On 15 January 2019, the Hong Kong Securities and Futures
Commission ("SFC") and the CSSF signed a
Memorandum of Understanding ("MoU")
concerning mutual recognition of investment funds. The conditions
applicable to Hong Kong funds and their management companies
wishing to access the Luxembourg retail market are provided in a
CSSF document ("CSSF streamlining requirements and process for
mutual recognition of Hong Kong funds") dated 15 January
2019.
On the same date, the SFC published a circular ("SFC Circular") which sets out the
additional requirements to be fulfilled by eligible Luxembourg
UCITS funds and eligible UCITS management companies.
The SFC Circular and the CSSF streamlining requirements and
process for mutual recognition of Hong Kong funds outline the
general principles which apply in the case of mutual recognition.
They outline the eligibility conditions and the ongoing
requirements (e.g. operational requirements, disclosure and
reporting requirements)
