11 Sep 2020
The SFC today announced that amendments to the Code on Open-ended Fund Companies (OFC Code) have taken effect. Among other changes, private open-ended fund companies (OFCs) in Hong Kong are no longer subject to investment restrictions and the eligibility requirements for OFC custodians have been expanded.
The SFC has issued a circular to the industry on the implementation of the revised OFC regime. Existing private OFC custodians are allowed a six-month transition period from today to ensure compliance with new safekeeping requirements