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The Securities and Futures Commission (SFC) and the Ontario Securities Commission (OSC) of Ontario, Canada, today signed a Memorandum of Understanding (MoU) to enhance cooperation on the supervision of investment managers of collective investment schemes operating in either jurisdiction.
Both sides entered into the MoU on the sidelines of the annual general meeting of the International Organization of Securities Commissions in Doha, Qatar, earlier today.
The MoU would strengthen regulatory collaboration and facilitate the exchange of information between the SFC and the OSC. Following signing of the MoU, the SFC has included Ontario of Canada on its list of Acceptable Inspection Regimes. The inclusion will facilitate OSC-licensed managers in providing investment management services in respect of SFC-authorised funds (Note 1).
“The signing of this MoU between the Hong Kong SFC and the OSC marks a significant moment for both markets,” said Mr Grant Vingoe, the OSC’s CEO. “Through closer collaboration, we are opening up new markets to our regulated firms, while also facilitating cross-border information sharing to protect investors. The OSC and the SFC are close allies in our work to support our firms, protect our investors, and help our capital markets grow.”
“This MoU represents a pivotal step towards enhancing the regulatory collaboration between the SFC and the OSC. It also lays the foundation for asset managers in both markets to offer cross-border investment management services,” said Ms Julia Leung, the SFC’s Chief Executive Officer. “In an ever challenging, complex and shifting global landscape, fostering cross-market industry collaborations and deepening market connectivity between Hong Kong and its trusted and like-minded overseas partners would ensure our capital markets remain robust and resilient.”
Note:
- Note to 5.1 of the Code on Unit Trusts and Mutual Funds provides that the management company or the investment delegate (who has been delegated the investment management function of a scheme) should either be licensed or registered in Hong Kong or based in a jurisdiction with an inspection regime acceptable to the SFC.
