The Hong Kong Securities and Futures Commission (SFC) and the Central Bank of Ireland (CBI) have entered into a Memorandum of Understanding on Mutual Recognition of Funds to enable eligible Hong Kong and Irish public funds to be distributed in each other’s markets through a more streamlined process. The updated cooperation framework replaces a 1997 arrangement on supervising cross-border investment management activities. It permits, for the first time, the cross-border offering of eligible Hong Kong public collective investment schemes in Ireland and provides for Irish Undertakings for Collective Investment in Transferable Securities (UCITS) meeting specified criteria to be authorised by the SFC for sale in Hong Kong under an expedited approval process. Eligible simple Irish-domiciled funds may be processed under the SFC’s FASTrack approach, under which the SFC undertakes to complete authorisation within 15 business days; Ireland becomes the 11th jurisdiction in the SFC’s mutual recognition of funds scheme. Further operational details are set out in circulars issued by the SFC and the CBI.
Hong Kong Securities & Futures Commission 2025-05-14
Hong Kong Securities and Futures Commission and Central Bank of Ireland sign mutual recognition framework to streamline cross-border public fund distribution
The Hong Kong Securities and Futures Commission and the Central Bank of Ireland have signed a Memorandum of Understanding on Mutual Recognition of Funds, streamlining distribution of eligible public funds between Hong Kong and Ireland. This framework replaces a 1997 arrangement, allowing cross-border offerings of Hong Kong public collective investment schemes in Ireland and Irish UCITS in Hong Kong under expedited processes. Ireland is now the 11th jurisdiction in the SFC's mutual recognition of funds scheme.