Regulatory framework and licensing requirements for trustees and custodians – Type 13 regulated activity

In February 2022, the Securities and Futures Commission released its Consultation Conclusions on the proposed regulatory framework and began a further consultation on the details to introduce a new Type 13 regulated activity, which aims to regulate top-level trustees and custodians of SFC-authorised collective investment schemes, and supervise how they should safeguard scheme assets and oversee scheme operations for public funds in Hong Kong. On 24 March 2023, the SFC issued the consultation conclusions on proposed legislative and code amendments on the RA 13 regime, and the legislative amendments were gazetted on the same day.