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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.

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Fees for Authorisation

February 2012
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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

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1.

Regulatory Framework
The major laws and regulations governing the authorisation of
collective investment schemes in Hong Kong are:
a)

1;

and

b) SFC Handbook for Unit Trusts and Mutual Funds, InvestmentLinked 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.

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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.

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2.

Authorisation Process

Set out below are some of the submission requirements (not
exhaustive):
The scheme's offering and constitutive documents, including its Hong Kong
offering document and Product Key Facts Statement ("Product KFS").
The scheme's latest audited report (if any) and if more recent, the latest unaudited
report;
Information of the scheme's management company demonstrating its fit and
propriety;


The trustee/custodian's latest audited report (if any);
A consent letter of appointment from the trustee/custodian (not required for
schemes in recognized jurisdictions or already in existence);
A letter nominating an individual to be an Approved Person of the scheme,
containing the individual's details;
The Hong Kong Representative related undertakings (where applicable); and
Documentary evidence of the scheme's authorization status in its local jurisdiction.
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3.

Hong Kong Offering Document

The Hong Kong Offering Document of a scheme should contain,
inter alia, the following information:
Constitution of the scheme (e.g. the name, registered address, place and date of
creation of the scheme, an indication of the scheme's duration if limited.);
Investment objectives and restrictions;
Collateral policy and criteria (e.g. selection criteria, nature and policy of the
collateral held by the scheme, description of the holdings of collateral), where
appropriate;
Operators and principals (e.g. the name and registered address of the directors,
trustee, custodian, auditors and registrar etc.)
Characteristics of units or shares;
Application and redemption procedures;


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3.

Hong Kong Offering Document

The Hong Kong Offering Document of a scheme should contain, inter
alia, the following information: (Continued)
Distribution policy;
Fees and charges;
Taxation;
Reports and accounts;
Warning statements;
Circumstances leading to the termination of the scheme;
Other information which is necessary for investors to make an informed judgement.

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4.

Considerations for Overseas Schemes


Place of Establishment of the Scheme
It is recognised by the SFC that some overseas schemes already
comply with certain provisions of the Handbook by virtue of prior
authorization in a regulated jurisdiction. Applications for
reviewed on the basis that the scheme's structural and operational
requirements, and core investment restrictions, already comply in
substance with the local requirements.
However, the SFC expects a scheme to comply in all material respects
with the local requirements and reserves the right to require such
compliance as a condition of authorization.

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4.

Considerations for Overseas Schemes

Management Company
The investment management operations of a fund management
company or those of the investment adviser (where the latter has
been delegated the investment management function) are required to
be based in a jurisdiction with an inspection regime acceptable to the
website.

It should be noted that the SFC will consider other jurisdictions on
their merits and may accept an undertaking from the management

company that the books and records in relation to its management of
a scheme will be made available for inspection by the SFC on request.

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4.

Considerations for Overseas Schemes

Hong Kong Representative
If the management company of a scheme is not incorporated and
does not have a place of business in Hong Kong, the scheme will be
required to appoint a Representative in Hong Kong to perform
certain functions such as handling subscription and redemption
requests, accepting notices or correspondence served by the investors
on the scheme etc. The Representative must:

a) be licensed or registered under the SFO; or
b) be a trust company registered under Part VIII of the Trustee
Ordinance (Chapter 29 of the laws of Hong Kong) and such
company is an affiliate of an authorized financial institution
defined under the SFO and is acceptable to the SFC.

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5.

Fees for Authorisation

A scheme is required to pay an application fee according to the table
below. Upon the granting of authorisation, it will also be required to
pay an one-off authorisation fee and an annual fee on an ongoing
basis.
Single Fund

Umbrella Fund

Subfund

Application Fee (HK$)

20,000

40,000

5,000

Authorization Fee (HK$)

10,000

20,000


2,500

Annual Fee (HK$)

6,000

7,500

4,500

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February 2012
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Contact
For more information about our services, please feel free to contact the following person
or your usual PwC contacts:
Adams Chan
Partner, Regulatory Advisory Services
: +852 2289 2784
:

This publication has been prepared for general guidance on matters of interest only, and does
not constitute professional advice. You should not act upon the information contained in this
publication without obtaining specific professional advice. No representation or warranty
(express or implied) is given as to the accuracy or completeness of the information contained
in this publication, and, to the extent permitted by law, PricewaterhouseCoopers Limited , its

members, employees and agents do not accept or assume any liability, responsibility or duty of
care for any consequences of you or anyone else acting, or refraining to act, in reliance on the
information contained in this publication or for any decision based on it.

PricewaterhouseCoopers Limited which is a member firm of PricewaterhouseCoopers
International Limited, each member firm of which is a separate legal entity.



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