SFC and CSSF sign MoU on Luxembourg-Hong Kong Mutual Recognition of Funds

15 Jan 2019



The Securities and Futures Commission (SFC) and the Commission de Surveillance du Secteur Financier (CSSF) have entered into a Memorandum of Understanding (MoU) on Mutual Recognition of Funds (MRF), which will allow eligible Hong Kong public funds and Luxembourg UCITS funds to be distributed in each other’s market through a streamlined process.

The MoU also establishes a framework for exchange of information, regular dialogue as well as regulatory cooperation in relation to the cross-border offering of eligible Hong Kong public funds and Luxembourg UCITS funds.

"The new cooperation framework expands our MRF network following Mainland China, Switzerland, France and United Kingdom.  It further strengthens our ties and regulatory cooperation with Luxembourg, a major hub for fund domicile," said Mr Ashley Alder, the SFC’s Chief Executive Officer.  

"Hong Kong and Luxembourg have a long history of cooperation in the area of mutual fund distribution.  The new memorandum of understanding is an important step for the mutual recognition of investments funds in our respective jurisdictions, and demonstrates the excellent cooperation between our two supervisory authorities," said Mr Claude Marx, the Director General of the Luxembourg CSSF.

Further details of the mutual recognition of funds scheme are set out in the “SFC circular” and the “CSSF streamlining requirements and process for mutual recognition of Hong Kong funds” issued today.

End

Note:

  1. A photo taken after signing the Memorandum of Understanding.  At the front: SFC CEO Mr Ashley Alder with CSSF Director Mr Marco Zwick.  Back from left: SFC Executive Director of Investment Products Division Ms Christina Choi, Deputy Secretary (Financial Services) of the Financial Services and the Treasury Bureau Mr Chris Sun, SFC Chairman Mr Tim Lui, Luxembourg’s Minister of Finance Mr Pierre Gramegna, Director of the Treasury of Luxembourg’s Ministry of Finance Ms Isabelle Goubin and Luxembourg’s Ambassador to China Mr Marc Hübsch.




Page last updated : 15 Jan 2019