{"id":7239,"date":"2025-09-18T10:58:30","date_gmt":"2025-09-18T10:58:30","guid":{"rendered":"https:\/\/www.loebsmith.com\/?post_type=briefing-note&#038;p=7239"},"modified":"2026-03-09T08:02:43","modified_gmt":"2026-03-09T08:02:43","slug":"%e5%bc%80%e6%9b%bc%e7%be%a4%e5%b2%9b%ef%bc%9a%e5%8f%91%e5%b8%83%e5%85%b3%e4%ba%8e%e8%a7%84%e8%8c%83%e4%bb%a3%e5%b8%81%e5%8c%96%e5%9f%ba%e9%87%91%e4%b8%8b%e4%b8%80%e6%ad%a5%e6%8e%aa%e6%96%bd%e7%9a%84","status":"publish","type":"briefing-note","link":"https:\/\/www.loebsmith.com\/cn\/briefing-note\/%e5%bc%80%e6%9b%bc%e7%be%a4%e5%b2%9b%ef%bc%9a%e5%8f%91%e5%b8%83%e5%85%b3%e4%ba%8e%e8%a7%84%e8%8c%83%e4%bb%a3%e5%b8%81%e5%8c%96%e5%9f%ba%e9%87%91%e4%b8%8b%e4%b8%80%e6%ad%a5%e6%8e%aa%e6%96%bd%e7%9a%84\/","title":{"rendered":"\u5f00\u66fc\u7fa4\u5c9b\uff1a\u53d1\u5e03\u5173\u4e8e\u89c4\u8303\u4ee3\u5e01\u5316\u57fa\u91d1\u4e0b\u4e00\u6b65\u63aa\u65bd\u7684\u5f81\u6c42\u610f\u89c1\u6587\u4ef6"},"content":{"rendered":"<!-- News Detail Block1-->\n\n<section class=\"insight-detail\">\n  <div class=\"container mx-auto py-3 md:py-5 xl:py-12 4xl:py-[80px]\" id=\"\">\n      <div class=\"container-md mx-auto flex flex-col lg:flex-row lg:justify-between space-y-[80px] lg:space-y-0 w-full lg:gap-x-5\">\n          <div class=\"lg:flex-1 lg:basis-[69.768%] lg:max-w-[69.768%]\">\n                                          <div class=\"content flex flex-col\">\n                                    <div class=\"desc \">\n                    <p style=\"text-align: justify;\"><span style=\"color: #000000;\">2025\u5e748\u670826\u65e5\uff0c\u5f00\u66fc\u7fa4\u5c9b\u91d1\u878d\u670d\u52a1\u4e0e\u5546\u52a1\u90e8\u53d1\u5e03\u4e86\u4e00\u4efd\u5f81\u6c42\u610f\u89c1\u6587\u4ef6\uff0c\u5185\u5bb9\u6d89\u53ca\u5bf9\u5f00\u66fc\u7fa4\u5c9b\u57fa\u91d1\u76f8\u5173\u6cd5\u5f8b\u8fdb\u884c\u4fee\u8ba2\uff0c\u4ee5\u5f15\u5165\u4ee3\u5e01\u5316\u57fa\u91d1\uff0c\u540c\u65f6\u8fd8\u53d1\u5e03\u4e86\u5bf9\u300a\u5171\u540c\u57fa\u91d1\u6cd5\u300b\u3001\u300a\u79c1\u52df\u57fa\u91d1\u6cd5\u300b\u548c\u300a\u865a\u62df\u8d44\u4ea7\u670d\u52a1\u63d0\u4f9b\u5546\u6cd5\u300b\uff08\u4ee5\u4e0b\u7b80\u79f0\u201c<strong>VASP<\/strong><strong>\u6cd5<\/strong>\u201d\uff09\u7b49\u76f8\u5173\u6cd5\u5f8b\u7684\u4fee\u8ba2\u8349\u6848\uff08\u7edf\u79f0\u201c<strong>\u76f8\u5173\u6cd5\u5f8b<\/strong>\u201d\uff09\u3002<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">\u6b64\u6b21\u54a8\u8be2\u6587\u4ef6\u53ca\u4fee\u6b63\u6848\u4e2d\u63d0\u51fa\u7684\u7acb\u6cd5\u53d8\u66f4\u63d0\u6848\uff0c\u662f\u5bf92025\u5e745\u6708\u901a\u8fc7\u7684VASP\u6cd5\u7684\u540e\u7eed\u4fee\u8ba2\uff0c\u8be5\u4fee\u8ba2\u53d7\u5230\u5e7f\u6cdb\u6b22\u8fce\u3002\u8be5\u4fee\u6b63\u6848\u5927\u5e45\u4fee\u6539\u4e86\u201c\u53d1\u884c\u865a\u62df\u8d44\u4ea7\u201d\u7684\u5b9a\u4e49\uff0c\u5c06(i)\u6839\u636e\u300a\u5171\u540c\u57fa\u91d1\u6cd5\u300b\u53d1\u884c\u7684\u80a1\u6743\u6743\u76ca\uff0c\u4ee5\u53ca(ii)\u6839\u636e\u300a\u79c1\u52df\u57fa\u91d1\u6cd5\u300b\u53d1\u884c\u7684\u6295\u8d44\u6743\u76ca\uff0c\u6392\u9664\u5728VASP\u6cd5\u7684\u6ce8\u518c\u8981\u6c42\u4e4b\u5916\uff0c\u4e3a\u5f00\u66fc\u7fa4\u5c9b\u7684\u4ee3\u5e01\u5316\u57fa\u91d1\u94fa\u5e73\u4e86\u9053\u8def\u3002\u66f4\u591a\u8be6\u60c5\uff0c\u8bf7\u53c2\u9605\u6211\u4eec<a