{"id":32762,"date":"2026-05-07T06:47:31","date_gmt":"2026-05-07T06:47:31","guid":{"rendered":"https:\/\/prelive-tdw.visibleone.app\/?post_type=insight-and-news&#038;p=32762"},"modified":"2026-05-19T01:55:24","modified_gmt":"2026-05-19T01:55:24","slug":"news-update-finfluencers-on-the-sfc-regulatory-radar","status":"publish","type":"insight-and-news","link":"https:\/\/www.tannerdewitt.com\/zh-hans\/insight-and-news\/news-update-finfluencers-on-the-sfc-regulatory-radar\/","title":{"rendered":"News update: Finfluencers on the SFC regulatory radar"},"content":{"rendered":"\n    \n\n<div style=\"background-image:url('https:\/\/www.tannerdewitt.com\/wp-content\/themes\/tanner-de-witt\/images\/insightdetails.jpeg')\"\n    class=\"insight-news-detail-hero\" id=\"insight-news-detail-hero\">\n\n\t\t<div style=\"background-color:\" class=\"insight-news-detail-hero-overlay \"><\/div>\n            <div class=\"z-[0]\">\n                <div class=\"insight-news-breadcrumbs flex items-end practice-areas-featured-breadcrumbs \">\n                    <a class=\"page-link no-underline\" href=\"https:\/\/www.tannerdewitt.com\/zh-hans\/\">Home<\/a>                <\/div>\n\n\n                <div class=\"hero-title\">\n                    <h1>\n                        News update: Finfluencers on the SFC regulatory radar                    <\/h1>\n                <\/div>\n                \n                    <div style=\"\" class=\"hero-date \">\n\n                        <span class=\"month\">May<\/span>\n                        <span class=\"day\">07<\/span>\n                        <span class=\"year\">2026<\/span>\n                    <\/div>\n\n            <\/div>\n    \n\n    \n\n\n\n<\/div>\n\n\n\n<script >\n    (function () {\n        document.addEventListener(\"DOMContentLoaded\", () => {\n\n            const breadCrumbsContainer = Array.from(document.querySelectorAll(\".practice-areas-featured-breadcrumbs\"));\n\n            breadCrumbsContainer.forEach(container => {\n                const breadCrumbLinks = Array.from(container.querySelectorAll('.page-link'));\n                const breadCrumbSeperators = Array.from(container.querySelectorAll('.separator'));\n\n                if (Array.from(breadCrumbLinks).length === 1) {\n                    const homeNode = breadCrumbLinks[0];\n\n                    if (!homeNode) {\n                        return\n                    }\n\n                    const postTypeNode = homeNode.cloneNode(true);\n                    postTypeNode.textContent = \"Insights and News\";\n                    container.insertAdjacentHTML('beforeend', `<span class=\"separator practice-areas-featured-breadcrumb-item-slash\">\/<\/span>`)\n                    container.insertAdjacentElement('beforeend', postTypeNode)\n                    breadCrumbLinks.push(postTypeNode);\n\n                    if (\"Insights\") {\n                        const categoryNode = homeNode.cloneNode(true);\n\n                        categoryNode.textContent = \"Insights\";\n                        container.insertAdjacentHTML('beforeend', `<span class=\"separator practice-areas-featured-breadcrumb-item-slash\">\/<\/span>`)\n                        container.insertAdjacentElement('beforeend', categoryNode)\n                        breadCrumbLinks.push(categoryNode);\n                    }\n\n\n                    const titleNode = homeNode.cloneNode(true);\n\n                    titleNode.textContent = \"News update: Finfluencers on the SFC regulatory radar\";\n                    container.insertAdjacentHTML('beforeend', `<span class=\"separator practice-areas-featured-breadcrumb-item-slash\">\/<\/span>`)\n                    container.insertAdjacentElement('beforeend', titleNode)\n                    breadCrumbLinks.push(titleNode);\n\n\n\n\n                }\n\n                breadCrumbLinks.forEach((link, index) => {\n\n                    link.classList.add('practice-areas-featured-breadcrumb-item-name');\n                    const origin = window.location.origin;\n                    const href = window.location.href;\n\n                    const originSplitter = window.location.href.includes(\"insight-and-news\") ? \"insight-and-news\" : window.location.href.includes('insights-and-news') ? \"insights-and-news\" : \"\"\n\n                    const paths = href.split(originSplitter);\n                    const links = paths[1].split(\"\/\").filter(Boolean)\n\n\n                    const resolvedOrigin = originSplitter ? (href.split(originSplitter)[0] || \"\") : (origin + \"\/\")\n\n                    if (index === 0) {\n\n                        