HONG KONG: SFC Consult on Code on Unit Trusts and Mutual Funds

Monday May 14 2018

On 18 December 2017, the Securities and Futures Commission (SFC) launched a three-month consultation on proposed amendments to the Code on Unit Trusts and Mutual Funds (the “UT Code”) to update regulatory regime for SFC-authorised funds and address risks posed by financial innovation and fast-moving market developments.

Following the conclusion of consultation period, the SFC is expected to issue consultation conclusions including the revised UT Code, which will become effective when gazetted (the “Effective Date”). For existing SFC authorised funds, SFC is proposing a 12 month transition period from the Effective Date for compliance with new UT Code. New funds seeking SFC authorisation on or after the Effective Date should comply with new UT Code.

Click on the link above for further information.