Securities (HK)2007-02-14
Ping An Of China SecuritiesAOD938RegulatedPing An of China Asset Management (Hong Kong) Company Limited2007-3-1
Safe Gold Securities And FuturesBJH966RegulatedSafe Gold Securities And Futures2017-07-31
Shenwan HongyuanAAC927RegulatedShenwan Hongyuan (H.K.) Limited2006-05-12
SINOLINKAAI195RegulatedSinolink Securities (Hong Kong) Company Limited2004-06-05
South SecuritiesAAA874RegulatedSouth China Securities Limited2008-07-18
Southwest SecuritiesACB501RegulatedSouthwest Securities (HK) Brokerage Limited2004-08-30
SR Wealth SecuritiesBHF761Regulated—2016
SR WEALTH SECURITIESBHF761RegulatedSR Wealth Securities Limited2016-08-25
SuccessAEZ190RegulatedSuccess Finance Group2005-1-4
TIANDAAVT666RegulatedTIANDA FINANCIAL2011-1-18
TradeMaster SecuritiesBHJ844RegulatedTradeMaster Securities (Hong Kong) Limited2016-8-18
TungYatBNC519RegulatedTung Yat Securities Limited2018-11-13
Unicorn SecuritiesACD947RegulatedUnicorn Securities Company Limited2004-11-30
UpbestACR387RegulatedUpbestGroup2010-10-12
uSMARTBJA907RegulateduSmart Securities Limited2017-07-13
Valuable CapitalAUL711RegulatedValuable Capital Limited2010-07-14

SFC (Hong Kong SAR): institutional licensing & due diligence FAQ

Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.

What are the primary licensing classes and minimum capital requirements under SFC (Hong Kong SAR)?

SFC (Securities and Futures Commission) supervises financial institutions in Hong Kong SAR under Securities and Futures Ordinance (SFO — Cap. 571) & Securities and Futures (Financial Resources) Rules (FRR) and Securities and Futures (Client Money) Rules (Cap. 571I) & (Client Securities) Rules (Cap. 571H). Key statutory authorisation classes include: Type 1 & Type 2 (Dealing in Securities (Type 1) & Dealing in Futures Contracts (Type 2) — min. capital: HKD $5,000,000 minimum Paid-Up Share Capital (HKD $10,000,000 if providing securities margin financing) + HKD $3,000,000 minimum Liquid Capital.); Type 3 (Leveraged Foreign Exchange Trading — min. capital: HKD $30,000,000 minimum Paid-Up Share Capital + HKD $15,000,000 minimum Liquid Capital (HKD $5M/3M for approved introducing agents).); Type 4 & Type 9 (Advising on Securities (Type 4) & Asset Management (Type 9 — Traditional & Virtual Asset Funds) — min. capital: HKD $5,000,000 Paid-Up Share Capital + HKD $3,000,000 Liquid Capital (or HKD $100,000 Liquid Capital if restricted from holding any client assets).); Type 7 & AMLO VATP (Automated Trading Services (Type 7) & Virtual Asset Trading Platform (VATP) Operator — min. capital: HKD $5,000,000 minimum Paid-Up Share Capital + HKD $3,000,000 minimum Liquid Capital plus minimum 12 months of actual operating expenses held in liquid assets in HK.). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.

Does SFC provide statutory investor compensation and mandatory client asset segregation?

Under SFC's framework, investor protection is governed by Investor Compensation Fund (ICF — Administered by Investor Compensation Company Limited) with maximum coverage of HKD $500,000 per investor per default for securities or futures contracts traded on HKEX (and northbound Stock Connect) (Retail and non-institutional investors (institutional professional investors and off-exchange VATP spot crypto transactions are excluded from ICF; VATPs must maintain mandatory third-party custody insurance).). For client money and custody assets, supervised firms must comply with SFO Cap. 571I (Client Money Rules) & Cap. 571H (Client Securities Rules), performing client money must be paid into a segregated trust account at an hkma authorized institution in hong kong within one business day of receipt. with for vatps, 98% of client virtual assets must be held in cold storage by an associated entity (tcsp-licensed wholly owned subsidiary in hk) with hsm fips 140-2 level 3+ security..

How does SFC regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?

SFC's digital-asset regime is structured around Dual SFO & AMLO Part 5B Virtual Asset Trading Platform (VATP) Licensing + Spot Crypto ETFs (In-Kind Creation) (Fully operational mandatory VATP licensing regime, retail access to large-cap tokens on licensed VATPs, and Asia’s first Spot Bitcoin & Ether ETFs with in-kind creation/redemption.). Custody and AML/CFT compliance obligations require: Immediate Travel Rule compliance under SFC AML/CFT Guideline Chapter 12; mandatory compensation insurance covering 50% of cold storage and 100% of hot storage assets.

How can I verify an institution's SFC licence number and check our 99 recorded licence entries?

Our database currently tracks 99 licence records referencing SFC (95 marked regulated or registered). To verify a counterparty at the primary source, open SFC's official public register (https://www.sfc.hk/en/), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.

Research and compliance analysis from Institutional Ledger relevant to SFC and Hong Kong SAR.

All briefings →

Statutory licensing classes, base capital rules, and investor protection summaries for SFC (Hong Kong SAR) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on SFC’s official public register.

SFC (Securities and Futures Commission) — Licensing Qualifications, Capital Rules & Supervised Firms | Institutional Ledger