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Hong Kong SFC Considers Strengthening Regulation of Financial KOLs, Standards for Promoting on Digital Platforms
Summary: In a move to regulate the promotion of financial products by Key Opinion Leaders (KOLs) on digital platforms, the Hong Kong Securities and Futures Commission (SFC) is planning to issue guidelines to licensed firms. The SFC is currently engaging in informal consultations with the industry to clarify the standards that should be followed when hiring ...
In a move to regulate the promotion of financial products by Key Opinion Leaders (KOLs) on digital platforms, the Hong Kong Securities and Futures Commission (SFC) is planning to issue guidelines to licensed firms. The SFC is currently engaging in informal consultations with the industry to clarify the standards that should be followed when hiring financial KOLs and using digital platforms for promotion. The SFC is considering tightening compliance requirements for licensed institutions in hiring financial KOLs, including conducting due diligence on KOLs to assess their background, reputation, and experience, as well as monitoring their activities to ensure accuracy and non-misleading content, while also taking measures to identify potential market manipulation. (Sing Tao Daily)
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Link: Hong Kong SFC Considers Strengthening Regulation of Financial KOLs, Standards for Promoting on Digital Platforms [Copy]
