Published On: Wed, Feb 29th, 2012

Launch of RQFII Scheme Marks SFC Major Milestone in Third Financial Quarter

Ashley AlderIn its Quarterly Report released February 29, the Securities and Futures Commission (SFC) marked a major milestone during the quarter ended 31 December 2011; the launch of the Renminbi Qualified Foreign Institutional Investors (RQFII) scheme and authorizing 19 RQFII funds to date. The funds offer Hong Kong retail investors one of the most direct channels to participate in the Mainland equity and bond markets.

“The launch of RQFII funds in Hong Kong is evidence that our partnership with the Mainland in pursuit of an open, robust financial sector can be mutually beneficial,” said Mr Ashley Alder, the SFC’s Chief Executive Officer.

The SFC also worked with the Hong Kong Monetary Authority (HKMA) and consulted the public on setting up a supervisory regime for Hong Kong’s over-the-counter derivatives market. The proposed regime marks Hong Kong’s commitment to implementing market reforms agreed among the Group of Twenty leaders.

To help pave the way for establishing the independent Financial Dispute Resolution Centre (FDRC), the SFC launched a consultation on amendments to the code of conduct requirements for intermediaries. One key proposal will be to require persons regulated by the SFC or the HKMA to comply with the FDRC Scheme and be bound by its process.

Meanwhile, the SFC continued to raise investor awareness through various channels. The television campaign “Invest prudently Signing means responsibility,” launched in October, reminded investors that when they put their signature to any investment documents, they are committed to the terms stated and should be prepared to take responsibility for their decisions.

The report is available under “Speech, Publications & Consultations” – “Publications” of the SFC website.

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