Regulatory Alerts2011-05-17
Added · Updated
SFC Circular on Preparation for Full Implementation of the UT Code and ILAS Code
The Securities and Futures Commission mandates that fund managers of Existing Schemes must produce a Product Key Facts Statement and a revised Offering Document to continue marketing these schemes to the public in Hong Kong on or after 25 June 2011. The regulator warns that failure to comply with these disclosure requirements constitutes a breach of the Handbook, potentially leading to serious regulatory consequences and impacting the fitness and properness of licensed persons. Additionally, fund managers seeking prior approval for structural changes to their schemes under section 11.1 are urged to resolve outstanding issues promptly to ensure their revised documents are ready for the implementation deadline.
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