Page 44 - 期貨和衍生品行業監管動態（2025年10月）
P. 44
期貨和衍生品行業監管動態
three-month consultation on proposed amendments to the Code on Unit Trusts and
Mutual Funds (UT Code), which will align Hong Kong’s regulatory regime for
SFC-authorised funds with the latest international regulatory standards and broaden
product offerings for investors.
Key revisions to the UT Code include allowing an alternative approach for
managing derivative investments in retail funds, updating requirements for fund
liquidity risk management, and enhancing the requirements for money market funds.
Once implemented, the proposals will not only drive fund market growth but also
strengthen the resilience of the city’s asset management sector.
“These enhancements reflect the SFC’s firm commitment to advancing the public
fund market through robust regulations and reinforcing Hong Kong’s position as a
leading international asset and wealth management centre,” said Ms Christina Choi,
the SFC’s Executive Director of Investment Products. "We are dedicated to ensuring
our regulatory regime remains competitive globally by fostering product innovation
and upholding investor protection."
The SFC will adopt a step-by-step approach to facilitate new fund offerings for
retail access to private markets, first, by admitting listed closed-ended alternative
assets funds, and then by allowing, on a case-by-case basis, greater flexibility for
SFC-authorised unlisted funds to invest a larger portion in illiquid assets, subject to
robust safeguards on the fund’s overall liquidity risk management.
The SFC also proposed consequential amendments to relevant provisions of the
SFC Code on MPF Products, the Code on Pooled Retirement Funds, the Code on
Investment-Linked Assurance Schemes and the Code on Real Estate Investment
Trusts.
The public is invited to submit their comments to the SFC on or before 21
January 2026 via the SFC website (www.sfc.hk), by email to utc-consultation@sfc.hk,
by post or by fax to 2877 0318.
30
