Hong Kong SFC clarifies competence requirements for existing licensed persons intending to provide asset management services
On 23 June 2017, the Securities and Futures Commission of Hong Kong (the “SFC”) issued the “Circular to clarify competence requirements for existing licensed persons intending to provide asset management services” (the “Circular”), with an aim to provide further guidance on how the SFC assesses the competence of a corporation or a responsible officer (“RO”) […]
香港证监会明确有意提供资产管理服务的现有持牌人的胜任能力规定
香港证监会(“证监会”)于2017年6月23日发布《关于厘清与有意提供资产管理服务的现有持牌人有关的胜任能力规定的通函》(“《通函》”)，就证监会对法团和负责人员进行资产管理活动的胜任能力的评估提供进一步指引。 《通函》主要说明持牌人获批准进行第9类（提供资产管理）受规管活动的有关行业经验是否可能相关及被接受方面的资格标准，以及可豁免通过本地监管架构考试的条件。 如《通函》的标题所指出，《通函》是针对可能考虑将业务范围扩展到资产管理的现有持牌人。在有关《通函》的新闻发布中，证监会表示鉴于香港资产管理行业的增长，该会欢迎现有持牌人扩展其业务范围。 《通函》亦强调证监会将就个案特别情况考虑每个豁免申请，亦欢迎有兴趣的机构与证监会讨论其拟定的业务计划。 《通函》体现证监会希望告知行业该会将继续采取务实方式考虑发牌申请，亦说明证监会有意鼓励现有持牌人申请第九类（提供资产管理）牌照作为一项独立的业务，以进一步开拓香港资产管理行业。 考虑到《通函》提及的证监会将会顾及到的范围更广泛的行业经验，包括投资研究、私募股权投资、自营交易及在其他认可的本地或海外市场的行业经验等，《通函》亦反映了证监会对全球合资格和有经验的专业人士在香港申请牌照参与资产管理业务所持的欢迎态度。 详情请参阅本所刊物：
SFC Consultation Paper on Online Distribution and Advisory Platforms
On 5 May 2017 the Securities and Futures Commission (“SFC”) issued the ‘Consultation Paper on the Proposed Guidelines on Online Distribution and Advisory Platforms’ (“Proposed Guidelines”). In view of the increasing use of electronic distribution channels, the use of algorithms to construct investment portfolios and to provide investment advice(e.g. automated portfolio construction or model portfolios […]
SFC Further Guidance on Suitability Obligation
Following the regulatory changes in 2016 that increased suitability requirements on licensed persons when soliciting or recommending investment products to clients, the Hong Kong Securities and Futures Commission (SFC) has on 23 December 2016 issued two sets of Frequently-Asked-Questions (FAQs) to clarify and provide further guidance to the industry on meeting the suitability obligation. The first […]
Hong Kong Securities & Futures Commission introduces Managers-in-Charge Regime
The Hong Kong Securities and Futures Commission (SFC) has issued its “Circular to Licensed Corporations Regarding Measures for Augmenting the Accountability of Senior Management” which introduces additional specific requirements and expectations of the SFC regarding senior management personnel of licensed corporations (referred to below as “the Managers-in-Charge Circular”). The Managers-in-Charge Circular was published on 16 […]
Investing via the Shenzhen–Hong Kong Stock Connect – Disclosure and Approval Requirements for SFC authorized funds
Further to the Shanghai-Hong Kong Stock Connect announced in 2014, in August 2016, a good two years later, it was jointly announced by the China Securities Regulatory Commission (CSRC) and the Hong Kong Securities and Futures Commission (SFC) that the Shenzhen–Hong Kong Stock Connect will soon be implemented. It is anticipated that the Shenzhen-Hong Kong […]
内地互认基金获香港证监会认可后的持续合规问题解析
自内地与香港基金互认安排（“基金互认”）于2015年7月1日起正式实施至今，已有多达40余只内地基金成功南下获得香港证监会认可于香港市场公开销售。按照基金互认的相关规定，内地基金在获得香港证监会认可后（“内地互认基金”），除须符合相关内地法律法规及基金合同的要求外，还须遵守香港证监会不时颁布的有关内地互认基金获认可后的持续合规要求以及基金于香港销售方面的要求。下文就内地互认基金获香港证监会认可后的持续合规问题，从持续信息披露、基金销售文件更改以及基金广告/推广材料等多方面进行分析和阐释:
香港实施共同报告准则及自动信息交换
经济合作与发展组织（经合组织）就政府间自动信息交换（自动信息交换）引入的共同报告准则（共同报告准则）是一项重大举措，可能引起金融行业的范式转变。 继《2016年税务（修订）（第3号）条例》刊登宪报并于2016年6月30日生效后，共同报告准则将很快在香港实施。自2017年起，香港的金融机构及金融中介机构将承担法律义务向香港税务局（税务局）报告须申报人士的财务账户，并且须于下一年度5月31日（即2018年5月31日）之前向税务局作出首次报告。香港税务局将于2018年年底前基于互惠原则与相关司法辖区进行首次自动信息交换。 据税务局认为：“在自动信息交换准则下，金融机构须根据尽职审查程序识别须申报税务司法辖区的税务居民所持有的财务账户。金融机构须收集此等账户的须申报信息，并向本局提交相关信息。本局将每年与自动信息交换伙伴司法辖区的税务机关交换信息。” 自动信息交换规定将涵盖属“须申报司法辖区”（即香港已与其签订自动信息交换安排的司法辖区）的税务居民的个人。如账户持有人并非属于与香港签订自动信息交换协议的司法辖区的税务居民，则金融机构毋须申报有关账户的信息。 一般而言，一名个人是否属一个司法辖区的税务居民，要根据该司法辖区的税法确定，并且典型地要考虑该人士实际身处或逗留于某地（例如在一个课税年度内是否超过183天或其他相关的最低限期），或如属公司，则根据该公司注册成立地或其中央管理及控制所在地而定[1]。金融机构可要求账户持有人就其税务居民身份提供自我证明，以确定有关账户是否属自动信息交换下须申报的账户。 于2016年9月9日，税务局公布《金融机构指南》（税务局指南），载列相关申报规定及尽职审查程序的进一步详细指引，并载有有关集体投资计划的说明及信托的处理。有关税务局指南的概要载于此文章：crs-legal-update-chinese。 [1] 经合组织已建立一个门户网站，提供有关已承诺实施自动信息交换之司法辖区税务居住地规则的信息： http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/#d.en.347760
Hong Kong Implementation of Common Reporting Standard and Automatic Exchange of Information
The Common Reporting Standard (CRS) introduced by the Organization of Economic Cooperation and Development (OECD) for inter-governmental automatic exchange of information (AEOI) is a significant initiative that could be a paradigm shift in the financial industry. CRS will soon be implemented in Hong Kong, following the Inland Revenue (Amendment) (No.3) Ordinance 2016, published in the […]
Update on Fund Structures
Fund sponsors now have new legal forms to consider when structuring investment funds. This update highlights recent developments of note. Cayman Islands Limited Liability Company A long anticipated Cayman Islands Limited Liability Companies Law, 2016 came into force 8 July 2016. The registration of a limited liability company (“LLC”) will commence 13 July 2018. The LLC […]