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SFC proposes significant changes to asset management regulation

On 23 November 2016 the SFC issued a consultation paper on Proposals to Enhance Asset Management Regulation and Point-of-Sale Transparency. The SFC formulated the proposals following a review of major international regulatory developments, including recommended reforms published by the International Organization of Securities Commissions, the Financial Stability Board and other regulatory bodies in relation to areas such as systemic risk, shadow banking, liquidity and risk management, enhanced custody requirements, securities lending and repos, and reducing conflicts of interest.

“A robust and responsive regulatory regime is fundamental to the development and growth of an international asset management centre. As part of the SFC’s broader initiative to enhance Hong Kong’s position as a major international asset management centre, it is important to ensure that our regulations are properly benchmarked to evolving international standards,” said Mr Ashley Alder, the SFC’s Chief Executive Officer.

The proposed changes will be made to the SFC’s Fund Manager Code of Conduct (FMCC) and the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (Code of Conduct). Details are set out in the consultation paper.

Deacons has prepared a submission commenting on the proposals as well as contributing to various industry association submissions.

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