Hong Kong's SFC holds further consultation on RA 13 regime

Hong Kong's Securities and Futures Commission (SFC) has conducted further consultation on the proposed amendments to subsidiary legislation and SFC codes and guidelines to implement the new Type 13 regulated activity or RA 13 regime. After the previous consultation two years ago, the SFC said respondents were generally supportive of the proposal, with some seeking clarification of the proposed licensing scope and conduct requirements. Ashley Alder, the SFC's chief executive, said the RA 13 regime will enhance the regulation of public funds in Hong Kong by regulating how depositaries safeguard scheme assets and oversee scheme operations. Alder said the new regulatory framework is in line with those in other leading international markets and is an important part of the SFC's efforts to develop Hong Kong as an international, full-service asset management centre.