The SFC and the Central Bank of Ireland have enhanced cooperation to allow the distribution of public funds between Hong Kong and Ireland, simplifying the process for cross-border investments. This update reflects growing global financial market activity and regulatory cooperation.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On May 14, 2025, the Securities and Futures Commission ("SFC") and the Central Bank of Ireland ("CBI") signed a Memorandum of Understanding ("MoU") to facilitate the cross-border distribution of eligible public funds between their markets.
The newly formed MoU enables Hong Kong public collective investment schemes and Irish UCITS to be authorized and sold across markets with an expedited approval process.
The Deputy Governor of the Central Bank of Ireland for Consumer and Investor Protection, Derville Rowland, underscored the potential for enhanced investment opportunities and regulatory cooperation resulting from the updated MoU.
Julia Leung, CEO of the SFC, commended Ireland's inclusion, marking the 11th jurisdiction to join Hong Kong's mutual recognition scheme, thus affirming global recognition of Hong Kong's regulatory standards.
The mutual recognition scheme, detailed in the SFC's and CBI's circulars from May 14, 2025, expedites the authorization process for eligible funds, with a target completion time of 15 business days, under the SFC’s FASTrack approach.
The existing mutual recognition fund arrangements with the SFC include Australia, France, Luxembourg, Malaysia (for Islamic funds), Mainland China, the Netherlands, Switzerland, Taiwan (for exchange-traded funds), Thailand, and the United Kingdom.
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