Hong Kong and Thailand Regulators sign MoU on Mutual Recognition of Funds

The Securities and Futures Commission ("SFC" or "the Commission") and the Securities and Exchange Commission of Thailand ("SEC") have entered into a Memorandum of Understanding ("MoU") on Mutual Recognition of Funds ("MRF") to allow eligible Hong Kong and Thai public funds to be distributed in each other's market through a streamlined process. The cooperation arrangements set out in the MoU came into effect on 20 January 2021, save for the mutual recognition of funds scheme which both regulators will endeavor to take all actions necessary to implement within six to 12 months following the signing of the MoU.

The MoU establishes a framework for exchange of information, regular dialogue as well as regulatory cooperation in relation to the cross-border offering of eligible Hong Kong and Thai funds. In addition, the two regulators have agreed to expedite the approval process of a local feeder fund investing in an MRF-eligible Thai or Hong Kong master fund and to clarify how they may be operated in a streamlined manner.

Significance of the Memorandum of Understanding 

According to the SFC's Chief Executive Officer, Mr. Ashley Alder, “this new cooperation framework signifies a major expansion of our MRF network in Asia. It opens up new business opportunities for fund management firms and broadens cross-border investment channels and choices for investors in both markets.” 

Moreover, Ms. Ruenvadee Suwanmongkol, the Thai SEC's Secretary-General, believes that "the Mutual Recognition of Funds initiative will deepen economic cooperation between Hong Kong and Thailand. More importantly, it will promote the competitiveness of local intermediaries in the international arena while enriching the types of fund products offered to investors." 

For further details, please refer to https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=21EC1 and https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=21PR7. 

Should you have any queries, please do not hesitate to contact us. 

中文版本： 

證券及期貨事務監察委員會（"證監會"）與泰國證券及交易事務監察委員會（"Securities and Exchange Commission of Thailand"，簡稱泰國證交會）簽署了一份關於基金互認安排的諒解備忘錄（簡稱《備忘錄》），藉此容許合資格的香港及泰國公募基金透過簡化程序，在對方市場分銷。  

《備忘錄》就跨境銷售合資格的香港及泰國基金建立信息互換、定期溝通及監管合作的框架。此外，證監會與泰國證交會已同意加快審批投資於基金互認安排下合資格泰國或香港主基金的當地聯接基金，並會釐清這些基金可如何以簡化方式運作。  

備忘錄的重要性 

證監會行政總裁歐達禮先生（Mr. Ashley Alder）表示：“這個新的合作框架大大擴展了本港在亞洲區的基金互認安排網絡，不但為基金管理公司開拓了新的商機，還給予兩地投資者更廣泛的跨境投資渠道和選擇。” 

泰國證交會秘書長Ruenvadee Suwanmongkol女士表示：“基金互認安排不但能深化香港與泰國的經濟合作，更重要的是，它將提升本地中介人在國際上的競爭力，並同時使銷售予投資者的基金產品更多樣化。” 證監會與泰國證交會將會致力採取一切所需行動，務求在《備忘錄》簽署後半年至12個月內落實基金互認安排。除了基金互認安排外，《備忘錄》訂明的合作安排均於今天生效。有關基金互認安排的進一步詳情已載於今天發出的《證監會通函》及《泰國證交會通函》。 

詳細內容，從參閱：

https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=21PR7和https://apps.sfc.hk/edistributionWeb/api/circular/openFile?lang=TC&refNo=21EC1(只備有英文版)。

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