New licence requirement for depositories of public funds

The Hong Kong Securities and Futures Commission (SFC) has issued a consultation paper (Consultation) that proposes a new licensing regime for trustees and custodians (depositories) of SFC-authorized collective investment schemes (Relevant CIS). The Consultation is open for comment until 31 December 2019. Existing trustees and custodians of Relevant CIS should read the Consultation and consider what the proposed licence and conduct requirements will mean for their business.

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