DFSA and SFC Foster Collaboration Between DIFC and Hong Kong Asset Managers
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In a bid to enhance collaboration between the Dubai International Financial Centre (DIFC) and Hong Kong's asset management sector, the Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC) co-hosted a high-level roundtable discussion in Hong Kong. Over 15 top executives of Hong Kong asset managers attended the session, which was presided over by Ian Johnston, Chief Executive of DFSA, and Julia Leung, Chief Executive Officer of SFC.
During the event, Johnston outlined the regulatory framework for offering Hong Kong-domiciled funds in the DIFC, emphasizing the opportunities available for Hong Kong asset managers, including access to UAE investors through the UAE fund passporting regime. The joint session also featured insights from Christina Choi, Executive Director of Investment Products at SFC, and David Tait, Associate Director of Conduct Supervision at DFSA, who elaborated on relevant regulatory requirements during a subsequent seminar.
Expressing optimism about the collaboration, Johnston stated, "With the expansion of the China-Middle East corridor, we see an opportunity for greater cooperation between DIFC and Hong Kong, particularly in the asset management sector." Leung echoed this sentiment, highlighting SFC's commitment to facilitating the development of investment markets and expressing eagerness to explore further connectivity with DIFC.
The DFSA and SFC plan to continue their engagement by hosting another roundtable for asset management industry participants in Dubai next month. Additionally, the SFC has published an information sheet on its website to provide insights into the market landscape of DIFC and the process for offering Hong Kong funds in the DIFC and mainland UAE via the UAE fund passporting regime.
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