Page 44 - 期货和衍生品行业监管动态（2025年10月）

期货和衍生品行业监管动态

three-month consultation on proposed amendments to the Code on Unit Trusts and

Mutual Funds (UT Code), which will align Hong Kong’s regulatory regime for

SFC-authorised funds with the latest international regulatory standards and broaden

product offerings for investors.

Key revisions to the UT Code include allowing an alternative approach for

managing derivative investments in retail funds, updating requirements for fund

liquidity risk management, and enhancing the requirements for money market funds.

Once implemented, the proposals will not only drive fund market growth but also

strengthen the resilience of the city’s asset management sector.

“These enhancements reflect the SFC’s firm commitment to advancing the public

fund market through robust regulations and reinforcing Hong Kong’s position as a

leading international asset and wealth management centre,” said Ms Christina Choi,

the SFC’s Executive Director of Investment Products. "We are dedicated to ensuring

our regulatory regime remains competitive globally by fostering product innovation

and upholding investor protection."

The SFC will adopt a step-by-step approach to facilitate new fund offerings for

retail access to private markets, first, by admitting listed closed-ended alternative
assets funds, and then by allowing, on a case-by-case basis, greater flexibility for

SFC-authorised unlisted funds to invest a larger portion in illiquid assets, subject to

robust safeguards on the fund’s overall liquidity risk management.

The SFC also proposed consequential amendments to relevant provisions of the

SFC Code on MPF Products, the Code on Pooled Retirement Funds, the Code on

Investment-Linked Assurance Schemes and the Code on Real Estate Investment

Trusts.

The public is invited to submit their comments to the SFC on or before 21

January 2026 via the SFC website (www.sfc.hk), by email to utc-consultation@sfc.hk,

by post or by fax to 2877 0318.

30