On 8 October 2018, the FCA published a memorandum of understanding (the MoU) it has entered into with the Securities and Futures Commission of Hong Kong (SFC) concerning the mutual recognition of covered funds and covered management companies and related cooperation.

The purpose of the MoU is to enhance cooperation in relation to: (i) collective investment schemes domiciled in either Hong Kong or the UK and offered to the public in the UK and / or Hong Kong on a cross-border basis: and (ii) management companies of collective investment schemes, based in either Hong Kong or the UK.

An accompanying FCA circular provides further detail on the relationship and key points outlined in the MoU.