Hong Kong Securities And Futures Commission And Québec’s Autorité des Marchés Financiers Enhance Regulatory Cooperation On Supervision Of Cross-Border Investment Management Activity

The Securities and Futures Commission (SFC) and the Autorité des marchés financiers (AMF), the financial regulator of Québec, Canada, have concluded a Memorandum of Understanding (MoU) (Note 1) to enhance cooperation on the supervision of investment managers of collective investment schemes operating in either market.

The two sides entered into the MoU on the sidelines of the Board Meeting of the International Organization of Securities Commissions in Madrid, Spain, today.

The MoU provides for a regulatory framework for consultation, cooperation and exchange of information in connection with the supervision and oversight of regulated entities engaging in cross-border investment management services. The SFC has included Québec of Canada on its list of Acceptable Inspection Regimes following the signing of the MoU. The inclusion will facilitate AMF-licensed managers in providing investment management services in respect of SFC-authorised funds (Note 2).

“This MoU marks a new chapter in regulatory collaboration between the SFC and the AMF, particularly in the realm of asset management. As closer regulatory cooperation takes root, both Hong Kong and Québec stand to benefit from enhanced cross-market industry collaboration and market connectivity,” said Ms Julia Leung, the SFC’s Chief Executive Officer.

“This MoU reflects our shared commitment to fostering robust, transparent regulatory standards. By strengthening cooperation between Québec and Hong Kong, we are enabling asset managers to access new opportunities, better serve investors, and support innovation, integrity, and resilience in our capital markets,” said Mr Yves Ouellet, the AMF’s President and Chief Executive Officer.

Notes:

1. The conclusion of the MoU with AMF is by way of signing a counterpart to the Memorandum of Understanding between the SFC and the Ontario Securities Commission on Exchange of Information for Cooperation on Supervision of Cross-Border Investment Management Activity (Main MoU) dated 13 May 2025. As provided in the Main MoU, any Canadian securities regulatory authority may, subject to the approval of the SFC, become a party to the Main MoU by signing a counterpart to the Main MoU and the Main MoU remains a bilateral arrangement between each Canadian securities regulatory authority and the SFC.  

2. 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.