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Jeremy Lam and Taylor Hui were quoted in an iMoney article discussing mutual fund recognition (MRF).
Taylor explained that since the official announcement of mutual fund recognition, over 10 mainland funds has been preparing to submit their applications on 1 July. He highlighted that the eagerness to participate in MRF was similar to the situation when RQFII was launched a few years ago.
Jeremy added that the SFC approval process generally takes four to six months, which is comparatively longer than jurisdictions such as Singapore and Europe, where a similar process would take one to three months. He explained that MRF is working towards a “Fast Track” system that would shorten the approval process from four to one or two months for less complicated funds, and from six months down to two to three months for derivatives or umbrella funds.
Considering the approval process, he expected that the first mutually recognised fund will be launched in Q4 2015.
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