Investor Presentaiton
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
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
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