19 December, 2015
The first batch of Mainland investment funds have today been authorised by Hong Kong’s Securities and Futures Commission (SFC) for retail distribution under the landmark Mainland-Hong Kong mutual recognition of funds scheme (MRF). The scheme, jointly announced by the SFC and the China Securities Regulatory Commission (CSRC) on 22 May 2015, allows a fund that is authorised by one of the two jurisdictions to apply for authorisation in the other jurisdiction, so long as certain conditions are met.
MRF will rightly be hailed as a significant milestone in the collaborative relations between the SFC and the CSRC; the regulators have worked together and engaged with industry to resolve operational and implementation issues to ensure a successful launch of the scheme. MRF lays the foundation for the two regulators to jointly promote the development of the Asian asset management industry and, as acknowledged by the SFC’s Chief Executive Officer Ashley Alder, will cement Hong Kong’s status as a leading asset management centre.
For further information, please contact:
Ronny Chow, Partner, Deacons
ronny.chow@deacons.com.hk
