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Hong Kong, Luxembourg regulators sign MOU on mutual recognition of funds

Hong Kong's Securities and Futures Commission and Luxembourg's Commission de Surveillance du Secteur Financier signed a memorandum of understanding for the mutual recognition of investment funds in their respective jurisdictions.

The MOU would allow eligible Hong Kong public funds and Luxembourg's UCITS funds to be distributed in each other's market through a streamlined process. The MOU also establishes a framework for exchange of information, regular dialogue and cooperation between the regulators.

UCITS, or undertakings for collective investment in transferable securities, is a regulatory framework in Europe for the management and sale of mutual funds.