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Hong Kong To Review Code On Unit Trusts And Mutual Funds, by Mary Swire, for LawAndTax-News.com, Hong Kong
Monday, April 21, 2008
The Hong Kong Securities and Futures Commission (SFC) will review the Code on
Unit Trusts and Mutual Funds (UT Code) to attract more funds and talent into Hong
Kong, it announced on Wednesday.
Speaking at the Fund Forum Asia 2008, Alexa Lam, the SFC’s
Executive Director of the Policy, China and Investment Products Division, and
Deputy Chief Executive Officer, explained that the revamp aims to make the Code
more flexible, allowing it to meet market growth and innovation, so that the Hong Kong market
stays competitive in the region.
“Our retail fund platform has attracted not just local investors but
also investors from the region. As mainland liquidity seeks investment products
overseas and mainland managers seek skills outside the mainland border, we have
the ability to become the fund supermarket in Asia, serving both the mainland
and other parts of this region,” observed Lam.
“We must therefore revamp the UT Code to make it easier for funds and
talent to congregate in Hong Kong,” she stated.
Lam envisaged that the new Code will contain guiding principles rather than
prescriptive measures, but stressed that the fundamental investor protection
tenets will remain.
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