Comprehensive Summary of HKMA Circular B1/15C and G16/1C: Asset and Wealth Management Activities Survey 2025
This document comprises a circular from the Hong Kong Monetary Authority (HKMA) dated 11 February 2026, addressed to all Registered Institutions. The circular's primary purpose is to officially notify and instruct these institutions to participate in the Asset and Wealth Management Activities Survey (AWMAS) for the year ended 31 December 2025, which is being conducted by the Securities and Futures Commission (SFC).
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1. Document Overview
- Nature of Document: This is an official circular issued by the HKMA to all Registered Institutions under its purview.
- Purpose: The circular serves as a directive for Registered Institutions to actively participate in the Asset and Wealth Management Activities Survey (AWMAS) for the fiscal year ending 31 December 2025. It clearly outlines the responsible body conducting the survey (SFC), the survey's objectives, the submission process, deadlines, and contact points for inquiries. The HKMA acts as the conduit for this regulatory request to its regulated entities.
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2. Main Content
The core of this circular is the formal invitation and instruction for all Registered Institutions to participate in the AWMAS 2025. The SFC is the executive body responsible for conducting the survey, collecting the data, and processing it.
- Survey Objectives: The AWMAS has two primary objectives:
- Regulatory Purposes: To gather comprehensive information about asset and wealth management activities undertaken in Hong Kong. This data is crucial for the SFC to effectively monitor and regulate the sector, ensuring market stability and investor protection.
- Market Facilitation: To gain a deeper understanding of the current state and trends within the asset and wealth management industry. This insight allows for better informed policy-making and the development of initiatives to support and foster the growth of the industry in Hong Kong.
- Data Collection Instrument: The survey is administered through a questionnaire. Registered Institutions are required to complete this questionnaire accurately and comprehensively.
- Submission Mechanism: The SFC has established an online submission system for the AWMAS questionnaire. Institutions are directed to use this system for returning their completed survey forms.
- Confidentiality of Data: A critical assurance provided in the circular is the strict confidentiality of individual institutional data. The SFC guarantees that information pertaining to any specific institution will not be disclosed to any third party, with the sole exception of the Hong Kong Monetary Authority (HKMA). Data will only be released in an aggregated statistical format, protecting the proprietary information of individual firms.
- Guidance for Non-Participation: For institutions that did not engage in any of the activities covered by the survey throughout the year 2025, specific instructions are provided. These institutions are still required to complete the "General Information" section of the questionnaire. This ensures a complete record of all entities within the scope, even those with no survey-relevant activity.
- Accessing Survey Materials and Support: The circular directs participants to specific resources:
- Important Notes: Participants are strongly advised to read the "important notes" section located on the front page of the questionnaire after selecting their firm type.
- Definitions: A dedicated "Note" section within the questionnaire provides definitions for certain terms and expressions used throughout the survey instrument. This is crucial for ensuring consistent interpretation and accurate data reporting.
- Online Portal: The questionnaire itself is accessible via a specific web link:
https://wings.sfc.hk/awmas/#/en/. - Inquiries: Contact details for the SFC's Investment Products Division are provided for any questions or clarifications regarding the AWMAS. The contact method is via email to
awmas2025@sfc.hk or by telephone. The telephone numbers are tiered based on the alphabetical order of the institution's name: - Institutions whose names begin with letters A to E: 2231-1244
- Institutions whose names begin with letters F to Z: 2231-1388
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3. Key Changes
This circular primarily serves to initiate and mandate participation in the Asset and Wealth Management Activities Survey (AWMAS) for the year 2025. As it is a survey directive, there are no "policy changes" in the traditional sense, but rather new requirements for the year.
- Mandatory Participation: All Registered Institutions are formally instructed to participate in the AWMAS 2025.
- New Survey Period: The survey covers the financial year ending 31 December 2025.
- New Submission Deadline: A specific deadline for the return of the completed questionnaire has been established.
- New Online Submission System: The survey must be submitted via a designated online portal.
- Updated Contact Information: Specific contact details for SFC support related to this survey are provided.
