In our article of 18 January 2018, we summarised the proposals set out in the consultation paper issued by the Securities and Futures Commission (SFC) on amendments to the Code on Unit Trusts and Mutual Funds (UT Code).

In our submission on the proposals to the SFC, which is available here, we welcomed the SFC’s initiative to undertake a comprehensive review of the UT Code and set out some general and specific comments. Our general comments relate to key operators (the approval of investment delegates; key investment personnel) and derivative investments (the treatment of funds as derivative products; investments in derivatives).

The consultation period ended on 19 March 2018. SFC will publish its conclusions, together with an implementation plan, in due course.