style=\"color: #000000;\" href=\"https:\/\/www.loebsmith.com\/insight\/the-cayman-islands-clarifies-tokenised-funds-rules\/\">2025\u5e747\u670824\u65e5\u53d1\u5e03\u7684\u300a\u6cd5\u5f8b\u6d1e\u89c1\u300b<\/a>\u3002<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">\u73b0\u5728\uff0c\u4fee\u6b63\u6848\u65e8\u5728\u63d0\u4f9b\u8fdb\u4e00\u6b65\u7684\u76d1\u7ba1\u786e\u5b9a\u6027\uff0c\u4ee5\uff08i\uff09\u8c03\u6574\u6cd5\u6848\uff0c\u4f7f\u5176\u660e\u786e\u6db5\u76d6\u4ee3\u5e01\u5316\u57fa\u91d1\u5e76\u89e3\u51b3\u9002\u7528\u4e8e\u4ee3\u5e01\u5316\u57fa\u91d1\u7684\u5176\u4ed6\u5177\u4f53\u8003\u8651\u56e0\u7d20\uff0c\u4f8b\u5982\u6258\u7ba1\u5b89\u6392\uff0c\u4ee5\u53ca\uff08ii\uff09\u786e\u4fdd\u5f00\u66fc\u7fa4\u5c9b\u91d1\u878d\u7ba1\u7406\u5c40\uff08\u201c<strong>CIMA<\/strong>\u201d\uff09\u62e5\u6709\u8db3\u591f\u7684\u6743\u529b\u6709\u6548\u76d1\u7ba1\u4ee3\u5e01\u5316\u57fa\u91d1\u3002<\/span><\/p>\n                  <\/div>\n                  \n                                  <\/div>\n                              <div class=\"content flex flex-col\">\n                  \n                    <h2 class=\" text-black leading-[1.3] heading2-sm \">\u4fee\u6b63\u8981\u70b9<\/h2>\n                                    <div class=\"desc mt-2.5 lg:mt-3 4xl:mt-5\">\n                    <p><span style=\"color: #000000;\">\u4fee\u6b63\u6848\u7684\u5341\u4e2a\u8981\u70b9\u5982\u4e0b\u3002<\/span><\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li><span style=\"color: #000000;\">\u4ed6\u4eec\u5728\u6bcf\u9879\u6cd5\u6848\u4e2d\u5f15\u5165\u4e86\u65b0\u7684\u5b9a\u4e49\u672f\u8bed\uff0c\u4ee5\u660e\u786e\u533a\u5206\u4ee3\u5e01\u5316\u57fa\u91d1\u3002<br \/>\n<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"list-style-type: none;\">\n<ol start=\"2\">\n<li><span style=\"color: #000000;\">\u4ed6\u4eec\u660e\u786e\u6307\u51fa\uff0c\u6570\u5b57\u80a1\u6743\u6216\u6295\u8d44\u4ee3\u5e01\u5fc5\u987b\u4f20\u8fbe\u4e0e\u4f20\u7edf\u975e\u4ee3\u5e01\u5316\u80a1\u6743\u6216\u6295\u8d44\u6743\u76ca\u76f8\u540c\u7684\u6743\u5229\u548c\u7279\u6743\u3002<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"list-style-type: none;\">\n<ol start=\"3\">\n<li><span style=\"color: #000000;\">\u4ee3\u5e01\u5316\u57fa\u91d1\u7684\u8fd0\u8425\u5546\u5fc5\u987b\u786e\u4fdd\uff08i\uff09\u4fdd\u5b58\u4e0e\u6570\u5b57\u80a1\u6743\u4ee3\u5e01\/\u6570\u5b57\u6295\u8d44\u4ee3\u5e01\u7684\u521b\u5efa\u3001\u9500\u552e\u3001\u8f6c\u8ba9\u548c\u6240\u6709\u6743\u6709\u5173\u7684\u5145\u5206\u8bb0\u5f55\uff0c\u5e76\u5728\u4efb\u4f55\u6b64\u7c7b\u8bf7\u6c42\u63d0\u51fa\u540e 24 \u5c0f\u65f6\u5185\u4f9b CIMA \u68c0\u67e5\uff1b\uff08ii\uff09\u4ee3\u5e01\u5316\u57fa\u91d1\u5fc5\u987b\u62e5\u6709\u5177\u5907\u5fc5\u8981\u6280\u80fd\u3001\u77e5\u8bc6\u548c\u7ecf\u9a8c\u7684\u5458\u5de5\uff1b\uff08iii\uff09\u4ee3\u5e01\u5316\u57fa\u91d1\u5fc5\u987b\u7ef4\u6301\u8db3\u591f\u7684\u8d44\u672c\u548c\u7f51\u7edc\u5b89\u5168\u63aa\u65bd\u3002<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"list-style-type: none;\">\n<ol start=\"4\">\n<li><span style=\"color: #000000;\">\u4efb\u547d\u884c\u653f\u7ba1\u7406\u4eba\u7684\u8981\u6c42\/\u884c\u653f\u7ba1\u7406\u4eba\u7684\u989d\u5916\u4e49\u52a1\uff1a<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><span style=\"color: #000000;\">\u79c1\u52df\u57fa\u91d1\u2014\u2014\u867d\u7136\u300a\u79c1\u52df\u57fa\u91d1\u6cd5\u300b\u76ee\u524d\u6ca1\u6709\u6cd5\u5b9a\u8981\u6c42\u975e\u4ee3\u5e01\u5316\u79c1\u52df\u57fa\u91d1\u4efb\u547d\u7b2c\u4e09\u65b9\u884c\u653f\u7ba1\u7406\u4eba\uff0c\u4f46\u300a\u79c1\u52df\u57fa\u91d1\u6cd5\u4fee\u6b63\u6848\u300b\u8981\u6c42\u4ee3\u5e01\u5316\u79c1\u52df\u57fa\u91d1\u4efb\u547d\u4e00\u540d\u7531CIMA\u6301\u724c\u7684\u7ba1\u7406\u4eba\uff0c\u5e76\u4f5c\u4e3a\u4ee3\u5e01\u5316\u79c1\u52df\u57fa\u91d1\u7684\u4e3b\u8981\u529e\u4e8b\u5904\u3002<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><span style=\"color: #000000;\">\u5171\u540c\u57fa\u91d1\u2014\u2014\u867d\u7136\u300a\u5171\u540c\u57fa\u91d1\u6cd5\u300b\u76ee\u524d\u6ca1\u6709\u5177\u4f53\u8981\u6c42\u53d7\u76d1\u7ba1\u7684\u975e\u4ee3\u5e01\u5316\u5171\u540c\u57fa\u91d1\u4efb\u547d\u7684\u7ba1\u7406\u4eba\u5fc5\u987b\u662f CIMA \u6301\u724c\u7684\u57fa\u91d1\u7ba1\u7406\u4eba\uff08\u5373\uff0c\u53ef\u4efb\u547d\u5916\u56fd\u7ba1\u7406\u4eba\uff09\uff0c\u4f46\u300a\u5171\u540c\u57fa\u91d1\u6cd5\u300b\u4fee\u6b63\u6848\u8981\u6c42\u4ee3\u5e01\u5316\u5171\u540c\u57fa\u91d1\u4efb\u547d\u7684\u884c\u653f\u7ba1\u7406\u4eba\u5fc5\u987b\u662f CIMA \u6301\u724c\u7684\u884c\u653f\u7ba1\u7406\u4eba\uff0c\u8be5\u884c\u653f\u7ba1\u7406\u4eba\u4e5f\u5e94\u4f5c\u4e3a\u4ee3\u5e01\u5316\u5171\u540c\u57fa\u91d1\u7684\u4e3b\u8981\u529e\u4e8b\u5904\u3002<br \/>\n<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 80px;\"><span style=\"color: #000000;\">\u300a\u5171\u540c\u57fa\u91d1\u6cd5\u300b\u4fee\u6b63\u6848\u8fd8\u589e\u52a0\u4e86\u9002\u7528\u4e8e CIMA \u6301\u724c\u57fa\u91d1\u884c\u653f\u7ba1\u7406\u4eba\u7684\u4e49\u52a1\u3002\u4f8b\u5982\uff0c\u9002\u7528\u4fee\u6b63\u6848\u4e2d\u5bf9\u300a\u5171\u540c\u57fa\u91d1\u6cd5\u300b\u7b2c 16(d) \u6761\u7684\u62df\u8bae\u4fee\u6b63\u6848\u89c4\u5b9a\uff0cCIMA \u6301\u724c\u5171\u540c\u57fa\u91d1\u7ba1\u7406\u4eba\u4e0d\u5f97\u4e3a\u4ee3\u5e01\u5316\u5171\u540c\u57fa\u91d1\u63d0\u4f9b\u5171\u540c\u57fa\u91d1\u884c\u653f\u7ba1\u7406\u670d\u52a1\uff0c\u9664\u975e (i) \u6570\u5b57\u80a1\u6743\u4ee3\u5e01\u7684\u53d1\u884c\u3001\u8d4e\u56de\u548c\u8f6c\u8ba9\u7b26\u5408\u53d1\u884c\u6587\u4ef6\u7684\u6761\u6b3e\uff0c(ii) \u4e0e\u6570\u5b57\u80a1\u6743\u4ee3\u5e01\u7684\u521b\u5efa\u3001\u9500\u552e\u3001\u8f6c\u8ba9\u548c\u6240\u6709\u6743\u6709\u5173\u7684\u6240\u6709\u8bb0\u5f55\u5747\u5f97\u5230\u5b89\u5168\u4fdd\u5b58\uff0c\u5e76\u53ef\u5728 CIMA \u63d0\u51fa\u8bf7\u6c42\u540e 24 \u5c0f\u65f6\u5185\u63d0\u4f9b\uff0c(iii) \u4ee3\u5e01\u5316\u5171\u540c\u57fa\u91d1\u914d\u5907\u4e86\u5177\u5907\u5fc5\u8981\u6280\u80fd\u3001\u77e5\u8bc6\u548c\u7ecf\u9a8c\u7684\u5458\u5de5\uff0c\u5e76\u62e5\u6709\u9002\u5f53\u7684\u8bbe\u65bd\u3001\u8d26\u7c3f\u3001\u8bb0\u5f55\u548c\u4f1a\u8ba1\u7cfb\u7edf\u3001\u8d44\u672c\u548c\u7f51\u7edc\u5b89\u5168\u63aa\u65bd\uff0c\u4ee5\u53ca (iv) \u4ee3\u5e01\u5316\u5171\u540c\u57fa\u91d1\u5df2\u9075\u5b88\u300a\u5171\u540c\u57fa\u91d1\u6cd5\u300b\uff08\u4fee\u8ba2\u7248\uff09\u89c4\u5b9a\u7684\u6240\u6709\u5176\u4ed6\u8981\u6c42\u3002<\/span><\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"list-style-type: none;\">\n<ol start=\"5\">\n<li><span style=\"color: #000000;\">\u4efb\u4f55\u7279\u5b9a\u4e8e\u6570\u5b57\u80a1\u6743\u4ee3\u5e01\/\u6570\u5b57\u6295\u8d44\u4ee3\u5e01\u7684\u98ce\u9669\uff0c\u5305\u62ec\u6709\u5173\u7f51\u7edc\u5b89\u5168\u7684\u8003\u8651\u3001\u4ee3\u5e01\u5316\u57fa\u91d1\u53d1\u884c\u7684\u6570\u5b57\u80a1\u6743\u4ee3\u5e01\/\u6570\u5b57\u6295\u8d44\u4ee3\u5e01\u7684\u6d41\u52a8\u6027\uff0c\u90fd\u5e94\u5728\u53d1\u884c\u6587\u4ef6\u4e2d\u62ab\u9732\uff0c\u5e76\u62ab\u9732\u4efb\u4f55\u964d\u4f4e\u6b64\u7c7b\u98ce\u9669\u7684\u63aa\u65bd\u7684\u8be6\u7ec6\u4fe1\u606f\u3002<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"list-style-type: none;\">\n<ol start=\"6\">\n<li><span style=\"color: #000000;\">\u4ed6\u4eec\u589e\u52a0\u4e86\u4e00\u9879\u8981\u6c42\uff0c\u5373\u5982\u679c\u4ee3\u5e01\u5316\u57fa\u91d1\u65e0\u6cd5\u5c65\u884c\u5bf9\u4ee3\u5e01\u6301\u6709\u4eba\u7684\u4e49\u52a1\uff0c\u5219\u5fc5\u987b\u901a\u77e5 CIMA\u3002<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"list-style-type: none;\">\n<ol start=\"7\">\n<li><span style=\"color: #000000;\">\u4ee3\u5e01\u5316\u57fa\u91d1\u7684\u8fd0\u8425\u8005\u5fc5\u987b\u786e\u4fdd\u6570\u5b57\u80a1\u6743\u4ee3\u5e01\/\u6570\u5b57\u6295\u8d44\u4ee3\u5e01\u5f97\u5230\u5b89\u5168\u4fdd\u7ba1\uff0c\u5e76\u4ee5\u4fdd\u62a4\u4ee3\u5e01\u6301\u6709\u4eba\u7684\u5229\u76ca\u7684\u65b9\u5f0f\u4fdd\u7ba1\u3002<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"list-style-type: none;\">\n<ol start=\"8\">\n<li><span style=\"color: #000000;\">\u72ec\u7acb\u5ba1\u8ba1\u5e08\u5bf9\u4ee3\u5e01\u5316\u57fa\u91d1\u7684\u5ba1\u8ba1\u5e94\u5305\u62ec\uff08i\uff09\u5bf9\u6570\u5b57\u80a1\u6743\u4ee3\u5e01\/\u6570\u5b57\u6295\u8d44\u4ee3\u5e01\u7684\u8bbe\u8ba1\u3001\u521b\u5efa\u3001\u4f9b\u5e94\u548c\u5206\u9500\u4ee5\u53ca\u7ba1\u7406\u6570\u5b57\u6295\u8d44\u4ee3\u5e01\u7684\u6d41\u7a0b\u548c\u63a7\u5236\u7684\u5206\u6790\uff0c\uff08ii\uff09\u4fe1\u606f\u6280\u672f\u5b89\u5168\u5ba1\u8ba1\uff0c\u4ee5\u53ca\uff08iii\uff09\u53ef\u7f16\u7a0b\u5408\u7ea6\u6216\u81ea\u52a8\u6267\u884c\u5408\u7ea6\u7684\u4efb\u4f55\u7279\u5f81\u3002<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"list-style-type: