Changes to the open-ended fund companies regime take effect

11 Sep 2020

The Securities and Futures Commission (SFC) today announced that amendments to the Code on Open-ended Fund Companies (OFC Code) (Note 1) have taken effect. Among other changes, private open-ended fund companies (OFCs) in Hong Kong are no longer subject to investment restrictions and the eligibility requirements for OFC custodians have been expanded.

The SFC has issued a circular to the industry on the implementation of the revised OFC regime. Existing private OFC custodians are allowed a six-month transition period from today to ensure compliance with new safekeeping requirements (Note 2).



  1. The final form of the amendments to the OFC Code was set out in the Consultation Conclusions on Proposed Enhancements to the Open-ended Fund Companies Regime and Further Consultation on Customer Due Diligence Requirements published on 2 September 2020. The amendments were gazetted today and became effective immediately.
  2. As set out in Appendix A to the amended OFC Code.


Page last updated : 11 Sep 2020