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).

In July 2017, the Hong Kong watchdog signed a similar agreement with France’s Autorite des Marches Financiers (AMF).

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.

Company Profile – free sample

Thank you!

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 form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Private Banker International.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”