if (!originSplitter) {\n                            link.href = origin\n                        } else {\n                            link.href = resolvedOrigin;\n                        }\n\n\n                    } else if (index === 1) {\n                        link.href = resolvedOrigin + originSplitter\n\n                    }\n                    else if (index === 2) {\n                        console.log(links)\n                        link.href = resolvedOrigin + originSplitter + \"\/\" + (links[0] || \"\")\n                    }\n                    else if (index === 3) {\n\n                        link.href = resolvedOrigin + originSplitter + \"\/\" + (links[0] || \"\") + \"\/\" + (links[1] || \"\")\n\n                    }\n\n\n\n                    \/\/ const words = link.textContent.split(\" \")\n                    \/\/ if (words.length > 4) {\n                    \/\/     link.textContent = words.slice(0, 4).join(\" \") + \"...\"\n                    \/\/ }\n\n                })\n\n                breadCrumbSeperators.forEach(separator => {\n                    separator.textContent = \"\/\"\n                    separator.classList.add('practice-areas-featured-breadcrumb-item-slash')\n                });\n\n\n            })\n\n\n        })\n        removeDivTag()\n    })();\n\n    function removeDivTag() {\n        console.log(\"remasfljas\");\n        const editorContainer = document.querySelector(\".editor-wysiwyg\");\n        \/\/ editorContainer.innerText = editorContainer.innerText.replace(\"<\/div>\", \"\")\n        Array.from(editorContainer.childNodes).forEach(el => {\n            if (el.textContent.includes(\"<\/div>\")) {\n                el.textContent = \"\"\n            }\n        })\n    }\n<\/script>\n\n<div class=\"editor-wysiwyg my-[40px]\">\n<div class=\"single-section\">\u00a0<\/div>\n<p id=\"ember60\" class=\"ember-view reader-text-block__paragraph\">The Hong Kong Securities and Futures Commission (SFC) is continuing its engagement with a global regulatory initiative targeting unlawful activities by finfluencers [see <a class=\"xRPuXKfUpBkIORjMpZxQAvTEeNvfshyBJs \" tabindex=\"0\" href=\"https:\/\/apps.sfc.hk\/edistributionWeb\/gateway\/EN\/news-and-announcements\/news\/doc?refNo=26PR63\" target=\"_self\" data-test-app-aware-link=\"\" rel=\"noopener\">link<\/a>]. In this update, <a class=\"xRPuXKfUpBkIORjMpZxQAvTEeNvfshyBJs \" tabindex=\"0\" href=\"https:\/\/www.tannerdewitt.com\/our-people\/padraig-walsh\/\" target=\"_self\" data-test-app-aware-link=\"\">P\u00e1draig Walsh<\/a> from our <a class=\"xRPuXKfUpBkIORjMpZxQAvTEeNvfshyBJs \" tabindex=\"0\" href=\"https:\/\/www.tannerdewitt.com\/practice-areas\/digital-services\/\" target=\"_self\" data-test-app-aware-link=\"\">Fintech<\/a> practice looks at the SFC&#8217;s growing focus on online investment content and the increasing cross\u2011border reach of finfluencer\u2011driven misconduct.<\/p>\n<p id=\"ember61\" class=\"ember-view reader-text-block__paragraph\"><strong>Context<\/strong><\/p>\n<p id=\"ember62\" class=\"ember-view reader-text-block__paragraph\">Finfluencers are social media personalities who use their platforms to promote financial products and share insights and advice with their followers. Almost by definition, finfluencers seek to persuade and induce the retail public in respect of trading activities. There is an obvious regulatory concern when objective factual presentation and appropriate investment analysis are discarded in favour of unauthorised financial promotions and personal opinion.<\/p>\n<p id=\"ember63\" class=\"ember-view reader-text-block__paragraph\">Finfluencing is not a new phenomenon. The SFC recognised the influence of digital channels on investors\u2019 perceptions and financial behaviours in respect of virtual assets in its ASPIRe regulatory framework in early 2025, and committed to being vigilant and taking enforcement action against reckless activity that causes risk and harm to the public.<\/p>\n<p id=\"ember64\" class=\"ember-view reader-text-block__paragraph\">The key challenge remains enforcement. The online medium of finfluencing through social media platforms to global audiences presents jurisdictional challenges. The SFC may wish to adopt a regulatory framework to encourage finfluencers to contribute constructively to educate the public and advocating the best practices. However, there is a need for any framework to move forward in step with international developments and progress.