Regulatory deal with Hong Kong

futures/financial-services-association/australian-securities-and-investments-commission/ASIC/financial-services-companies/retail-investors/chairman/chief-executive/

8 July 2008
| By Mike Taylor |
image
image
expand image

Tony D'Aloisio

Fund managers and other Australian-based financial services companies operating in Hong Kong are likely to encounter slightly less red tape as a result of an agreement signed today by the Australian Securities and Investments Commission (ASIC) and the Hong Kong Securities and Futures Commission (HKSFC).

The agreement, a “declaration of mutual recognition” was described by ASIC as seeking to reduce regulatory duplication by allowing most funds registered in Australia available to retail investors in Hong Kong while making available to Australian investors similar funds authorised in Hong Kong.

The move was described by ASIC chairman Tony D’Aloisio and HKSFC’s Eddy Fong as being an important step towards international convergence of regulation.

To assist Australian funds to take advantage of the changed arrangements, the HKFSC has issued a set of practical guidelines, while ASIC has signalled that it will soon be issuing a class order with respect to Hong Kong authorised funds.

The signing of the agreement has been welcomed by the Investment and Financial Services Association with chief executive Richard Gilbert saying: “Mutual recognition of collective investment scheme offerings is a significant milestone towards strengthening regulatory ties and co-operation between Hong Kong and Australia.”

“IFSA is cognisant of the fact that Australia is the first country to achieve such status with Hong Kong and acknowledges the considerable efforts of ASIC, the SFC and their officers in securing this outcome,” he said.

“This regulatory recognition agreement is further evidence that Australia is internationally recognised as having a first rate financial regulatory regime.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 3 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks 2 days ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND