Securities and Futures Commission (SFC), the securities regulator of Hong Kong, has signed a memorandum of understanding (MoU) with its Luxembourg counterpart Commission de Surveillance du Secteur Financier (CSSF) for boosting cross-border fund sales.
The MoU will facilitate the distribution of eligible Hong Kong public funds and Luxembourg UCITS funds in each other’s jurisdictions.
In addition, the partnership will support information sharing, regular dialogue and regulatory cooperation related to cross-border fund distribution.
CSSF director general Claude Marx said: “The new memorandum of understanding is an important step for the mutual recognition of investments funds in our respective jurisdictions, and demonstrates the excellent cooperation between our two supervisory authorities.”
In October last year, SFC signed an agreement for mutual recognition of funds with the UK’s Financial Conduct Authority (FCA).
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
SFC also struck similar agreements with the China Securities Regulatory Commission (CSRC) and the Swiss Financial Market Supervisory Authority (FINMA) in 2015 and 2016, respectively.
SFC CEO Ashley Alder said: “The new cooperation framework expands our MRF network following Mainland China, Switzerland, France and United Kingdom.
“It further strengthens our ties and regulatory cooperation with Luxembourg, a major hub for fund domicile.”