On 30 June 2017, the Securities and Futures Commission (SFC) launched a pilot revamped process to enhance the process of post authorisation applications (the Revamped Post Authorisation Process) for unit trusts and mutual funds.
The Revamped Post Authorisation Process applies to applications for scheme changes, termination, merger, withdrawal of authorisation and revised offering documents received on or after 1 August 2017. Under the Revamped Post Authorisation Process, a “two-stream” approach will be adopted by the SFC in processing the applications. Under the two-stream approach, applications will either be classified into a “Simple Applications” stream or a “Complex Applications” stream. Processing of Simple Applications and Complex Applications will be subject to a maximum period of 2-month and 6-month processing times respectively from the issue of the first requisition by the SFC. Applications will lapse if no approval or authorisation is granted within the applicable processing time period as indicated in the first requisition issued by the SFC. Further details are set out in the SFC’s circular and FAQs.