SFC welcomes licence and registration applications from depositaries of public funds

The Securities and Futures Commission, SFC, has published a statement to once again remind of the fact that it is currently accepting applications from existing depositories of Collective Investment Schemes (CISs) for licensing and registration of a RA 13 activity related to depositories. Applications may only be submitted via WINGS, the online filing platform of the SFC, up to November 30, 2023 (inclusive).
RA 13 activities are depository related activities such as the safeguarding of funds and the monitoring of a CIS‘ compliance with its statutory documents (e.g. investment limit monitoring, monitoring of fund valuations, etc.).
Beginning October 2, 2024 depositories of CIS come under the remit of the SFC which means that they have to adhere to licensing, registration, conduct, own funds, competency, fit and proper, and other requirements.
The SFC notes that depositories are also recommended to take note of the concurrently issued circular (please see EventID 22449) which provides further information on who needs to be licensed or registered, some specific regulatory requirements for RA 13 depositories, and the timeline for applications and transitional arrangements.