Marketing Material Guidelines and Compliance FAQ
SECURITIES AND FUTURES COMMISSION
證券及期貨事務監察委員會
SFC
證監會
Frequently Asked Questions
Frequently Asked Questions on Advertising Materials of
Collective Investment Schemes Authorized under the Product Codes
The answers to these frequently asked questions ("FAQ") set out below are designed to assist you to understand the policy of the Investment
Products Division on the practical applications of the provisions relating to Advertising Materials in the Product Codes 1 and those in the Advertising
Guidelines Applicable to Collective Investment Schemes Authorized under the Product Codes (the "Advertising Guidelines").
The answers tend to be framed as general statements and do not consider your particular circumstances. Advertisement issuers are welcomed
to contact the Division where there is any doubt on specific issues. While the Division will respond to questions on the interpretation of the
Advertising Guidelines with reference to specified facts and circumstances, it should not be expected to answer purely hypothetical questions. Each
case will be considered on its particular facts and circumstances.
The information set out below is not meant to be exhaustive. This set of FAQ may be updated and revised from time to time.
Question
Answer
Advertising Materials
1
1.
Pursuant to the Product Codes, all
advertisements must be submitted to the SFC
for authorization prior to their issue or
publication in Hong Kong, unless exempted
under s103 of the Securities and Futures
Ordinance ("SFO").
What are the exemptions under s103 of the
SFO?
An exemption available under s103 of the SFO refers to the issue of any advertisement made
by or on behalf of an intermediary licensed or registered for Type 1, Type 4 or Type 6
regulated activity in respect of securities (s103(2)(a)), where the term “securities” includes
interests in any collective investment schemes but excludes mandatory provident fund
("MPF") schemes and their constituent funds, occupational retirement schemes and insurance
contracts. Hence, advertisements of MPF schemes, pooled retirement funds and investment-
linked assurance schemes are still required to be pre-vetted by the Commission, unless it falls
within any other applicable exemption under s103 of the SFO.
MPF schemes and constituent funds may invest in approved pooled investment funds
The Product Codes are (a) Code on Unit Trusts and Mutual Funds, (b) Code on Investment-Linked Assurance Schemes, (c) Code on Pooled Retirement Funds and (d) SFC Code
on MPF Products.
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