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Hong Kong: SFC releases Consultation Conclusions and commences Further Consultation on proposed depositaries (RA 13) regime

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In brief

The Securities and Futures Commission (SFC) recently released the Consultation Conclusions on the Proposed Regulatory Regime for Depositaries of SFC-authorised Collective Investment Schemes (“RA 13“) (“Consultation Conclusions“) and the Further Consultation on Proposed Amendments to Subsidiary Legislation and SFC Codes and Guidelines to Implement the Regulatory Regime for Depositaries of SFC-authorised Collective Investment Schemes (“Further Consultation“). Whilst many of the proposals from the 2019 original consultation (“2019 consultation“) will be adopted without change, the SFC has refined its approach in several key areas to provide greater clarity to the industry. We summarise the key requirements that will be applicable to RA 13 licensees, the Consultation Conclusions and the new proposals for consultation in the Further Consultation.

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Sophia Man is a partner in Baker McKenzie’s Financial Services Group. She has over 17 years’ experience in advising trustees, fund managers, custodians, administrators and employers on fund formation, restructuring, investment and regulatory matters. Sophia is a member of the Retirement Schemes Committee of the Hong Kong Law Society.

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Grace Fung is a partner in Baker McKenzie’s Financial Services group.

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Aaron Dauber is a Registered Foreign Lawyer and the Knowledge Lawyer for Baker McKenzie's non-contentious Financial Services Regulatory practice. He is responsible for monitoring and training on regulatory change, legal content projects and other knowledge initiatives to support the firm and our clients. Aaron's experience includes over 13 years' as an in-house counsel responsible for legal support to businesses across the Asia Pacific region including Japan and Australia with a global systemically important bank.

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