July marked the implementation of the long-discussed open-ended fund company (OFC) structure in Hong Kong, providing an alternative to unit trusts and more flexibility on share capital adjustment. The Securities and Futures Commission (SFC) gazetted the Code on Open-ended Fund Companies and relevant forms for the implementation of the OFC regime last week, which came into legislation last Monday. The legislation…
July Regulatory Round-up: OFC structure launches in Hong Kong; AML remains focus of compliance
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