Hong Kong SFC Released Consultation Conclusions on Proposed Legislative & Code Amendments to Regulate Depositaries – Top-Level Trustees & Custodians of Authorized Collective Investment Scheme Such as Unit Trust
25th March 2023 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has released the consultation conclusions on the new proposed legislative & code amendments to regulate depositaries (Type 13 regulated activity), which are the top-level trustees & custodians of authorized Collective Investment Scheme such as Unit Trust. Hong Kong SFC: “The legislative amendments were gazetted today (24/3/23). Subject to completion of the legislative process, the RA 13 regime will come into effect on 2 October 2024 … … To help depositaries transition to the new regime, the SFC expects to provide specific guidance on the licensing process and to launch electronic licensing forms for RA 13 in the third quarter of 2023 (Note 2). Further announcements will be made in due course.” Julia Leung, Hong Kong SFC CEO: “Establishing a regulatory regime for depositaries of public collective investment schemes is an important part of the SFC’s ongoing efforts to develop Hong Kong as an international asset management centre and will provide more protection for retail investors.” See below for full statement:
“ Hong Kong SFC Released Consultation Conclusions on Proposed Legislative & Code Amendments to Regulate Depositaries – Top-Level Trustees & Custodians of Authorized Collective Investment Scheme Such as Unit Trust “
Hong Kong SFC Released Consultation Conclusions on Proposed Legislative & Code Amendments to Regulate Depositaries
SFC concludes consultation on introduction of new regulated activity for depositaries of public funds
24th March 2023 – The Securities and Futures Commission (SFC) today released consultation conclusions on proposed legislative and code amendments to introduce Type 13 regulated activity (RA 13), a new regime to regulate depositaries (ie, top-level trustees and custodians) of SFC-authorised collective investment schemes (Note 1).
The legislative amendments were gazetted today. Subject to completion of the legislative process, the RA 13 regime will come into effect on 2 October 2024.
To help depositaries transition to the new regime, the SFC expects to provide specific guidance on the licensing process and to launch electronic licensing forms for RA 13 in the third quarter of 2023 (Note 2). Further announcements will be made in due course.
Notes:
- In February 2022, the SFC launched a further consultation on proposed amendments to subsidiary legislation and SFC codes and guidelines to implement RA 13. Five written submissions were received: from an industry association, a business organisation, an individual and two markets participants.
- Electronic licensing forms for RA 13 will be made available on WINGS, the SFC’s web-based platform for online submission services. Depositaries currently operating in Hong Kong are expected to submit their licence or registration applications within four months of the launch of the forms.
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