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The Launch of Mainland-Hong Kong Mutual Recognition of Funds

  • Hong Kong
  • China
  • Other

27-08-2015

The signing of the “Memorandum of Regulatory Cooperation on Mainland-Hong Kong Mutual Recognition of Funds” (the “Memorandum”) by the Hong Kong Securities and Futures Commission (“SFC”) and the China Securities Regulatory Commission (“CSRC”) on 22 May 2015 announced the launch of the Mainland-Hong Kong Mutual Recognition of Funds (“MRF”) on 1 July 2015.

The MRF will permit a qualified Hong Kong or China domiciled fund to apply for recognition for retail distribution in each other’s market. Subsequently, the SFC and the CSRC have issued various guidance documents and regulations in the anticipation of the MRF's launch, in particular, the SFC’s “Circular on Mutual Recognition of Funds between the Mainland and Hong Kong” (the “Circular”) and the CSRC’s “Provisional Rules for Hong Kong Mutual Recognition Funds” (the “Provisional Rules”)《香港互認基金管理暫行規定》. These documents prescribe the eligibility requirements and the procedures for both the southbound (i.e. Mainland recognised funds to be distributed in Hong Kong) and the northbound (i.e. Hong Kong recognised funds to be distributed in the Mainland) applications.

 

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