HK SFC announced launch of Fund authorisation simple track (FASTrack) to expedite processing of simple fund applications, aiming to grant same within 15 business days.
It also issued updated FAQ, guide on practices and procedures, information checklist regarding application process for authorization of unit trusts and mutual funds.
Background and Rationale
Current processing time for standard/non-standard applications is 1.5/2.5 months.
Initiative aims to enhance Hong Kong's competitiveness as asset management hub.
Eligibility Criteria
Fund types eligible for FASTrack include equity, bond and mixed funds, as well as ETFs/unlisted index funds tracking indices used by existing HK SFC-authorized funds.
Plus, other funds as specified; fund must not be derivative fund or have novel features, management firm must be located in mutual recognition of funds (MRF) jurisdiction or other prescribed acceptable jurisdiction; investment delegates must fulfill obligations.
Effectiveness
New process takes effect Nov. 4, SFC to monitor operation in pilot until May 4, 2025.
