Luxembourg and Hong Kong financial authorities have signed an agreement to streamline fund registration and sales in each other’s countries.
The Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg and the Securities and Finance Commission in Hong Kong have signed a mutual recognition of funds (MRF) agreement, which simplifies procedures through which Luxembourg Ucits and Hong Kong public funds can be approved in each other’s markets.
They say this will accelerate the registration process in Luxembourg for funds already approved by the SFC, and similarly in Hong Kong for CSSF-approved funds.
The memorandum of understanding also strengthens regulatory cooperation between Luxembourg and Hong Kong, establishing a framework for exchange of information and regular dialogue between the two financial authorities.
For the SFC, this extends the network of similar agreements that it has in place to five markets. The regulator already had arrangements with Mainland China, Switzerland, France and the UK.
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