Investor Presentaiton slide image

Investor Presentaiton

5.6 Termination by application to the SFC Key steps: Submit a termination proposal with explanation of the proposed arrangements with: a solvency statement approved by the board of directors confirming ability of OFC to meet liabilities within following 12 months OFC to issue a termination notice to shareholders (SFC's approval is only required for public OFC according to the UT Code), following which the OFC should no longer be marketed and shall not accept new subscriptions After realization of assets, settlement of liabilities and distribution of proceeds to shareholders, an OFC may make an application to the SFC for cancellation of registration enclosing: the final accounts of the OFC accompanied by the auditor's report; a declaration signed by the OFC board and the investment manager confirming completion of realization of assets and distribution of proceeds, and there are no outstanding liabilities Note: applicant should ensure that it has no outstanding tax liabilities by obtaining a tax clearance letter from the Inland Revenue Department or, in the case of termination of sub-fund(s) of an OFC, other similar confirmation from the Inland Revenue Department an application for withdrawal of authorisation (in the case of a public OFC) OFC to make written notification to investors prior to and upon cancellation of registration, with explanations as to the reasons for the termination and cancellation of registration Cancellation of registration with CR takes place automatically upon cancellation of registration with SFC, no separate application to CR by OFC will be required Application will lapse if no approval is granted within the applicable processing time period as indicated in the first requisition issued by the SFC SFC 證監會 24
View entire presentation