Advisers bear brunt of Hong Kong rules

Regulatory developments in Hong Kong that will open the market to unauthorised funds could also place an added burden on advisers. The Securities and Futures Ordinance (SFO), likely to be applied in April 2003, will regulate marketing and solicitation of financial products and services in Hong Kong. At the moment, to market a fund to the public, a company needs to obtain authorisation from the Securities and Futures Commission (SFC). An unauthorised fund can be marketed to professional investors or a limited placement can be made to fewer than 50 people, which is not seen as offering ...