The declaration allows most funds registered in Australia to offer to retail investors in Hong Kong, while making available to Australian investors similar funds authorised in Hong Kong.

SFC chairman Eddy Fong announced on Monday that this was the first agreement reached with an overseas securities regulator, and would reinforce Hong Kong's status as an international fund-offering venue.

ASIC chairman, Tony D'Aloisio added that it was an important milestone towards international convergence of regulation and stronger regulatory ties and co-operation between the two commissions.

The Securities and Futures Commission has issued a set of practical guidelines for the industry, while the Australian Commission will issue a class order providing Hong Kong authorised funds with a conditional relief from registration in Australia, and from certain licensing, product disclosure and fund-raising requirements.