Hong Kong SFC Hosts Mutual Recognition Of Funds Symposium

The Securities and Futures Commission (SFC) has hosted the Mainland-Hong Kong Mutual Recognition of Funds (MRF) Symposium to provide the industry with further regulatory information about the landmark scheme.

"Our priorities right now are the smooth implementation of the scheme through close collaboration with our Mainland counterparts," said Mr Ashley Alder, the SFC's Chief Executive Officer.

"Mutual recognition will broaden cross-border investment channels and enhance the competitiveness of both the Hong Kong and Mainland fund markets. But its significance goes far beyond this, as it will in the long run transform Hong Kong into a leading asset management centre in the Asia Pacific," he added.

The half-day event was attended by over 500 representatives from the fund management industry as well as industry associations, regulatory bodies, chambers of commerce and foreign consulates. Senior executives from the SFC, the China Securities Regulatory Commission (CSRC) and the State Administration of Foreign Exchange spoke at the event and answered questions from the audience.

In addition, Ms Julia Leung, SFC Executive Director, Investment Products, moderated a panel discussion with industry representatives on the opportunities and challenges presented by the MRF scheme.

In related news six fund houses have applied to sell a total of 11 products in the mainland, with Bank of China, JP Morgan Asset Management, Invesco and Schroders among the first to submit applications.

BOCHK Asset Management and BOCI-Prudential Asset Management applied to sell four funds in the mainland. JP Morgan Asset Management and its mainland joint venture, China International Fund Management, submitted applications for Hong Kong and the mainland yesterday and on Wednesday.

Invesco Hong Kong submitted an application for an A-share focused mixed securities fund managed by Invesco Great Wall Fund Management, the firm's joint venture in China.

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