- Update includes changes to the Substantial Shareholding threshold and time to report.
- Changes to Sensitive Sectors which include new restrictions on foreign ownership in airlines.
Update to address High Risk Countries
On 11 July, the EC issued a letter on the AMLD assessment of high risk third countries.
Brief highlights of Beneficial Ownership
On 10 July, the SFC and the AMF have signed a Memorandum of Understanding on Hong Kong-France Mutual Recognition of Funds (MRF).
The MOU will allow eligible Hong Kong public funds and French UCITS funds to be distributed to retail investors in each other’s market through a streamlined authorization process.
The MoU is the first agreement between Hong Kong and a member of the European Union which establishes the regulatory framework for distribution of eligible Hong Kong and French funds, which currently include general equity funds, bond funds and mixed funds.
It also stipulates a mechanism for regular dialogue and regulatory cooperation thus enabling the SFC and the AMF to fulfil their respective supervisory and regulatory mandates.