The exemption applies to schemes that take a corporate form, such as mutual fund companies, and are listed on the Stock Exchange of Hong Kong.
The exemption has been proposed as part of the SFC’s attempts to promote the asset management industry in Hong Kong (CR, 1/28). According to the regulator, at present there are no exchange-traded index-tracking funds listed in the special administrative region that have been structured as corporations. The structure is common in other jurisdictions, however, and the SFC said the proposed exemption would help the local ETF market develop by allowing new forms of ETF to list.
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