Topic: Collective investment schemes

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SFC publishes pro-forma terms and conditions for licensed corporations which manage portfolios that invest in virtual assets

On 4 October 2019, the Securities and Futures Commission (SFC) published the pro forma terms and conditions (the Terms and Conditions) applicable to licensed corporations managing a fund (or portion of a fund) that invests in virtual assets and meet the de minimis threshold [1] (Virtual Assets Fund Manager) . This follows the SFC’s earlier … Continue Reading

Global Asset Management Quarterly

The latest issue of Global Asset Management Quarterly is now available here. In this issue we cover: Sustainable finance is a trend set to stay Brexit: latest developments Luxemburg update Ireland update The proposed Australian corporate collective investment vehicle SFC raises disclosure requirements for Green or ESG funds Mutual recognition of funds: Netherland – Hong … Continue Reading

Hong Kong’s SFC steps in to halt ICO

An investigation by Hong Kong’s Securities and Futures Commission (SFC) has led to the halt and unwinding of an initial coin offering (ICO) by Black Cell Technology Limited (Black Cell) to the Hong Kong public on the basis that Black Cell potentially engaged in unauthorized promotional and unlicensed regulated activities. Black Cell promoted the token … Continue Reading

Hong Kong: Enhanced disclosure requirements for sale of structured products not regulated by the Securities and Futures Ordinance (SFO)

On 5 January 2018, the Hong Kong Monetary Authority (HKMA) issued a circular setting out guidance relating to the implementation of changes to the paragraphs of the Code of Conduct for Persons Licensed by or Registered with the SFC (Code) relating to: (i) ‘Disclosure of monetary and non-monetary benefits’ (paragraph 8.3), and (ii) ‘Independence’ (paragraph … Continue Reading

Hong Kong: Securities and Futures Commission has voiced concerns over asset management practices

The Securities and Futures Commission (SFC) recently issued two circulars to licensed corporations engaged in asset management business.  The circulars were issued following routine inspection by the SFC of corporations licensed for such activity. Irregularities identified relating to private funds and discretionary accounts The first circular was issued by the SFC on 31 July 2017 … Continue Reading

SFC launches consultation into asset management regulation and point-of-sale transparency

In an effort to strengthen Hong Kong’s status as a leading asset management centre, on 23 November 2016 the Securities and Futures Commission (SFC) launched a three-month consultation into proposals to amend the Fund Manager Code of Conduct (FMCC) and the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures … Continue Reading

Hong Kong: SFC releases updated Frequently Asked Questions on Offers of Investments and provides specific guidance on real property structures

On 17 June 2016, the Securities and Futures Commission (SFC) published an updated set of Frequently Asked Questions on “Offers of Investments” under the Securities and Futures Ordinance (FAQs). The FAQs now include a new Appendix 1 which provides guidance on collective investment schemes involving interests in real property, as well as updated answers to … Continue Reading

Hong Kong: Proposed introduction of open-ended fund company structure welcomed

Currently, open-ended investment funds may be established in Hong Kong as unit trusts, but not in corporate form due to restrictions on capital reduction under the Companies Ordinance (CO). The Securities and Futures (Amendment) Bill 2016 (Bill), which was gazetted on 15 January 2016, seeks to amend the Securities and Futures Ordinance (SFO) to introduce … Continue Reading

Learning & Development training programme – open to our clients in Hong Kong

Our Hong Kong office has released a Learning & Development calendar for March – September 2015. Clients are invited to join a range of legal and personal development and business skills sessions. We are holding a session in June on Corporate governance in financial institutions.… Continue Reading