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Matthias Knab, Opalesque for New Managers: The Hong Kong Securities and Futures Commission (SFC) has announced the formal adoption of its Fund Authorisation Simple Track (FASTrack), effective from 5 May 2025, following the successful completion of a six-month pilot program.
Originally launched on 4 November 2024, FASTrack was designed to streamline the authorisation process for unit trusts and mutual funds domiciled and regulated in Mutual Recognition of Funds (MRF) jurisdictions, allowing these funds to be offered publicly in Hong Kong under a significantly shortened review timeline.
15 Business Days Turnaround for Simple Fund Applications
Under the FASTrack regime, the SFC targets a fund authorisation decision within 15 business days for eligible applications - a marked improvement over the previous standard and non-standard processing timeframes, which averaged 1.5 months and 2.5 months, respectively. The process is divided into two key stages:
- A decision to take up or refuse the application within five business days of submission.
- If taken up, a final authorisation decision within 10 business days from the take-up date.
The streamlined approach focuses on funds considered "simple" and already subject to regulatory oversight from MRF jurisdictions, such as Australia, France, Luxembourg......................To view our full article Click here
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