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Alternative Market Briefing

Mutual funds to see greater support from Asian regulators

Monday, June 17, 2013

Bailey McCann, Opalesque New York: In January, Hong Kong securities regulator, the Hong Kong Securities and Futures Commission announced along with the China Security Regulatory Commission (CSRC) that it would consider allowing a mutual fund scheme. Since then, there has been no additional guidance, but market participants are busily looking for ways to provide retail products in the country.

Indeed, at our recent Opalesque Hong Kong Roundtable, Anne Marie Godfrey, Partner, Bingham McCutchen, said, "The proposed move towards mutual recognition of authorized funds between the PRC and Hong Kong is very interesting. I believe this is likely to result in more Hong Kong domiciled funds being established by foreign institutions and authorized by the SFC."

According to a recent client alert from law firm Dechert, the statements are viewed in Hong Kong as an opportunity for Hong Kong-domiciled and SFC authorized funds to reach mainland China.

The attorneys note that within China, the CSRC has also released "Interim Administrative Rules for Securities Investment Fund Sales Institutions’ Business Operations via Third Party e-commerce Platforms (the Interim Rules), allowing third party e......................

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