Oversight August 2018 - OFC regime launched in Hong Kong

The open-ended fund company (OFC) regime came into effect 30 July 2018.

On 18 May 2018, the Securities and Futures Commission (SFC) published its consultation conclusions in respect of the proposed rules and code for the new OFCs to be established in Hong Kong (Consultation Conclusions). The consultation itself had commenced in June 2017. It was immediately preceded on 23 June 2017 by the publication of the Inland Revenue (Amendment) (No. 4) Bill 2017 which amended the Inland Revenue Ordinance (IRO) to provide for a profits tax exemption in respect of certain privately offered OFCs. Earlier still saw the enactment of the Securities and Futures (Amendment) Ordinance (Amendment Ordinance) in 2016 which amended the Securities and Futures Ordinance (SFO) to establish the legal framework for the incorporation of OFCs. This Oversight summarises the OFC regime including the framework and key provisions in the regulations now in force.

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