The Hong Kong Monetary Authority has published new guidance on the importance of cooperation in its investigations and enforcement proceedings. The HKMA says it encourages early and substantial cooperation as it assists the detection, efficient investigation and prompt rectification of breaches and misconduct. The HKMA says it may reduce sanctions if appropriate in the circumstances of the case, with the earlier and more substantial the cooperation, the more likely it is that a person will benefit from cooperating. The HKMA's guidance in substance is very similar to that issued by the Securities and Futures Commission last December highlighting the benefits of cooperation, particularly in terms of the staged discounts on offer. The guidance introduced new measures to encourage the types of cooperation which the SFC said would help it investigate more serious legal or regulatory breaches and achieve timely and desirable enforcement outcomes. The HKMA will share its observations regarding the degree of cooperation rendered by a person with other regulators such as the SFC, if the matter is transferred.