Key Points -
The Fund Manager Code of Conduct will be amended to require fund managers managing collective investment schemes to take climate-related risks into consideration in their investment and risk management...more
On June 3, 2021, President Biden issued Executive Order 14032 (Addressing the Threat from Securities Investments that Finance Certain Companies of the People’s Republic of China) (“CMIC EO”) that modifies the Trump-era...more
On June 30, the Standing Committee of the National People’s Congress (the “Standing Committee”) in the People’s Republic of China (“China”) unanimously passed The Law of the People’s Republic of China on Safeguarding National...more
Following the decision taken by China’s National People’s Congress to adopt a new national security law (the “Security Law”) for the Hong Kong Special Administrative Region (“Hong Kong”) on May 28, the Standing Committee of...more
The National People’s Congress in China has today adopted a resolution paving the way for a new national security law to apply to Hong Kong.
The law is expected to focus on the prevention and punishment of secession, the...more
- The Financial Services and the Treasury Bureau proposed a limited partnership regime for investment funds in Hong Kong to enhance the attractiveness of the Hong Kong asset and wealth management industry.
- Similar to...more
Whatever your business—whether you are an investor looking at new investments, managing existing positions or planning exits, or a corporate concerned with protecting and enhancing your business—the current public health...more
The COVID-19 pandemic has caused significant disruptions to numerous industries and sectors on a worldwide scale in an unprecedented manner. The asset management industry, like so many other business sectors, has proven far...more
In recent years, the Hong Kong Securities and Futures Commission (SFC) has increasingly focused on private equity funds’ obligation to be licensed under the Securities and Futures Ordinance (SFO). In February 2019, the SFC’s...more
• The revised UT Code came into effect on 1 January 2019, with a 12-month transition period for compliance by funds currently registered with the SFC.
• Revised regulatory standards will impact all SFC-authorised funds and...more
The U.S. National Futures Association (NFA) has confirmed that it has commenced its first-ever, on-site inspection program of NFA member firms located in Hong Kong. Prior to this current initiative, the NFA’s inspections of...more
7/12/2018
/ Asset Management ,
Audits ,
CFTC ,
Commodities Traders ,
Commodity Broker ,
Commodity Pool ,
Cryptocurrency ,
Hong Kong ,
Inspections ,
Investment Management ,
National Futures Association
• The introduction of an OFC structure in Hong Kong is intended to further develop Hong Kong as an international asset management centre and fund domicile.
• The OFC provides Hong Kong Type 9 licenced managers seeking to...more
7/10/2018
/ Applications ,
Asset Management ,
China Securities Regulatory Commission (CSRC) ,
Collective Investment Schemes ,
Disclosure Requirements ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Incorporation ,
Investment Funds ,
Investment Management ,
Offering Documents ,
Open-Ended Fund Companies (OFCs) ,
Regulatory Oversight ,
Required Documentation ,
Shareholders ,
Tax Exemptions
The Bipartisan Budget Act of 2015, as modified by the Protecting Americans from Tax Hikes Act of 2015, resulted in a fundamental change in the way the U.S. Internal Revenue Service (IRS) will conduct audits of collective...more
11/22/2017
/ Asia ,
Bipartisan Budget Act ,
Foreign Financial Institutions (FFI) ,
Fund Managers ,
Hedge Funds ,
Income Taxes ,
Investors ,
IRS ,
New Amendments ,
Partnerships ,
Private Equity Funds ,
Protecting Americans from Tax Hikes (PATH) Act ,
Tax Audits ,
Tax Liability ,
Tax Returns
• The SFC has identified nine common areas of non-compliance in managing funds and discretionary accounts.
• The SFC urged licensed corporations to review their existing internal control procedures and operational...more
10/27/2017
/ Allocation of Funds ,
Anti-Deficiency Provisions ,
Asset Management ,
Asset Protection ,
Asset Valuations ,
Brokers ,
Conflicts of Interest ,
Fund Managers ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Internal Controls ,
Investment Funds ,
Investors ,
Liquidity Risk Management Rule ,
Policies and Procedures ,
Private Funds ,
Receipt of Funds ,
SFO ,
Solicitation ,
Suitability Requirements
•The Commission has identified a number of regulatory concerns with respect to private funds and discretionary accounts, in particular, funds with concentrated, illiquid and interconnected investments.
•The Commission has...more
8/18/2017
/ Asset Management ,
Best Practices ,
Code of Conduct ,
Conflicts of Interest ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Investment Funds ,
Investor Protection ,
New Circular ,
Private Funds ,
Risk Management ,
Senior Managers ,
SFC
Market participants are currently only required to report short positions in 138 SEHK-listed securities (in accordance with the list of specified shares published by the Securities and Futures Commission (SFC) on 10 February...more
Key Points -
- Clarification and new guidance relating to suitability obligations under the Code of Conduct.
- Outlines the regulatory obligations of licensed or registered persons....more
Key Points -
- New Managers-In-Charge regime
- Outlines the regulatory obligations and potential liabilities of the senior management of licensed corporations who do not conduct regulated activities
-...more
Key Points -
- All managers of SFC authorised funds (including overseas managers of SFC authorised funds) are required to enhance internal liquidity risk management processes and procedures in order to implement...more
10/4/2016
/ Corporate Governance ,
Financial Conduct Authority (FCA) ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Investment Funds ,
IOSCO ,
Liquidity Risk Management Rule ,
Monetary Authority of Singapore ,
Securities and Exchange Commission (SEC) ,
Singapore ,
Stress Tests ,
UK
Key Points -
- The SFC Enforcement Division is investigating several SFC-licensed brokerages for suspected inadequate AML internal controls.
- Reminder of SFC areas of concern.
- SFC licensees...more
Key Points -
- Amended Hong Kong Securities and Futures Ordinance expands existing type 9 Regulated Activity (Asset Management) to cover management of OTC derivative products.
- A Type 9 licenseholder managing...more
The Hong Kong Securities and Futures Commission (the “SFC”) issued a consultation paper titled “Consultation Paper on the Proposed Amendments to the Professional Investor Regime and the Client Agreement Requirements” on 15...more
Under the current legal and regulatory regime relating to the establishment of investment funds in Hong Kong, an open-ended investment fund in Hong Kong can only take the form of a unit trust. This is mainly due to the...more
In order to streamline and reduce the processing time of fund authorization processes, the Hong Kong Securities and Futures Commission (SFC) announced the launch of new initiatives to enhance the authorization process for new...more
Introduction -
On May 22, 2015, the Hong Kong Securities and Futures Commission (“SFC”) and the China Securities Regulatory Commission (“CSRC”) issued a joint announcement on the decision to implement the Mainland-Hong...more