On May 19, 2026, the SFC issued updates regarding the second HKEX market rehearsal for securities market systems backbone network upgrade scheduled for 30 May 2026.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
SFC Regulation of Virtual Asset Trading Platforms: The Emerging Hong Kong Framework
SFC proposes new regulation of virtual assets through licensing of operators of cryptocurrency and other digital asset trading platforms
Market Misconduct Tribunal: A Guide to Penalties and Other Consequences for Misuse of Insider Information
Market Misconduct Tribunal proceedings for mishandling of insider information can result in fines and disgorgement orders
SPOTLIGHT ON
FAMILY OFFICES
# Updates on HKEX Second Market Rehearsal for Backbone Network Upgrade
On May 19, 2026, the Securities and Futures Commission ("SFC") issued updates regarding Hong Kong Exchanges and Clearing Limited’s ("HKEX") market rehearsals for its backbone network upgrade for securities market systems. Reference was made to the SFC’s circulars dated 26 February 2026 and 23 March 2026.
Second Market Rehearsal Details
Please note that the second market rehearsal will be conducted on 30 May 2026 (Saturday), aiming to validate connectivity by simulating daily operations over the enhanced HKEX backbone network for securities market systems.
Participation Requirements
All Relevant Regulated Intermediaries ("RRIs") which use the Secure File Transfer Protocol ("SFTP") channel to submit the BCAN-CID Mapping File and Reporting Forms to the Stock Exchange of Hong Kong Limited’s data repository, as required under the Hong Kong Investor Identification Regime, are invited to participate in these market rehearsals. Participation in the second market rehearsal is mandatory for Exchange Participants ("EPs") and China Connect Exchange Participants. All other RRIs, specifically non-EPs, are strongly encouraged to take part to ensure operational readiness and facilitate a seamless transition.
Relevant Regulated Intermediaries ("RRI") Definition and Guidance
RRIs are advised to refer to HKEX’s circular dated 19 May 2026 for further information and guidance, and remain alert to subsequent communications from both the SFC and HKEX regarding this initiative. RRIs refer to SFC-licensed corporations and SFC-registered institutions which are subject to the Hong Kong Investor Identification Regime pursuant to paragraph 5.6 of the SFC’s Code of Conduct for Persons Licensed by or Registered with the SFC.
Supervision of Markets Division, Securities and Futures Commission. Page last updated : 19 May 2026.
View the full article:Source
