Hong Kong, UAE agree to broaden cross-border fund sales

Hong Kong’s Securities and Futures Commission said it has signed a Memorandum of Understanding with the United Arab Emirates’ Securities and Commodities Authority to expand cross-border market access for public funds under a Mutual Recognition of Funds arrangement.

The MoU expands the city’s public fund distribution network into the Middle East, by allowing the direct offering of unlisted foreign funds to retail investors in the UAE for the first time.

Julia Leung Fung-yee, chief executive of the SFC, said the collaboration “not only reaffirmed the city’s standing as a preferred fund domicile, but also highlighted its role as a premier gateway between the Chinese Mainland and the Middle East.”