First Authorisation of a Renminbi Denominated Fund in Macao

There has been growing interest in registering Hong Kong authorised Renminbi (RMB) denominated funds with the Monetary Authority of Macao (MMA). In May 2011, the MMA approved the first Hong Kong authorised RMB denominated fund for advertising and marketing in Macao SAR. We expect further authorisations will be given by the MMA for other Hong Kong authorised RMB denominated funds in the future.

Deacons' Financial Services Group has acted on all five of the RMB denominated funds which were authorised by the Securities and Futures Commission in Hong Kong as at 31 May 2011.