The China Securities Regulatory Commission (CSRC) earlier this year invited public comments on a new consolidated regime under draft regulations (Draft Regulations) for Qualified Foreign Institutional Investors (QFIIs) and...more
A new profits tax exemption ordinance (Bill)1 became effective on 1 April 2019. The Bill introduces a Private Funds Exemption, which has significant implications for the private funds industry. Benefits include: fund managers...more
5/9/2019
/ Amended Rules ,
Business Profits ,
Business Taxes ,
Companies Ordinance ,
EU ,
Hong Kong ,
Non-Residents ,
Private Funds ,
Ring-Fencing ,
Special Purpose Entities ,
Tax Exemptions
After a year of consultation with the mutual funds industry regarding changes that aim to modernise the regulatory regime for SFC-authorised funds, the Hong Kong Securities and Futures Commission (SFC) revised the Code on...more
4/16/2019
/ Amended Rules ,
Derivatives ,
Eligibility ,
Financial Derivative Instruments (FDIs) ,
Financial Services Industry ,
Fund Managers ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Investment Funds ,
Mutual Funds ,
Operational Requirements ,
Prospectus ,
Securities Financing Transactions (SFTs) ,
Transitional Arrangements ,
Unit Trusts
On March 21, 2019, the Central Bank of Ireland (CBI) confirmed its approval of the use of Bond Connect for Irish-authorised UCITS and Alternative Investment Funds (AIFs). In addition, the CBI reiterated that Irish-authorised...more
Hong Kong is increasingly a popular jurisdiction for fund distribution, given its nexus with the People’s Republic of China. Historically, investment funds usually have been established in the form of offshore mutual funds,...more
10/22/2018
/ Asset Management ,
Business Formation ,
Corporate Taxes ,
Financial Services Industry ,
Fund Managers ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Incorporation ,
Offering Documents ,
Open-Ended Fund Companies (OFCs) ,
Privately Held Corporations ,
Publicly-Traded Companies ,
Qualified Investment Funds (QIFs) ,
Registration Requirement
Following an initial “soft” consultation with industry participants and relevant stakeholders, the Securities and Futures Commission (SFC) launched a three-month consultation on proposed amendments to the Code on Unit Trusts...more
4/5/2018
/ Asset Diversification ,
Capital Requirements ,
Closed-End Funds ,
Custodians ,
Derivatives ,
Disclosure Requirements ,
ETFs ,
Financial Reporting ,
Financial Services Industry ,
FSB ,
Hedge Funds ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Index Funds ,
Internal Controls ,
Investment Funds ,
Investment Portfolios ,
Investor Protection ,
IOSCO ,
Loans ,
Management Companies ,
Money Market Funds ,
Multinationals ,
NAV ,
Over The Counter Derivatives (OTC) ,
Pooled Investment Vehicles ,
Public Consultations ,
Public Funds ,
Retirement Funds ,
Risk Management ,
Securities ,
Securities Financing Transactions (SFTs) ,
SEHK ,
SFC ,
Trustees ,
UCITS
The Hong Kong Securities and Futures Commission (SFC) on 16 November 2017 published its Conclusions on its one-year consultation in relation to enhancement of asset management regulation and point-of-sale transparency...more
1/11/2018
/ Amended Rules ,
Asset Management ,
Code of Conduct ,
Financial Stability Board ,
Fund Managers ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Intermediaries ,
IOSCO ,
Liquidity ,
Point of Sale Terminals ,
Reporting Requirements ,
Risk Management ,
Transparency
The Hong Kong Securities and Futures Commission (SFC) recently released a circular outlining its views on how asset managers should address certain conflicts of interest between private funds and separately managed accounts...more
Since January 2017, more than $2 billion has been raised through the rapidly growing market for so-called “token sales” or “initial coin offerings” (ICOs). The U.S. Securities and Exchange Commission (SEC) announced on July...more
10/7/2017
/ BaFin ,
Banking Restrictions ,
Banks ,
China ,
Corporate Counsel ,
Corporate Issuers ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Germany ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Initial Coin Offering (ICOs) ,
Investors ,
Monetary Authority of Singapore ,
People's Bank of China ,
Securities and Exchange Commission (SEC) ,
Singapore ,
Token Sales ,
UK ,
Unregistered Securities ,
Young Lawyers
Recently, the Hong Kong Securities and Futures Commission (SFC) published a consultation paper on the Securities and Futures (Open-ended Fund Companies) Rules (Rules) and Code on Open-ended Fund Companies (Code) which, if...more
8/18/2017
/ Board of Directors ,
Business Formation ,
Corporate Dissolution ,
Corporate Management ,
Corporate Structures ,
Custodian of Records ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Investment Management ,
Open-Ended Fund Companies (OFCs) ,
Registration Requirement ,
SFO ,
Shareholder Rights
Following announcement of the proposed launch of a bond trading link between China and Hong Kong (Bond Connect) earlier this year, Bond Connect officially launched on July 3, 2017. Bond Connect allows foreign institutional...more
7/14/2017
/ Bond Connect ,
Bonds ,
China ,
CIBM ,
Debt Instruments ,
Eligibility ,
Foreign Investment ,
Fund Managers ,
Hong Kong ,
Institutional Investors ,
QFIIs ,
RQFII
The use of online platforms for distribution of financial products has become increasingly popular in Hong Kong. In May 2017, the Hong Kong Securities and Futures Commission (SFC) issued a Consultation Paper inviting comments...more
6/26/2017
/ Code of Conduct ,
Comment Period ,
Complex Financial Products ,
Corporate Governance ,
Financial Services Industry ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Investor Protection ,
Online Distribution ,
Online Platforms ,
Proposed Guidance ,
Public Consultations ,
Retail Investors ,
Risk Management ,
SEHK
The Securities and Futures Commission of Hong Kong (SFC) recently introduced the “Senior Management Accountability Regime” (regime), in an effort to make senior managers (particularly those who are not already designated as...more
China has announced the launch of a new initiative that is likely to liberalize the process for foreign investors to invest in the China bond market. As the third largest bond market in the world, this could be a significant...more