The Hong Kong Securities and Futures Commission has joined regulators worldwide in the International Organization of Securities Commissions “Global Week of Action Against Unlawful Finfluencers” and set out a multi-pronged response to illegal promotion of financial products or services on social media. Supervisory work includes a thematic inspection launched in April 2025 to assess securities brokers’ compliance when using finfluencers and digital platforms for marketing, covering brokers’ due diligence and ongoing monitoring to ensure finfluencers are not conducting unlicensed activities or improper practices. Guidance is also planned for licensed corporations on expected standards when engaging finfluencers and digital platforms. Enforcement steps cited include suspending a finfluencer’s licence following a criminal conviction for providing investment advice beyond the scope of his licence, commencing criminal prosecution against another finfluencer for unlicensed regulated activities, pressing an overseas virtual asset trading platform to terminate finfluencer affiliate arrangements targeting the Hong Kong public, engaging social media platforms to remove impersonation content and unauthorised investment promotions, and disrupting a finfluencer event through a search operation followed by cease-and-desist letters. Investor education measures include continued use of the SFC Alert List and signposting IOSCO’s revamped International Securities & Commodities Alerts Network, alongside the “Don’t be Sucker” anti-scam campaign. Messaging is being amplified through mass media advertising and a TV feature story from May to June 2025, with further targeted communications planned in the coming months.

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