HONG KONG: SFC publishes consultation conclusions on Proposals to Amend the Code on Unit Trusts and Mutual Funds

Tuesday December 23 2014

The SFC has released its conclusions in respect to its consultation paper inviting public comments on proposals to amend the Code on Unit Trusts and Mutual Finds requirements in relation to the publication of offer and redemption prices or net value assets, and notices of dealing suspension of collective investment schemes authorized by the SFC under the Code. The consultation paper proposed to amend the means and frequency of making public prices or NAVs and to amend the means of the publication of dealing suspension notices. The consultation concluded on 23rd July 2014.

The SFC will adopt the amendments to the Code and the OPS of the SFC Handbook as proposed in the Consultation Paper.

The amendments are as follows:

• The SFC will publish notices of dealing suspension of a Scheme through the same means as the prices and NAVs.
• The SFC will issue guidance for suspension notices by means of FAQs.
• The FSC will maintain to adopt a 6-month transitional period for Existing Schemes as proposed in the Consultation Paper.

Click on the above link for the consultation conclusions.

The consultation paper published in June 2014 can be viewed in full here.