Hong Kong's financial regulators pledged on 12 June 2026 to uphold strict compliance standards and crack down on illicit activity as Beijing tightened oversight of cross-border capital flows, the South China Morning Post reported.
Speaking at the ninth Caixin Summer Summit in Hong Kong, Kelvin Wong Tin-yau, chairman of the Securities and Futures Commission (SFC), said: “We will always be steadfast guardians of the market, driving development and encouraging innovation while never compromising on our bottom line.”
“Through rigorous regulatory systems, forward-looking guidance, decisive enforcement, cross-border coordination, and investor education, we resolutely defend the lifeline of market quality and credibility,” Wong added.
MAINLAND CRACKDOWN
The remarks came weeks after the China Securities Regulatory Commission (CSRC) moved in May to penalise Tiger Brokers, Futu Securities International and Longbridge Securities for allowing mainland Chinese investors to trade overseas stocks without the required licences. The action formed part of Beijing's intensified efforts to strengthen oversight of cross-border capital flows.
In late May, banks in Hong Kong began requiring mainland Chinese clients to sign a declaration when opening new investment accounts, tightening the rules for mainland investors seeking access to offshore markets. The Hong Kong Monetary Authority said in early June that mainland residents could still open bank accounts in the city despite the new rules.
Hong Kong officials have emphasised that the city's status as an international financial hub must align with China's overarching financial policy objectives. The tighter capital controls form part of a broader drive by Beijing to strengthen monitoring of funds flowing across its borders.