SFC and DFSA co-host high-level roundtable on distributing Hong Kong funds in Dubai International Financial Centre
The Securities and Futures Commission (SFC) and the Dubai Financial Services Authority (DFSA) co-hosted a high-level roundtable today on opportunities for Hong Kong asset managers to distribute funds in the Dubai International Financial Centre (DIFC).
At the roundtable discussion presided over by the SFC’s Chief Executive Officer Ms Julia Leung and the DFSA’s Chief Executive Mr Ian Johnston and attended by more than 15 top executives of Hong Kong asset managers, Mr Johnston introduced the regulatory requirements for offering Hong Kong-domiciled funds in the DIFC and opportunities in DIFC for Hong Kong asset managers, including accessing investors in the wider United Arab Emirates (UAE) market through the UAE fund passporting regime.
The event was also joined by SFC’s Executive Director of Investment Products, Ms Christina Choi, and DFSA’s Associate Director of Conduct, Supervision, Mr David Tait, who elaborated on relevant regulatory requirements at a subsequent seminar.
“The SFC is committed to facilitating the development of deeper and broader investment markets for our asset management industry and we look forward to exploring further connectivity with the DIFC in the asset management space. I am sure Hong Kong asset managers had valuable takeaways from the events today, which are only the beginning of our collaboration,” said Ms Leung.
Mr Johnston said: “It has been a pleasure to co-host this roundtable with the SFC in Hong Kong. With the expansion of the China-Middle East corridor, we see an opportunity for greater cooperation between DIFC and Hong Kong, particularly in the asset management sector. We, as the regulator, are committed to meaningful collaboration between our leading international financial centres and recognise that this is critical to our continued collective success."
The DFSA and the SFC plan to host another roundtable for asset management industry participants in Dubai next month.
As a quick reference for Hong Kong asset managers, the SFC has published an information sheet on its website provide an overview of the market landscape of DIFC and how Hong Kong funds could be offered in the DIFC and the mainland UAE via DIFC by way of the UAE fund passporting regime.
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