SFC welcomes licence and registration applications from depositaries of public funds
The Securities and Futures Commission (SFC) today began accepting applications for carrying on Type 13 regulated activity (RA 13) under a new regime which will bring depositaries of SFC-authorised collective investment schemes under the SFC's direct supervision.
The new regime will take effect on 2 October 2024 (Note 1). Depositaries operating in Hong Kong need to submit RA 13 applications through WINGS, the SFC's online submission platform, on or before 30 November 2023 (Note 2).
Today the SFC issued a circular to the industry providing additional guidance on the scope of RA 13 and transitional arrangements.
Notes:
- On 24 March 2023, the SFC released consultation conclusions on proposed amendments to subsidiary legislation and SFC codes and guidelines to implement the regulatory regime for depositaries of SFC-authorised collective investment schemes. The legislative process for introducing RA 13 into the Securities and Futures Ordinance was completed on 17 May 2023.
- The electronic licensing forms for RA 13 are now available on WINGS and the SFC’s website.
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