none;\">\n<ol start=\"9\">\n<li><span style=\"color: #000000;\">\u4f5c\u4e3a\u4ee3\u5e01\u5316\u57fa\u91d1\u5ba1\u8ba1\u7684\u4e00\u90e8\u5206\uff0c\u72ec\u7acb\u5ba1\u8ba1\u5e08\u8fd8\u9700\u8981\u786e\u8ba4\uff1a\uff08i\uff09\u5ba1\u8ba1\u671f\u95f4\u672a\u53d1\u73b0\u4efb\u4f55\u6b3a\u8bc8\u4ea4\u6613\uff1b\uff08ii\uff09\u6240\u6709\u521b\u5efa\u548c\u53d1\u884c\u7684\u6570\u5b57\u80a1\u6743\u4ee3\u5e01\/\u6570\u5b57\u6295\u8d44\u4ee3\u5e01\u5747\u7531\u57fa\u7840\u8d44\u4ea7\u6709\u6548\u652f\u6301\uff1b\uff08iii\uff09\u5305\u62ec\u4ee3\u5e01\u5316\u57fa\u91d1\u9075\u5b88 CIMA \u53d1\u5e03\u7684\u6240\u6709\u9002\u7528\u6258\u7ba1\u3001\u7f51\u7edc\u5b89\u5168\u548c\u98ce\u9669\u7ba1\u7406\u63aa\u65bd\u7684\u58f0\u660e\u3002<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"list-style-type: none;\">\n<ol start=\"10\">\n<li><span style=\"color: #000000;\">\u8d4b\u4e88CIMA\u76d1\u7ba1\u6743\u529b\uff0c\u5305\u62ec\u5bf9\u5e95\u5c42\u6280\u672f\u3001\u6570\u5b57\u80a1\u6743\u4ee3\u5e01\/\u6570\u5b57\u6295\u8d44\u4ee3\u5e01\u548c\u5e95\u5c42\u8d44\u4ea7\u4f30\u503c\u8fdb\u884c\u68c0\u67e5\u7684\u6743\u529b\u3002<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n                  <\/div>\n                  \n                                  <\/div>\n                              <div class=\"content flex flex-col\">\n                  \n                    <h2 class=\" text-black leading-[1.3] heading2-sm \">\u7ed3\u8bba\u548c\u540e\u7eed\u884c\u52a8<\/h2>\n                                    <div class=\"desc mt-2.5 lg:mt-3 4xl:mt-5\">\n                    <p style=\"text-align: justify;\"><span style=\"color: #000000;\">\u54a8\u8be2\u6587\u4ef6\u548c\u4fee\u6b63\u6848\u63d0\u4f9b\u4e86\u6025\u9700\u7684\u6cd5\u5f8b\u6e05\u6670\u5ea6\u548c\u73b0\u6709\u5f00\u66fc\u7fa4\u5c9b\u6cd5\u5f8b\u548c\u76d1\u7ba1\u6846\u67b6\u7684\u73b0\u4ee3\u5316\uff0c\u4ee5\u6709\u6548\u201c\u8d76\u4e0a\u201d\u91d1\u878d\u548c\u6570\u5b57\u8d44\u4ea7\u884c\u4e1a\u4e0d\u65ad\u7684\u6280\u672f\u53d1\u5c55\u3002<\/span><\/p>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">\u54a8\u8be2\u6587\u4ef6\uff08\u5305\u62ec\u4fee\u6b63\u6848\uff09\u987b\u5728 2025 \u5e74 9 \u6708 12 \u65e5\u4e4b\u524d\u63a5\u53d7\u884c\u4e1a\u5229\u76ca\u76f8\u5173\u8005\u7684\u4efb\u4f55\u8bc4\u8bba\u6216\u53cd\u9988\uff0c\u5e76\u4e14\u9274\u4e8e\u4fee\u6b63\u6848\u7684\u4e3b\u9898\uff0cCIMA \u53ef\u80fd\u4f1a\u9488\u5bf9\u4ee3\u5e01\u5316\u57fa\u91d1\u53d1\u5e03\u8fdb\u4e00\u6b65\u7684\u76d1\u7ba1\u63aa\u65bd\uff0c\u4ee5\u63d0\u4f9b\u8fdb\u4e00\u6b65\u7684\u6307\u5bfc\u3002<\/span><\/p>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.loebsmith.com\/wp-content\/uploads\/2025\/12\/Cayman-Islands-Consultation-Paper-released-on-proposed-next-steps-for-regulating-Tokenised-Funds.pdf\"><span