National Supervisory Authority & Licensing Qualification Dossier • Asia-Pacific
SFC
Hong Kong SARSecurities and Futures Commission
Source / Native Reference: 香港证券及期货事务监察委员会
- 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-1Statutory Tier-1 capital markets and virtual asset regulator of Hong Kong SAR administering the Securities and Futures Ordinance (Cap. 571) and AMLO (Cap. 615).
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 / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| Type 1 & Type 2 | Dealing 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 3 | Leveraged Foreign Exchange Trading | Acting 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 9 | Advising 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 VATP | Automated Trading Services (Type 7) & Virtual Asset Trading Platform (VATP) Operator | Operating 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 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).
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.
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).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| Mizuho Securities | AEZ953 | Regulated | Mizuho Securities Asia Limited | 2005-04-27 | |
| Swissquote | AZV127 | Regulated | Swissquote Asia Limited | 2013-02-25 | |
| Blackwell Global | BGX460 | Regulated | Blackwell Global Futures Limited | 2016-11-07 | |
| Blackwell Global | BJU094 | Regulated | Blackwell Global Asset Management Limited | 2018-01-15 | |
| Blackwell Global | BGX296 | Regulated | Blackwell Global Securities Limited | 2016-11-07 | |
| Hash | BPL992 | Regulated | Hash Blockchain Limited | — | |
| Eddid Financial | BHT550 | Regulated | Eddid Financial Holdings Limited | 2016-12-14 | |
| Tiger Brokers | BMU940 | Regulated | UP Fintech Holding Ltd | 2018-7-11 | |
| The Capital Group | Number pending check | Regulated | Capital International Inc. | 2004-12-03 | |
| HashKey Exchange | BOP237 | Regulated | HashKey Capital Limited | 2020-01-31 | |
| Huobi | BPK544 | Regulated | Huobi | 2020-07-31 | |
| Sucden | ASE480 | Regulated | Sucden Financial (HK) Limited | 2009-04-28 | |
| UOB | AAW261 | Exceeded scope | UOB Kay Hian (Hong Kong) Limited | 2005-02-15 | |
| UOB | AHY424 | Regulated | UOB Kay Hian Futures (Hong Kong) Limited | 2005-02-15 | |
| Yuanta | ABS015 | Regulated | Yuanta Securities (Hong Kong) Co., Ltd | 2004-02-16 | |
| Yuanta | AXQ690 | Regulated | Yuanta Securities (Hong Kong) Co., Ltd | 2012-02-24 | |
| Hong | Not supplied | Regulated | Hong Kong BGE Limited | 2025-06-17 | |
| HSBC | ACB389 | Regulated | The Hongkong and Shanghai Banking Corporation Limited | 2005-02-01 | |
| ajsecurities | BOF740 | Regulated | AJ Futures Limited | 2019-07-08 | |
| ASA SECURITIES | ASU517 | Regulated | ASA SECURITIES LIMITED | 2010-08-19 | |
| Bright Smart Securities | AEZ575 | Regulated | Bright Smart Securities International (H.K.) Limited | 2004-12-03 | |
| CAPITAL | ACC324 | Regulated | CAPITAL | 2003-12-29 | |
| CASH Financial Services | AAF532 | Regulated | Celestial Securities Limited | 2004-02-19 | |
| Central Wealth | AVE583 | Regulated | Central Wealth Securities Investment Limited | 2015-06-11 | |
| CES | ACI995 | Regulated | CES Forex (HK) Limited | 2005-03-04 | |
| Charles Schwab | ADV256 | Regulated | Charles Schwab Corporation | 2004-05-04 | |
| China | AYH772 | Regulated | China Galaxy International Futures (Hong Kong) Co., Limited | 2011-12-14 | |
