China News Service, Hong Kong, July 2nd. The Hong Kong Special Administrative Region Government published the Securities and Futures (Amendment) Bill 2021 and the Limited Partnership Fund and Business Registration Laws (Amendment) Bill 2021 in the Gazette on July 2. "Bill") in order to establish a new fund relocation mechanism to allow existing non-Hong Kong investment funds to relocate their registered and operating locations to Hong Kong.
A spokesperson for the SAR Government said: The "Bill" aims to attract existing foreign investment funds to settle in Hong Kong.
This will help consolidate Hong Kong's position as an international asset and wealth management center, and drive the demand for local related professional services.
"The new fund registration mechanism will facilitate foreign funds to enter Hong Kong and register as an open-end fund company or limited partnership fund. The continuity of the fund after the registration (including the contract and the acquired property) will be preserved without exemption Understand the procedures for dismantling the original fund and re-establishing a new fund to meet the operational needs of investment funds." The spokesperson said.
It is reported that under the proposed mechanism, funds established in the form of companies or limited partnerships under the laws of jurisdictions other than Hong Kong can be registered in Hong Kong as open by applying to the Securities and Futures Commission or the Registrar of Companies Fund company or limited partnership fund.
The Bill will be introduced to the Legislative Council for first reading on July 7.
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