• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Brexit

KPMG Luxembourg notes HK regulator shift on UK Ucits after Brexit

KPMG Luxembourg notes HK regulator shift on UK Ucits after Brexit
  • Jonathan Boyd
  • Jonathan Boyd
  • @jonathanboyd
  • 10 February 2020
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

The Hong Kong Securities and Futures Commission (SFC) has changed the way it regulates and authorises Ucits manufactured in the UK, notes KPMG Luxembourg in its latest Fund Distribution Alert.

The SFC announced on 6 February that it has issued an updated "List of recognised jurisdiction schemes", "List of inspection regimes", and "Application of the Code on Unit Trusts and Mutual Funds on Ucits funds".

Related articles

  • KPMG Luxembourg notes HK regulator shift on UK Ucits after Brexit
  • Danish court sets scene for EU tax clash over Danish funds
  • KPMG warns firms not to ignore Brexit TPR consultation
  • Schroders to axe up to 100 jobs in Luxembourg

KPMG notes that these changes reflect the fact that UK domiciled collective investment schemes will no longer be classificed as Ucits, but as "UK Ucits" post Brexit and during the transition period.

It adds that "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 further information from the SFC can be found here:

  • (Updated) List of recognized jurisdiction schemes
  • (Updated) List of inspection regimes
  • (Updated) Frequently asked questions on SFC authorization of UCITS funds — questions one and seven have been updated
  • (Updated) Application of the code on unit trusts and mutual funds on UCITS funds 

Brexit means that UK authorised schemes are no longer established and authorised in the EEA, and have lost their legal status as Ucits funds according to EU law - as explained by the UK government in August 2019: https://www.gov.uk/government/publications/draft-eu-exit-sis-for-investment-funds-and-their-managers/the-collective-investment-schemes-amendment-etc-eu-exit-regulations-2018-explanatory-information

The status of UK Ucits and their treatment could change again in future, depending on what happens after the transition peroid.For example, Danish law firm Njord warned last year (2019) that if a no-deal scenario emerged, then the ability to passport such funds into Denmark from the UK might no longer be possible. The transition period agreement avoids that no-deal scenario for now, but it is uncertain to what degree passporting will be allowed following the negotiations between the UK and the EU27, which are scheduled to take place through 2020.

 

This article was first published by InvestmentEurope, a sister title to International Investment

Subscribe to International Investment's free, twice-daily, newsletter

 

 

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Brexit
  • UK Ucits
  • Undertakings for Collective Investment in Transferable Securities (Ucits)
  • Regulation
  • Hong Kong
  • Hong Kong Securities and Futures Commission (SFC)
  • UK

More on Brexit

Brexit deals hefty blow to City but industry is ready to fight back

  • Brexit
  • 19 January 2021
In-Depth: Deal or no deal? Brexit uncertainty spooks industry as talks go to the wire

  • Brexit
  • 11 December 2020
Endgame Brexit talks should not be the focus for investors, says deVere boss

  • Brexit
  • 08 December 2020
More UK banks confirm Brexit account closures

  • Brexit
  • 04 December 2020
British government to give new EHIC cards to EU citizens living in the UK

  • Health Insurance
  • 02 December 2020
Back to Top

Most read

Duff & Phelps opens Gibraltar office
Duff & Phelps opens Gibraltar office
Brexit deals hefty blow to City but industry is ready to fight back
Brexit deals hefty blow to City but industry is ready to fight back
Comment: Are cryptocurrencies the new gold?
Comment: Are cryptocurrencies the new gold?
FSCS warns industry of £1bn compensation bill
FSCS warns industry of £1bn compensation bill
Dubai regulator to develop cryptocurrency framework
Dubai regulator to develop cryptocurrency framework
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading