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.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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