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The Hong Kong Special Administrative Region Government welcomes the announcement today (December 18) of the first batch of authorised funds under the mutual recognition of funds arrangement between the Mainland and Hong Kong by the Hong Kong Securities and Futures Commission and the China Securities Regulatory Commission.
The Financial Secretary, Mr John C Tsang, said, "The mutual recognition of funds arrangement further deepens the mutual access between the Mainland and Hong Kong capital markets. The successful implementation of the arrangement is of great significance to not only the development of the fund industry of both the Mainland and Hong Kong, but also the promotion of internationalisation of Renminbi.
"I am delighted to see that the industry has been participating actively in the mutual recognition of funds arrangement and expect more authorised funds will soon be available in both markets. For Hong Kong in particular, this arrangement will not only expand the distribution network for Hong Kong's fund industry, but also attract more funds to domicile in Hong Kong, which will help build up Hong Kong's fund manufacturing capabilities and develop it into a full-fledged fund service centre."
Mr Tsang added, "We are grateful for the support from the Central Government, as well as the efforts of the regulatory organisations of both sides. The Government will continue to take forward measures to develop Hong Kong's asset management industry, with a view to fostering Hong Kong's position as an international asset management centre."
Starting July 1, 2015, regulators from both sides have started accepting applications under the mutual recognition of funds arrangement between the Mainland and Hong Kong. According to the arrangement, qualified Mainland and Hong Kong funds may be offered directly to the public in each other's market after obtaining authorisation or approval under streamlined procedures.
Ends/Friday, December 18, 2015
Issued at HKT 16:41
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