<\/p>\n<p id=\"ember65\" class=\"ember-view reader-text-block__paragraph\"><strong>Regulatory initiatives<\/strong><\/p>\n<p id=\"ember66\" class=\"ember-view reader-text-block__paragraph\">The SFC has actively participated since inception in the Global Week of Action against Unlawful Finfluencers organised by the International Organization of Securities Commissions (IOSCO). The SFC and the Hong Kong Investor and Financial Education Council also contributed to an IOSCO Report on Finfluencers [<a class=\"xRPuXKfUpBkIORjMpZxQAvTEeNvfshyBJs \" tabindex=\"0\" href=\"https:\/\/www.iosco.org\/library\/pubdocs\/pdf\/IOSCOPD795.pdf\" target=\"_self\" data-test-app-aware-link=\"\" rel=\"noopener\">link<\/a>], which includes a detailed Good Practices section to guide securities regulators globally on regulatory approach and enforcement.<\/p>\n<p id=\"ember67\" class=\"ember-view reader-text-block__paragraph\">In April 2025, the SFC commenced a thematic inspection to assess the compliance of securities brokers with applicable regulatory requirements when engaging finfluencers and digital platforms to market financial products and services.<\/p>\n<p id=\"ember68\" class=\"ember-view reader-text-block__paragraph\">The SFC has undertaken enforcement actions against unlawful finfluencer activities. In one prosecution, an SFC licensed representative was convicted for providing investment advice in his personal capacity in a Telegram subscription-based chat group [<a class=\"xRPuXKfUpBkIORjMpZxQAvTEeNvfshyBJs \" tabindex=\"0\" href=\"https:\/\/apps.sfc.hk\/edistributionWeb\/gateway\/EN\/news-and-announcements\/news\/enforcement-news\/doc?refNo=24PR110\" target=\"_self\" data-test-app-aware-link=\"\" rel=\"noopener\">link<\/a>].<\/p>\n<p id=\"ember69\" class=\"ember-view reader-text-block__paragraph\">The SFC has increasingly focused on early detection and prevention of unlawful finfluencer activity. The SFC has strengthened its proactive surveillance of online platforms, including through the use of technology\u2011driven monitoring tools to detect suspicious social media posts and accounts engaging in unlicensed promotions. The SFC has also worked directly with major social media platforms to facilitate the prompt removal of problematic content, social media posts and profiles impersonating public figures and promoting unauthorised investment products.<\/p>\n<p id=\"ember70\" class=\"ember-view reader-text-block__paragraph\">In parallel, the SFC has continued to place emphasis on investor education and awareness.<\/p>\n<p id=\"ember71\" class=\"ember-view reader-text-block__paragraph\"><strong>ASPIRe\u2019s \u201cRe\u201d pillar: collaboration as a regulatory tool<\/strong><\/p>\n<p id=\"ember72\" class=\"ember-view reader-text-block__paragraph\">The SFC\u2019s approach is consistent with Pillar \u201cRe \u2013 Relationships\u201d under its ASPIRe regulatory roadmap for the virtual asset market. The relationships pillar focuses on empowering investors and industry participants through education, engagement and transparency, while promoting informed participation and constructive regulatory dialogue.<\/p>\n<p id=\"ember73\" class=\"ember-view reader-text-block__paragraph\">Initiative 11 under the ASPIRe regulatory roadmap recognised the growing influence of finfluencers as a new channel of investor engagement. The initiative contemplates a regulatory framework to promote responsible financial communications, accountability and investor awareness. No specific development on a regulatory framework has been announced by the SFC. The relationship pillar emphasises close engagement and coordination with overseas securities regulators. We expect that a regulatory framework in Hong Kong will occur in line with international developments, so there is convergence in the regulatory approach to an issue that transcends jurisdictional boundaries.<\/p>\n<p id=\"ember74\" class=\"ember-view reader-text-block__paragraph\"><strong>Key takeaways<\/strong><\/p>\n<p id=\"ember75\" class=\"ember-view reader-text-block__paragraph\">The latest regulatory developments of the SFC serve as a timely reminder that:<\/p>\n<p id=\"ember76\" class=\"ember-view reader-text-block__paragraph\">\u2022 global coordination is becoming a core feature of financial regulation, particularly in digital and online markets.<\/p>\n<p id=\"ember77\" class=\"ember-view reader-text-block__paragraph\">\u2022 financial services intermediaries and investors should not assume that influencer\u2011based activities fall outside traditional regulatory scrutiny.<\/p>\n<p id=\"ember78\" class=\"ember-view reader-text-block__paragraph\">\u2022 governance, monitoring and contractual controls around online promotions are increasingly critical.