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Fund Distribution Alert 2020-01

Fund Distribution Alert 2020-01

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Said Fihri

Partner, ADV – Investment Services

KPMG in Luxembourg

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Hong Kong: Change of UK collective investment schemes from UCITS to UK UCITS post-Brexit

On 6 February 2020, the Hong Kong Securities and Futures Commission (SFC) issued an updated “List of recognised jurisdiction schemes”, “List of inspection regimes”, “Application of the Code on Unit Trusts and Mutual Funds on UCITS funds” guidance notice and related FAQ.

The updates reflect that UK domiciled collective investment schemes will no longer be classified as UCITS but rather as “UK UCITS” following Brexit and the transition period.

The application procedure in Hong Kong for UK collective investment schemes classified as UK UCITS remains unchanged. It continues to follow either the “Mutual recognition of funds (MRF) between the United Kingdom and Hong Kong” dated 8 October 2018 — or the streamlined process for UCITS funds, which also applies to UCITS domiciled in Germany, France, Luxembourg and the Netherlands.

Links to the updated documents can be found here:


Please feel free to contact us if you require any additional information.

Contact

Said Fihri
Partner
+352 22 51 51 7892
said.fihri@kpmg.lu


Stephanie Zedda
Senior Manager
+352 22 51 51 7271
stephanie.zedda@kpmg.lu

Please note that any information provided is general in nature, is based on the latest publicly available information as analyzed on a best endeavor basis and does not constitute any specific legal opinion or advice.

© 2020 KPMG Luxembourg, Société coopérative, a Luxembourg entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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