Hong Kong, Switzerland In Landmark Funds Deal
by Mary Swire, Lowtax.net, Hong Kong
06 December, 2016
Hong Kong's Securities and Futures Commission (SFC) and the Swiss Financial Market Supervisory Authority have signed a Memorandum of Understanding (MOU) on the mutual recognition of funds and asset managers between Hong Kong and Switzerland.
Mutual recognition allows eligible Swiss and Hong Kong investment funds to be distributed in each other's market through a streamlined vetting process, while the MOU also established a framework for the exchange of information, regular dialogue, and regulatory cooperation in relation to the cross-border offering of funds.
"This pioneering initiative, whereby home-grown Hong Kong funds – for the first time – gain direct access to the investing public in a European market, is a testament to Hong Kong's commitment to develop the city into an international asset management center," said SFC's Chairman, Carlson Tong.
"This mutual recognition of funds scheme will not only create new opportunities for the Swiss and Hong Kong asset management industries, but also provide investors in both markets with a broader selection of fund products," SFC's Chief Executive Officer, Ashley Alder, added.
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