The Securities and Futures Commission (SFC) and the Swiss Financial Market Supervisory Authority (FINMA) have signed a Memorandum of Understanding on Switzerland-Hong Kong Mutual Recognition of Funds and Asset Managers (MoU), which will allow eligible Swiss and Hong Kong public funds to be distributed in each other’s market through a streamlined vetting process.
The MoU also established a framework for exchange of information, regular dialogue as well as regulatory cooperation in relation to the cross-border offering of public funds.
Carlson Tong, SFC
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 centre,” the SFC’s Chairman, Mr Carlson Tong said.
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,” the SFC’s Chief Executive Officer, Mr Ashley Alder added.