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Alternative Market Briefing

Hong Kong market regulator enhances fund authorization process, includes Mainland funds

Friday, April 29, 2016

Komfie Manalo, Opalesque Asia:

Hong Kong’s market regulator, the Securities and Futures Commission (SFC), has announced it would proceed to formally adopt its initiatives to enhance the authorization process for new fund applications (Revamped Process) and for new Mandatory Provident Funds (MPF) and Pooled Retirement Fund (PRF) products following a successful six-month pilot period ending on 8 May 2016.

In a statement, the SFC said that the Revamped Process will also be extended to applications made by Mainland Funds seeking authorization under the mutual recognition of funds arrangement between the Mainland and Hong Kong (MRF Applications).

"The overall efficiency of the authorization process has been greatly enhanced since the launch of the pilot initiatives, which has been broadly supported by the industry," said Julia Leung, the SFC’s Executive Director of Investment Products.

The SFC has been closely monitoring the operation of the Revamped Process during the six-month pilot period and has engaged in open dialogue with industry participants to seek their feedback on the process since its launch in November last year.

"With an improved quality of fund applications and more timely responses from applicants, we are also pleased to see that a reduction in the overall processing time for new fund applications has been achieved without compro......................

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