Smooth transition for SFC authorized funds and Investment-Linked Assurance Schemes

On 27 June 2011, the SFC announced that the transition of the SFC-authorized funds and Investment-linked Assurance Schemes (ILAS) into the new regime has been completed smoothly.

Commencing 25 June 2011, existing SFC-authorized funds and ILAS that will continue to be marketed to the public in Hong Kong are required to provide investors with a Product Key Facts Statement (KFS) and an offering document that satisfies a number of additional disclosure requirements (revised offering document).

Central to the new regime is the SFC Handbook for Unit Trusts and Mutual Funds, Investment-Linked Assurance Schemes and Unlisted Structured Investment Products (Handbook), which came into effect on 25 June 2010.

Upon completing the transition, the SFC will embark on a surveillance programme on the KFS and revised offering documents and maintain a close dialogue with fund managers and ILAS issuers where appropriate.

Further information is available here.