style=\"font-size: 18pt;\">\u67e5\u770b\u5168\u6587<\/span><\/a><\/p>\n                  <\/div>\n                  \n                                  <\/div>\n                              <div class=\"content flex flex-col\">\n                  \n                    <h2 class=\" text-black leading-[1.3] heading2-sm \">\u8fdb\u4e00\u6b65\u534f\u52a9<\/h2>\n                                    <div class=\"desc mt-2.5 lg:mt-3 4xl:mt-5\">\n                    <p>\u672c\u6587\u65e0\u610f\u66ff\u4ee3\u5177\u4f53\u7684\u6cd5\u5f8b\u5efa\u8bae\u6216\u6cd5\u5f8b\u610f\u89c1\u3002\u5982\u679c\u60a8\u5e0c\u671b\u83b7\u53d6\u5173\u4e8e\u672c\u7b80\u62a5\u4e2d\u6240\u8ba8\u8bba\u4e8b\u9879\u7684\u8fdb\u4e00\u6b65\u5efa\u8bae\uff0c\u8bf7\u968f\u65f6\u8054\u7cfb\u6211\u4eec\u3002\u6211\u4eec\u975e\u5e38\u4e50\u610f\u63d0\u4f9b\u5e2e\u52a9\u3002<\/p>\n<p><em>E: <a href=\"mailto:gary.smith@loebsmith.com\">gary.smith@loebsmith.com<\/a><\/em><\/p>\n<p><em>E: <a href=\"mailto:robert.farrell@loebsmith.com\">robert.farrell@loebsmith.com<\/a><\/em><\/p>\n<p><em>E:<a href=\"mailto:elizabeth.kenny@loebsmith.com\"> elizabeth.kenny@loebsmith.com<\/a><\/em><\/p>\n<p><em>E: <a href=\"mailto:vanisha.harjani@loebsmith.com\">vanisha.harjani@loebsmith.com<\/a><\/em><\/p>\n                  <\/div>\n                  \n                                  <\/div>\n                                    <\/div>\n          \n          <aside class=\" flex flex-col gap-7 lg:flex-1 xl:basis-[24.42%] xl:max-w-[24.42%]\">\n\n              <div class=\" bg-[#FAFAFA] p-7 px-5 4xl:px-7 \">\n                <div class=\" flex space-x-2.5\">\n                  <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/share.png\" alt=\"Share\" class=\"size-max\" \/>\n                  <h2 class=\"text-[#6C6C6C] heading5 uppercase tracking-[0.4px]\">\u5206\u4eab<\/h2>\n                <\/div>\n\n                <div class=\" mt-7 flex flex-col space-y-5\">\n                  <div id=\"tooltip\" class=\"fixed top-0 z-50 hidden right-0 w-full h-full\">\n                    <div\n                        class=\"absolute border border-mint rounded-tr-[12px] rounded-bl-[12px] bg-white p-4 xl:p-7 right-5 top-10\">\n                        <div class=\"w-full min-w-auto md:w-[354px] flex justify-between space-x-7 items-center\">\n    \n                            <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/loebsmith-green-tick.svg\" class=\"w-[60px] h-[60px] aspect-square object-cover bg-center bg-contain\" alt=\"\">\n                            <h3 class=\"text-small text-black\">\n                                \u94fe\u63a5\u5df2\u590d\u5236\u5230\u526a\u8d34\u677f\uff01                            <\/h3>\n                            <div id=\"popup-close\" class=\"cursor-pointer\">\n                                <img