On 30 June 2017, the Securities and Futures Commission (SFC) announced a revamped process to enhance the processing of post authorisation applications of SFC authorised funds in Hong Kong (Revamped Post Authorisation Process). The Revamped Post Authorisation Process follows the SFC’s launch of the revamped fund authorisation process in May 2016. Like the revamped fund authorisation process, the Revamped Post Authorisation Process adopts a two-streamed approach and a lapse policy with an aim to enhance the processing of applications for post authorisation changes (including scheme changes, terminations, mergers and withdrawal of authorisations) and authorisation of revised offering documents of SFC authorised fund. The SFC is of the view that this approach will increase transparency of the process, enable investors to be informed of post authorisation changes in a timely manner and will allow the SFC to make more efficient use of their resources in performing their regulatory functions.
This Oversight takes a brief look at the background and highlights key differences between the old and new regimes that asset managers should be aware of.
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