Investor Presentaiton
Marketing Private Funds to Investors in Hong Kong
Licensing Restriction (Section 114 of the SFO)
➤ distribution and marketing of funds in Hong Kong will fall within the regulated activity of dealing in
securities, a Type 1 regulated activity in Hong Kong
➤ exemption - "chaperon exemption" (e.g., using a placement agent or any Type 1 licensed
intermediary)
Active Marketing Restriction (Section 115 of the SFO)
no person shall actively market any offshore financial services to the public, that if provided in Hong
Kong, will be a regulated activity in Hong Kong
➤ no exemption; however, there is a tolerated market practice when marketing to institutional
professional investors
what is "active marketing"
➤ definition of "public"
extra-territorial effect
Morgan Lewis
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