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News

Amendment of annexes to the cooperation agreement on funds between FINMA and the Hong Kong SFC

The technical implementation provisions contained in the annexes to the cooperation agreement on funds between the Swiss Financial Market Supervisory Authority FINMA and the Securities and Futures Commission of Hong Kong (SFC) concluded on 2 December 2016 have had to be amended. The reason for this is the revision of the Hong Kong Code on Unit Trusts and Mutual Funds (“UT Code”), the provisions of which the cooperation agreement relates to.
The amended Hong Kong Code on Unit Trusts and Mutual Funds entered into force on 1 January 2019. This necessitated minor changes to the technical implementation provisions relating to the cooperation agreement (in particular figs. 7 a. v, vi and b. i of FINMA’s catalogue of requirements). As a result, the requirements for Hong Kong funds to be approved for distribution in or from Switzerland remain equivalent to those for securities funds. At the same time, FINMA amended the application template for the approval of Hong Kong funds and transferred it to the FINMA survey and application platform (EHP).