| China Gather Wealth | AGQ863 | Regulated | China Gather Wealth Financial Company Limited | 2003-8-26 | |
| China Merchants Securities (HK) | AAI650 | Regulated | China Merchants Securities (HK) Co., Limited | 2005-01-26 | |
| Cmbc Capital | BIY679 | Regulated | CMBC CAPITAL HOLDINGS LIMITED | 2017-3-17 | |
| DA Internationa | AXH777 | Regulated | (DA International Financial Service Ltd) | 2016-5-10 | |
| Donghai International Securities | BGV506 | Regulated | Donghai International Securities (Hong Kong) Limited | 2016-07-27 | |
| Emperor | ACJ776 | Suspected clone | Emperor International Exchange (Hong Kong) Company Limited | 2005-01-20 | |
| Emperor Capital Group | AAP057 | Regulated | Emperor Securities Limited | 2005-3-2 | |
| Essence International Securities | AUW685 | Regulated | Essence International Financial Holding Ltd. | 2010-05-18 | |
| Everbright Securities | AEX690 | Regulated | China Everbright Securities International Company Limited | 2003-10-31 | |
| Finet Securities | AAH574 | Regulated | Finet Securities Limited | 2004-09-23 | |
| Finet Securities | AAH574 | Regulated | Finet Securities Limited | 2004-09-23 | |
| Forthright Securities | BGP713 | Regulated | Forthright Securities Company Limited | 2016-05-12 | |
| Fortune | AHQ488 | Regulated | FORTUNE (HK) SECURITIES LIMITED | 2003-11-03 | |
| FUBON | AWS291 | Regulated | FUBON SECURITIES (HONG KONG) LIMITED | 2012-05-18 | |
| FUBON | AWS291 | Regulated | FUBON SECURITIES (HONG KONG) LIMITED | 2012-05-18 | |
| Fulbright Securities | AFB820 | Regulated | Fulbright Securities Limited | 2004-11-30 | |
| FUTU | AZT137 | Regulated | Futu Securities International (Hong Kong) Limited | 2012-10-04 | |
| GF Securities | AOB364 | Regulated | GF Securities (Hong Kong) Brokerage Limited | 2007-01-31 | |
| Guo Yuan | BDV271 | Regulated | GUOYUAN INTERNATIONAL HOLDINGS LIMITED | 2014-10-30 | |
| Guosen Securities (HK) | AUI491 | Regulated | Guosen Securities (HK) Brokerage Company, Limited | 2010-02-26 | |
| Guotai Junan Securities | ABY236 | Regulated | Guotai Junan Securities | 2004-3-30 | |
| Hai Cloud Exchange | BMG520 | Regulated | HAI Cloud | 2018-08-16 | |
| Haitong International | AAF806 | Regulated | Haitong International Securities Group Limited | 2003-09-29 | |
| Hantec | AFL779 | Regulated | Hantec Securities | 2004-12-17 | |
| HGNH International | BBT518 | Regulated | HGNH International Securities Co., Limited | 2014-01-08 | |
| HSBC | ACB389 | Regulated | HSBC Securities Brokers (Asia) Limited | 2015-02-01 | |
| Hua Jin Securities | BFJ286 | Regulated | Hua Jin Securities | 2015-08-17 | |
| Huatai Securities | AOK809 | Regulated | Huatai Financial Holdings (Hong Kong) Limited | 2007-04-04 | |
| KGI | BKJ214 | Regulated | KGI Asia Limited | 2017-10-03 | |
| Kingston | ABL789 | Regulated | Kingston Financial Group | 2005-01-24 | |
| KOG FOREX | BAB663 | Regulated | KOG FOREX | 2013-01-08 | |
| Livermore | BJN764 | Regulated | Livermore | 2017-11-13 | |
| MaiCapital | BMC948 | Regulated | MaiCapital Limited | 2018 | |
| Mizuho Securities | AEZ953 | Regulated | Mizuho Securities Asia Limited | 2005-04-27 | |
| Monex | AEF808 | Regulated | Monex Boom Securities (H.K.) Limited | 2005-01-26 | |
| Nerico | AGK862 | Revoked | Nerico Brothers | 2004-08-02 | |
| Phillip Securities | AAG460 | Regulated | Phillip Securities (HK) | 2007-02-14 | |
