On May 22, 2025, the Securities and Futures Commission ("SFC") welcomed the International Organization of Securities Commissions’ ("IOSCO") call for online platform providers to collaborate with regulators to combat online scams, including impersonation scams. The SFC also urged online platform providers to use alerts from the SFC and the IOSCO International Securities and Commodities Alerts Network ("I-SCAN") to block illegal investment offerings and issue timely warnings.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On May 22, 2025, the Securities and Futures Commission ("SFC") endorsed the International Organization of Securities Commissions’ ("IOSCO") appeal to online platform providers, urging them to collaborate with regulators to tackle the surge in online scams targeting retail investors. This comes amidst a rise in impersonation scams both in Hong Kong and worldwide, emphasizing the SFC’s dedication to investor protection and education.
The IOSCO’s recent statement underscores the need for online platform providers to promptly eliminate fraudulent content and implement stringent anti-scam measures, such as user verification and pre-vetting mechanisms. In conjunction, the SFC calls on these providers to leverage the SFC website alerts and the enhanced IOSCO International Securities and Commodities Alerts Network ("I-SCAN"). These tools are pivotal in proactively identifying and blocking illegal investment offers, issuing timely warnings, and preventing flagged firms from advertising on their platforms.
Ms. Julia Leung, the SFC’s Chief Executive Officer and Chair of the IOSCO Asia-Pacific Regional Committee, highlighted the significance of a global, coordinated approach to combating cross-border online scams. She expressed the Asia-Pacific region’s unwavering support for this initiative and reiterated the commitment to partnering closely with online platform providers to combat these fraudulent activities.
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