<\/p>\n<p id=\"ember79\" class=\"ember-view reader-text-block__paragraph\">The SFC\u2019s regulatory approach underlines that effective regulation in the digital age requires ongoing vigilance and informed investor participation. Financial services intermediaries relying on digital marketing or influencer\u2011based outreach should be aware that regulatory expectations are converging globally, particularly where content is accessible by investors in multiple jurisdictions. As the SFC continues to operationalise the ASPIRe roadmap, we expect international collaboration \u2013 especially in enforcement and supervisory engagement \u2013 to play an even more prominent role in shaping regulatory outcomes for Hong Kong\u2011facing businesses.<\/p>\n<p id=\"ember80\" class=\"ember-view reader-text-block__paragraph\">For more details about ASPIRe, please refer to our article <em>\u201cASPIRe: Looking back and ahead on the regulatory roadmap for virtual assets in Hong Kong\u201d<\/em> at this <a class=\"xRPuXKfUpBkIORjMpZxQAvTEeNvfshyBJs \" tabindex=\"0\" href=\"https:\/\/www.tannerdewitt.com\/aspire-looking-back-and-ahead-on-the-regulatory-roadmap-for-virtual-assets-in-hong-kong\/\" target=\"_self\" data-test-app-aware-link=\"\">link<\/a>.<\/p>\n<p style=\"text-align: right;\"><strong><em>P\u00e1draig Walsh and and Christie Yau<\/em><\/strong><\/p>\n<p>If you want to know more about the content of this article, please contact:<\/p>\n<p><a href=\"https:\/\/www.tannerdewitt.com\/our-people\/padraig-walsh\/\">P\u00e1draig Walsh<\/a><br \/>Partner |\u00a0<a href=\"mailto:padraigwalsh@tannerdewitt.com\">Email<\/a><\/p>\n<p>Disclaimer: This publication is general in nature and is not intended to constitute legal advice. You should seek professional advice before taking any action in relation to the matters dealt with in this publication. This article was last reviewed on <em>7 May 2026.<\/em><\/p>\n<\/div>\n\n\n\n\n<\/div>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 The Hong Kong Securities and Futures Commission (SFC) is continuing its engagement with a global regulatory initiative targeting unlawful activities by finfluencers [see link]. In this update, P\u00e1draig Walsh from our Fintech practice looks at the SFC&#8217;s growing focus on online investment content and the increasing cross\u2011border reach of finfluencer\u2011driven misconduct. Context Finfluencers are [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":32767,"parent":0,"menu_order":0,"template":"","meta":{"_acf_changed":false,"footnotes":""},"tags":[298,23,145,291],"insight-category":[1121],"insight-month":[1154],"insight-practice-area":[1142],"insight-year":[1162],"class_list":["post-32762","insight-and-news","type-insight-and-news","status-publish","has-post-thumbnail","hentry","tag-fintech","tag-legal-updates","tag-sfc","tag-tmt","insight-category-legal-updates-and-insights","insight-month-may","insight-practice-area-technology-media-and-telecommunications-tmt","insight-year-1162"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tannerdewitt.com\/zh-hans\/wp-json\/wp\/v2\/insight-and-news\/32762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tannerdewitt.com\/zh-hans\/wp-json\/wp\/v2\/insight-and-news"}],"about":[{"href":"https:\/\/www.tannerdewitt.com\/zh-hans\/wp-json\/wp\/v2\/types\/insight-and-news"}],"author":[{"embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hans\/wp-json\/wp\/v2\/users\/22"}],"version-history":[{"count":2,"href":"https:\/\/www.tannerdewitt.com\/zh-hans\/wp-json\/wp\/v2\/insight-and-news\/32762\/revisions"}],"predecessor-version":[{"id":32802,"href":"https:\/\/www.tannerdewitt.com\/zh-hans\/wp-json\/wp\/v2\/insight-and-news\/32762\/revisions\/32802"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hans\/wp-json\/wp\/v2\/media\/32767"}],"wp:attachment":[{"href":"https:\/\/www.tannerdewitt.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=32762"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=32762"},{"taxonomy":"insight-category","embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hans\/wp-json\/wp\/v2\/insight-category?post=32762"},{"taxonomy":"insight-month","embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hans\/wp-json\/wp\/v2\/insight-month?post=32762"},{"taxonomy":"insight-practice-area","embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hans\/wp-json\/wp\/v2\/insight-practice-area?post=32762"},{"taxonomy":"insight-year","embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hans\/wp-json\/wp\/v2\/insight-year?post=32762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}