| Ping An Of China Securities | AOD938 | Regulated | Ping An of China Asset Management (Hong Kong) Company Limited | 2007-3-1 | |
| Safe Gold Securities And Futures | BJH966 | Regulated | Safe Gold Securities And Futures | 2017-07-31 | |
| Shenwan Hongyuan | AAC927 | Regulated | Shenwan Hongyuan (H.K.) Limited | 2006-05-12 | |
| SINOLINK | AAI195 | Regulated | Sinolink Securities (Hong Kong) Company Limited | 2004-06-05 | |
| South Securities | AAA874 | Regulated | South China Securities Limited | 2008-07-18 | |
| Southwest Securities | ACB501 | Regulated | Southwest Securities (HK) Brokerage Limited | 2004-08-30 | |
| SR Wealth Securities | BHF761 | Regulated | — | 2016 | |
| SR WEALTH SECURITIES | BHF761 | Regulated | SR Wealth Securities Limited | 2016-08-25 | |
| Success | AEZ190 | Regulated | Success Finance Group | 2005-1-4 | |
| TIANDA | AVT666 | Regulated | TIANDA FINANCIAL | 2011-1-18 | |
| TradeMaster Securities | BHJ844 | Regulated | TradeMaster Securities (Hong Kong) Limited | 2016-8-18 | |
| TungYat | BNC519 | Regulated | Tung Yat Securities Limited | 2018-11-13 | |
| Unicorn Securities | ACD947 | Regulated | Unicorn Securities Company Limited | 2004-11-30 | |
| Upbest | ACR387 | Regulated | UpbestGroup | 2010-10-12 | |
| uSMART | BJA907 | Regulated | uSmart Securities Limited | 2017-07-13 | |
| Valuable Capital | AUL711 | Regulated | Valuable Capital Limited | 2010-07-14 |
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.
Related regulatory & market structure briefings
Research and compliance analysis from VolSurface Desk relevant to SFC and Hong Kong SAR.
Volatility Surface & Derivatives Desk
Arbitrage-Free SVI Volatility Surface Calibration, 0DTE Intraday Gamma-Vanna-Charm Flows, and Index Dispersion Mechanics in 2026
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Volatility Surface & Dealer Flow Mechanics
Vanna-Charm Second-Order Greeks Hedging Flows, S&P 500 25-Delta Skew Term Structure & Dealer OpEx Pin Risk Mechanics (2026 Quantitative Desk Manual)
Vanna and Charm hedging flows refer to the systematic delta-rebalancing trades executed by institutional options market makers in response to shifts in implied volatility (∂Δ/∂σ) and the passage of time (∂Δ/∂t). Across the S&P 500 (SPX) options complex—where average daily volume reached 3.34 million contracts [3.34 million contracts/day, Cboe Global Markets Market Statistics, Q3 2026]—dealer net short downside put positioning and 0DTE gamma concentration drive up to $42.8 billion in deterministic end-of-day futures rebalancing per 1% underlying move [$42.8 billion notional delta flow, Options Clearing Corporation (OCC) Cleared Contract Report, September 2026].
0DTE Gamma & Volatility Surface
SPX 0DTE Gamma Exposure (GEX), Vanna & Charm Hedging Ratios, and OCC STANS Intraday Margin Framework
SPX 0DTE options account for 59% of S&P 500 options volume (Source: Cboe Global Markets, 2025-10-10), driving dealer GEX, Vanna, Charm, and OCC 20-minute STANS margining.
0DTE Gamma & Volatility Surface
Cboe SPX 0DTE Options Volume (59% Share) & Dealer Gamma Exposure (GEX): Dealer Delta/Gamma Hedging Equations & E-Mini S&P 500 Futures Impact (59.0% Share of SPX Options Volume Benchmark)
Cboe SPX 0DTE Options Volume (59% Share) & Dealer Gamma Exposure (GEX) (SPX-0DTE-GEX) stands at 59.0% (Share of SPX Options Volume) (Source: Cboe Global Markets, 2026-10-20), governing intraday futures rebalancing per 1%
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.