The SFC has announced that with effect from 1 February 2018, the revamped process of applications for the approval of post authorisation changes and revised offering documents (Revamped Process) for SFC-authorised funds will be formally adopted.
By way of background, the Revamped Process was implemented on 1 August 2017 for a six-month pilot period. Applications received by the SFC are processed under “Simple Applications” or “Complex Applications”, subject to a maximum period of 2-month and 6-month processing times respectively from the issue of the first requisition by the SFC. The Revamped Process will not apply to any non-retail MPF products.
The SFC has revised its forms, confirmations and FAQs for clarity, taking into account comments from the industry. The SFC has also enhanced a few post authorisation requirements. The amount of costs/expenses incurred in connection with a change which are borne by the managers will no longer need to be disclosed in the notice to investors. The On-going Compliance Form will not be required in the case of de-authorisation resulting from a merger/termination. Further guidance has also been provided in respect of Chinese translation confirmations and applications involving multiple scheme changes that fall under both Simple Applications and Complex Applications.
The new forms and confirmations must be used in respect of post authorisation applications received by the SFC after 14 February 2018.