Securities regulators from the mainland and Hong Kong recently signed a memorandum on the mutual recognition of funds between the two jurisdictions, which may lay the foundation for similar arrangements with other markets in future, an expert forecasted.
“China is bound to agree on mutual recognition of funds with more countries or regions that have regulatory cooperation with China, and the mutual recognition scheme between the mainland and Hong Kong is an important forerunner in this regard,” Sandra Lü, a Shanghai-based partner of Llinks Law Offices, told China Business Law Journal.
This new scheme will start on 1 July. Relevant rules have been issued respectively – Provisional Regulations on the Administration of Recognized Hong Kong Funds, by China Securities Regulatory Commission (CSRC), and the Circular on Mutual Recognition of Funds between the Mainland and Hong Kong, by Securities and Futures Commission (SFC) in Hong Kong.
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