The Ontario Securities Commission (OSC) announced it signed an agreement with the a Hong Kong securities regulator.
The OSC announced the memorandum of understanding (MoU) with the Securities and Futures Commission of Hong Kong (SFC) in a press release Wednesday, saying the relationship will further “fair, efficient, and competitive capital markets.” The agreement came into effect Tuesday and will strengthen regulatory collaboration and promote the sharing of information between the regulators, the release said.
“The signing of this MoU between the Hong Kong SFC and the OSC marks a significant moment for both markets,” Grant Vingoe, OSC CEO said in the release.
“Through closer collaboration, we are opening up new markets to our regulated firms, while also facilitating cross-border information sharing to protect investors. The OSC and the SFC are close allies in our work to support our firms, protect our investors, and help our capital markets grow.”
The agreement will provide OSC-registered portfolio managers with greater access to Hong Kong markets, according to the release, by allowing for investment management services in respect of SFC authorised funds.
“This MoU represents a pivotal step towards enhancing the regulatory collaboration between the SFC and the OSC. It also lays the foundation for asset managers in both markets to offer cross-border investment management services,” Julia Leung, SFC CEO, said in the release.
“In an ever challenging, complex and shifting global landscape, fostering cross-market industry collaborations and deepening market connectivity between Hong Kong and its trusted and like-minded overseas partners would ensure our capital markets remain robust and resilient.”