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4. Important Dates
- Survey Year: The survey collects data for the year ended 31 December 2025.
- Circular Issuance Date: 11 February 2026.
- Submission Deadline: 22 April 2026.
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5. Impact Scope
- Applicable Parties: The circular is addressed to "All Registered Institutions". This encompasses all entities registered with the HKMA.
- Affected Institutions: All institutions that fall under the HKMA's registration and are involved in asset and wealth management activities, or are expected to report on their engagement (or lack thereof) in these activities. This is a broad scope covering a significant portion of the financial sector in Hong Kong.
- Degree of Impact:
- High Impact: For institutions actively engaged in asset and wealth management activities, the impact involves the time and resources required to gather the necessary data and accurately complete the detailed questionnaire. This may necessitate internal coordination between various departments (e.g., compliance, operations, fund management, investment advisory).
- Moderate Impact: For institutions that did not engage in any survey-covered activities, the impact is limited to the completion of the "General Information" section, which is a much lower burden. However, they still need to identify themselves as non-active to ensure compliance.
- Operational Impact: Institutions will need to familiarize themselves with the online submission system and ensure their IT systems can access and utilize it. They will also need to be aware of the definitions and important notes provided to ensure accurate reporting.
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6. Compliance Requirements
- Mandatory Data Submission: Registered Institutions are legally required to participate and submit the completed AWMAS questionnaire by the stipulated deadline.
- Accurate and Complete Reporting: The questionnaire must be filled out accurately and comprehensively based on the activities undertaken during the survey period.
- Adherence to Definitions: Institutions must use the definitions provided in the questionnaire to ensure consistent and comparable data. Failure to do so may lead to data inaccuracies.
- Use of Online Submission System: All submissions must be made through the designated online portal:
https://wings.sfc.hk/awmas/#/en/. - Timely Submission: The deadline of 22 April 2026 is critical. Late submissions may be subject to regulatory scrutiny.
- Reporting for Non-Activity: Institutions not engaged in survey activities must still complete the "General Information" section of the questionnaire. This is a form of reporting on their status regarding these activities.
- Implementation Guidance:
- Designate a Point Person: Institutions should designate a specific individual or team responsible for coordinating the survey response.
- Review Important Notes and Definitions: Prior to data compilation, thoroughly review the "important notes" and the "Note" section of the questionnaire.
- Data Collation: Begin gathering relevant data well in advance of the deadline to allow sufficient time for review and verification.
- System Access: Ensure access to the online submission system and test its functionality if necessary.
- Seek Clarification: If any part of the questionnaire or instructions is unclear, contact the SFC using the provided channels before the submission deadline.
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7. Technical Details
- Survey Name: Asset and Wealth Management Activities Survey (AWMAS).
- Survey Conductor: Securities and Futures Commission (SFC).
- Issuing Authority: Hong Kong Monetary Authority (HKMA).
- Target Year: Year ended 31 December 2025.
- Submission Platform: Online submission system.
- Web Portal URL:
https://wings.sfc.hk/awmas/#/en/. - Contact Email:
awmas2025@sfc.hk. - Contact Phone Numbers (SFC Investment Products Division):
- 2231-1244 (Institutions A-E)
- 2231-1388 (Institutions F-Z)
- Key Sections of Questionnaire:
- General Information
- (Implied) Sections detailing specific asset and wealth management activities (content not provided in the circular but inferable from the survey's purpose).
- Confidentiality Statement: Information treated in strict confidence, not disclosed to third parties other than HKMA, except in aggregated statistical form.
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Conclusion:
The HKMA circular B1/15C and G16/1C serves as a crucial directive for all Registered Institutions to engage with the SFC's Asset and Wealth Management Activities Survey (AWMAS) for the year 2025. The survey is a vital tool for regulatory oversight and industry development in Hong Kong's asset and wealth management sector. Institutions are reminded of their mandatory participation, the importance of accurate and timely submission via the online portal by 22 April 2026, and the strict confidentiality assurances provided by the SFC. Proactive engagement with the survey's specific instructions and contact points will be key to successful compliance.