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SFC concludes consultation on amendments to the Code on Pooled Retirement Funds
Source: | Author:pmoaf2470 | Published time: 1248 days ago | 893 Views | Share:

The Securities and Futures Commission (SFC) today released consultation conclusions on proposed amendments (Note 1) to the Code on Pooled Retirement Funds (PRF Code).

The SFC will implement the proposals (Note 2) set out in the  consultation paper with clarifications to specific requirements such as  obligations of PRFs’ key operators and to allow flexibility for certain  operational and disclosure requirements.

“These changes will ensure our regulations governing pooled  retirement funds are up-to-date and fit for purpose,” said Ms Christina  Choi, Executive Director, Investment Products. “A robust regulatory  regime will strengthen investor protection, particularly in view of the  wide participation in Hong Kong by employers and employees in  occupational retirement schemes which invest in PRFs.”

The revised PRF Code will become effective upon gazettal. A 12-month  transitional period from the effective date of the revised PRF Code will  generally be provided for existing SFC-authorised PRFs and their  underlying investment portfolios. The SFC will also provide further  guidance to the industry regarding the implementation and transitional  arrangements by way of frequently asked questions.