Hong Kong: Summary of the SFC Circular re. Information Relating to the Risk Management and Control Process of UCITS III Funds Applying for SFC Authorisation 

September, 2006 -

The SFC has recently published a guide to the information required to be submitted to the SFC in relation to risk management and control processes by fund managers seeking approval to use the expanded investment powers under UCITS III (Guide). The Guide sets out the items and areas relating to the risk management and control process that the SFC normally expects to be provided in order to give the SFC an understanding of the risk management processes of the relevant UCITS III funds. The SFC recognises that the extent and types of financial derivative instruments employed by each UCITS III fund may be different and hence information provided to the SFC may vary for each application. Fund managers that will use the expanded investment powers are encouraged to submit the risk management policies to the SFC at an early stage of their application in order to facilitate the authorisation process.



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