New speech by Kelvin Wong: Panel Chair’s Remarks at AFRC Regional Regulatory Forum 2026

Event Overview

On November 09, 2026, Dr Kelvin Wong, Chairman of the Securities and Futures Commission (the SFC), delivered remarks in his capacity as panel chair at the Accounting and Financial Reporting Council (the AFRC) Regional Regulatory Forum 2026. The address, entitled 'From Risk to Trust: Regulation, Judgment and Responsibility in a Changing World,' was subsequently published on the official website of the SFC.

The Imperative of Reliable Financial Reporting for Market Confidence

Dr Wong underscored that reliable financial reporting constitutes the foundational pillar upon which investor confidence, capital retention, and Hong Kong's position as an international financial centre are premised. In his remarks, he observed that in the absence of dependable financial disclosures, investors remain unable to adequately distinguish between demonstrated performance and aspirational projections, or sustainable value creation and transient appearances. While capital inflows may persist under such circumstances, they cannot be sustained with requisite confidence. For Hong Kong specifically, trust remains integral to its standing as a global financial hub, contingent upon the integrity of the processes by which figures are prepared, scrutinised, and assured.

Allocation of Regulatory Responsibilities and Professional Obligations

The Chairman delineated the distinct responsibilities borne by preparers, boards of directors, audit committees, and auditors respectively, while noting that regulators serve to establish standards, incentives, and regulatory guardrails. He cautioned, however, that no degree of regulation can substitute for professional scepticism, sound judgment, ethical conduct, and responsible leadership at the institutional level. Drawing upon his experience across both the AFRC and SFC, Dr Wong observed how these two regulatory bodies approach matters from distinct vantage points within the financial-reporting ecosystem yet converge on a common objective: preserving market integrity and investor confidence through transparency, accountability, and sound corporate governance.

International Panel Context and Cross-Jurisdictional Considerations

The Forum panel comprised representatives drawn from three jurisdictions—the United Kingdom, Malaysia, and Europe—each reflecting distinct markets, institutional frameworks, and regulatory traditions. Notwithstanding these differences, all three parties were confronting analogous pressures, including geopolitical uncertainty, rapid technological transformation, evolving audit-delivery models, and mounting demands on professional judgment. Dr Wong characterised this convergence as an opportunity not merely to compare the respective jurisdictions but also to identify mutually instructive practices.

Structure of Discussion and Accessing Published Materials

The panel discussion proceeded along three sequential lines: (i) identification of principal risks warranting regulatory attention; (ii) appropriate regulatory responses thereto; and (iii) the capabilities, market structures, and professional behaviours necessary to sustain quality and trust over time. All published speeches and synopses arising from the Forum are accessible via the 'Published resources > Speeches' section on the SFC website.