MIL-OSI Asia-Pac: Fund bill passage welcomed

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Source: Hong Kong Information Services

Secretary for Financial Services & the Treasury Christopher Hui today welcomed the passage of two amendment bills on establishing fund re-domiciliation mechanisms.

He said the two bills’ passage would spur the rapid development of Hong Kong’s asset and wealth management business.

The amended ordinances establish new fund re-domiciliation mechanisms for existing funds set up in corporate or limited partnership form outside Hong Kong to re-locate their registration and operation to the city.

These funds will be registered as open-ended fund companies or limited partnership funds.

Mr Hui said to give full play to Hong Kong’s advantages as an international asset and wealth management centre, the introduction of the fund re-domiciliation mechanisms enhances Hong Kong’s investment fund regimes to attract investment funds from all over the world to set foot in the city.

“This would further develop Hong Kong into a preferred fund domicile and drive demand for local related professional services, and in turn strengthen Hong Kong’s position as an international financial centre.”

Following the passage of the Securities & Futures (Amendment) Bill 2021 and Limited Partnership Fund & Business Registration Legislation (Amendment) Bill 2021 today, the re-domiciliation mechanisms will come into operation on November 1.

MIL OSI Asia Pacific News