Hong Kong Government Subsidy for Hedge Funds and Mutual Funds Setup as OFCs
HK Government proposes to facilitate re-domiciling of hedge funds and private equity funds back to Hong Kong and to subsidize set-up of OFCs
The SFC proposes greater flexibility for the dissemination of dealing prices and net asset values by authorized funds.
On June 24, 2014, the Securities and Futures Commission (“SFC”) began a one-month consultation on proposals to amend the Code on Units Trusts and Mutual Fund (“Mutual Fund Code”). The proposals are designed to give unit trusts and mutual funds (together “SFC Authorized Funds”) authorized by the SFC under the Mutual Fund Code greater flexibility in determining the means by which they make public their offer and redemption prices (“Dealing Prices”), net asset values (“NAVs”), and notices of suspensions in dealing. The proposals seek to take into account developments in information technology, existing market practices and similar regulatory requirements in major overseas jurisdictions. In particular:
Market participants are invited to submit their comments on the proposals to the SFC on or before July 23, 2014.
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