The Securities and Futures Commission ("SFC") of Hong Kong introduced streamlined measures on November 28, 2025, to facilitate changes for UCITS funds. These changes include the removal of prior SFC approval for changes in key operators and material changes, provided they comply with home jurisdiction requirements. The SFC will align its notification requirements with the home jurisdiction and provide relevant FAQs and compliance tools. Existing applications will be processed under the current rules until authorization.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On November 28, 2025, the Securities and Futures Commission ("SFC") introduced further streamlined measures for processing post-authorisation matters for UCITS funds.
These measures aim to facilitate UCITS funds in implementing changes subject to their home regulator's supervision and will take immediate effect.
On the same date, the SFC implemented measures for UCITS funds covering post-authorisation matters, which include:
Change of Key Operators: The requirement for prior SFC approval for changes in depository and investment delegates under home regulator supervision has been removed.
Material Changes: Prior SFC approval is no longer needed for material changes in investment objectives, policies, and restrictions if these changes comply with home jurisdiction requirements, except for novel or complex features and local policy implications.
Post-authorisation Notifications: SFC notification requirements are aligned with the fund's home jurisdiction, including notice periods and content requirements.
The SFC has updated its website with relevant FAQs, including a new FAQ on SFC Authorization of UCITS Funds, and provided forms and checklists for post-authorisation compliance.
The streamlined measures outlined in the relevant FAQs will come into effect as of November 28, 2025.
Existing applications submitted to the SFC before this date that have not been approved or authorized will be processed using the current approval or authorization process.
The SFC will continue to monitor and post-vet scheme changes, including those that do not require prior approval, to ensure investor protection. The SFC may make follow-up enquiries or take regulatory actions in case of non-compliance.
For this circular, UCITS funds refer to (i) UCITS domiciled in France, Luxembourg, Ireland, and the Netherlands, and (ii) collective investment schemes domiciled in the United Kingdom that are authorized as UK UCITS.
For any questions about this circular, please contact the relevant case officers in the Investment Products Division. Further details and forms can be found on the SFC website.
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