HIGHLIGHTS OF THE AUTHORISATION REQUIREMENTS FOR FUND DISTRIBUTION IN HONG KONG

www.pwc.com Highlights of the Authorisation Requirements for Fund Distribution in Hong Kong Updated as of January 2012 Table of Content 1. Regulatory Framework 2. Authorisation Process 3. Hong Kong Offering Document 4. Considerations for Overseas Schemes 5. Fees for Authorisation PwC February 2012 2 1. Regulatory Framework • Under the Hong Kong regulatory regime, collective investment schemes which are marketed or distributed to the Hong Kong public, are subject to the authorisation of the Securities and Futures Commission (the “SFC”) . February 2012 PwC 3 1. Regulatory Framework • The major laws and regulations governing the authorisation of collective investment schemes in Hong Kong are: a) Securities and Futures Ordinance (“SFO”)1; and b) SFC Handbook for Unit Trusts and Mutual Funds, Investment-Linked Assurance Schemes and Unlisted Structured Investment Products ("Handbook")2 [1] For specific types of investment schemes, additional regulations may apply. [2] Section 1 of the Handbook sets out the overarching principles and requirements that apply across different types of products governed by the Handbook, whilst Section 2 of the Handbook (i.e. Code on Unit Trusts and Mutual Funds (the "Code")) stipulates the specific requirements on unit trusts and mutual funds. February 2012 PwC 4 2. Authorisation Process • A collective investment scheme applying for an SFC authorisation for public distribution in Hong Kong is required to submit a duly completed application form and checklist (prescribed by the SFC) together with various constitutive documents. February 2012 PwC 5 ... - tailieumienphi.vn