In a deal that will expand access to the Hong Kong market for Quebec-based fund managers, the Autorité des marchés financiers (AMF) signed a memorandum of understanding with the Securities and Futures Commission of Hong Kong (SFC).
Following meetings on Monday in Madrid at the International Organization of Securities Commissions (IOSCO), the regulators signed a deal to enhance cooperation and facilitate cross-border supervision, which will boost access to one another’s markets.
Back in May, the SFC signed a similar agreement with the Ontario Securities Commission (OSC).
Now, the SFC had added Quebec to its list of approved regulatory regimes — along with Ontario, the U.S., the U.K., Australia and various other markets in Europe and Asia. The move will ease access to Hong Kong’s markets for AMF-registered portfolio managers seeking to provide investment management services to funds authorized by the SFC.
‘‘This MoU reflects our shared commitment to fostering robust and transparent regulatory standards. By strengthening cooperation between Quebec and Hong Kong, we are enabling asset managers to access new opportunities, better serve investors and support innovation, integrity and resilience in our capital markets,’’ said Yves Ouellet, AMF president and CEO, in a release.
‘‘This MoU marks a new chapter in regulatory collaboration between the SFC and the AMF, particularly in the realm of asset management. As closer regulatory cooperation takes root, both Hong Kong and Quebec stand to benefit from enhanced cross-market industry collaboration and market connectivity,’’ said Julia Leung, CEO of the SFC.