HONG KONG: Hong Kong SFC issues streamlined measures for processing UCITS III funds

Friday March 30 2007

The Hong Kong SFC has issued streamlined measures for processing `UCITS III funds with special features` – this includes UCITS III funds of funds, guaranteed funds and index funds. The objective is to further facilitate the efficient processing of UCITS III funds with special features that seek authorisation from the SFC.

Under these streamlined measures, the SFC will accept and process applications for authorisation in respect of UCITS III funds from Luxembourg, Ireland and the UK with special features that fall under Chapter 8 of the Code on Unit Trusts and Mutual Funds (Code) on the basis that, in substance, these funds already comply with the Code. UCITS III funds domiciled in other jurisdictions will continue to be considered on a case-by-case basis.

The Circular setting out these streamlined measures can be found at the above link.