decoding=\"async\" class=\"bg-center object-contain bg-cover w-full h-full\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/loebsmith-cross.png\" alt=\"popup close\">\n                            <\/div>\n                        <\/div>\n    \n                    <\/div>\n                  <\/div>\n\n                  <button id=\"copy-link\" class=\" flex p-5 border border-[#CECECE] hover:border-[#292c46] rounded-tr-lg rounded-bl-lg justify-between items-center hover:bg-[#F6FAFF]\">\n                    <div class=\" flex items-center space-x-2.5 lg:space-x-3 4xl:space-x-5\">\n                      <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/copy.png\" alt=\"copy link\" class=\"size-max\" \/>\n                      <span class=\"text-[#0A0A0A] heading6 font-bold block\">\u590d\u5236\u94fe\u63a5<\/span>\n                    <\/div>\n                    <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/right.png\" alt=\"copy link\" class=\"size-max\" \/>\n                  <\/button>\n\n                  <button id=\"share-email\" class=\" flex p-5 border border-[#CECECE] hover:border-[#292c46] rounded-tr-lg rounded-bl-lg justify-between items-center hover:bg-[#F6FAFF]\">\n                    <div class=\" flex items-center space-x-2.5 lg:space-x-3 4xl:space-x-5\">\n                      <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/box.png\" alt=\"email\" class=\"size-max\" \/>\n                      <span class=\"text-[#0A0A0A] block heading6 font-bold\">\u7535\u5b50\u90ae\u4ef6<\/span>\n                    <\/div>\n                    <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/right.png\" alt=\"email\" class=\"size-max\" \/>\n                  <\/button>\n                  <button id=\"share-linkedin\" class=\" flex p-5 border border-[#CECECE] hover:border-[#202449] rounded-tr-lg rounded-bl-lg justify-between items-center hover:bg-[#F6FAFF]\">\n                    <div class=\" flex items-center space-x-2.5 lg:space-x-3 4xl:space-x-5\">\n                      <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/link.png\" alt=\"linkedin\" class=\"size-max\" \/>\n                      <span class=\"text-[#0A0A0A] block heading6 font-bold\">LinkedIn<\/span>\n                    <\/div>\n                    <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/right.png\" alt=\"linkedin\" class=\"size-max\" \/>\n                  <\/button>\n                  <button id=\"share-wechat\" class=\" flex p-5 border border-[#CECECE] hover:border-[#292c46] rounded-tr-lg rounded-bl-lg justify-between items-center hover:bg-[#F6FAFF]\">\n                    <div class=\" flex items-center space-x-2.5 lg:space-x-3 4xl:space-x-5\">\n                      <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/WeChat.png\" alt=\"wechat\" class=\"size-max\" \/>\n                      <span class=\"text-[#0A0A0A] block heading6 font-bold\">\u5fae\u4fe1<\/span>\n                    <\/div>\n                    <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/right.png\" alt=\"wechat\" class=\"size-max\" \/>\n                  <\/button>\n                <\/div>\n              <\/div>\n                \n              \n                              <div class=\" bg-[#FAFAFA] p-7 px-5 4xl:px-7\">\n                  <div class=\" flex space-x-2.5\">\n                    <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/people.png\" alt=\"Author\" class=\"size-max\" \/>\n                    <h2 class=\"text-[#6C6C6C] heading5 uppercase tracking-[0.4px]\">\u4f5c\u8005<\/h2>\n                  <\/div>\n\n                  <div class=\" mt-7 flex flex-col space-y-4\">\n                                            <a href=\"https:\/\/www.loebsmith.com\/cn\/people\/gary-smith\/\">\n                          <div class=\" flex space-x-3 items-center\">\n                            <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/uploads\/2025\/09\/07-Gary-Smith.jpg\" alt=\"Gary Smith\" class=\"size-8 4xl:size-12 rounded-full\" \/>\n                            <span class=\"text-[#3B3B3B] heading6 font-bold leading-normal block\">Gary Smith<\/span>\n                          <\/div>\n                        <\/a>\n                                              <a href=\"https:\/\/www.loebsmith.com\/cn\/people\/robert-farrell\/\">\n                          <div class=\" flex space-x-3 items-center\">\n                            <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/uploads\/2025\/09\/12-Robert-Farrell.jpg\" alt=\"Robert Farrell\" class=\"size-8 4xl:size-12 rounded-full\" \/>\n                            <span class=\"text-[#3B3B3B] heading6 font-bold leading-normal block\">Robert Farrell<\/span>\n                          <\/div>\n                        <\/a>\n                                              <a href=\"https:\/\/www.loebsmith.com\/cn\/people\/elizabeth-kenny\/\">\n                          <div class=\" flex space-x-3 items-center\">\n                            <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/uploads\/2025\/09\/Liz2.jpg\" alt=\"|||Elizabeth Kenny\" class=\"size-8 4xl:size-12 rounded-full\" \/>\n                            <span class=\"text-[#3B3B3B] heading6 font-bold leading-normal block\">Elizabeth Kenny<\/span>\n                          <\/div>\n                        <\/a>\n                                              <a href=\"https:\/\/www.loebsmith.com\/cn\/people\/vanisha-harjani\/\">\n                          <div class=\" flex space-x-3 items-center\">\n                            <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/uploads\/2025\/09\/Vs-Photo_2.jpg\" alt=\"||||||\" class=\"size-8 4xl:size-12 rounded-full\" \/>\n                            <span class=\"text-[#3B3B3B] heading6 font-bold 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