Dubai, UAE: The Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC) co-hosted a high-level roundtable today on opportunities for Hong Kong asset managers to distribute funds in the Dubai International Financial Centre (DIFC).

More than 15 top executives of Hong Kong asset managers attended the roundtable discussion presided over by the DFSA’s Chief Executive Ian Johnston and the SFC’s Chief Executive Officer Julia Leung. During the joint session, Mr Johnston introduced the regulatory requirements for offering Hong Kong-domiciled funds in the DIFC, and prospects in DIFC for Hong Kong asset managers, including access to investors in the UAE market through the UAE fund passporting regime.

Also present at the event were the SFC’s Executive Director of Investment Products, Christina Choi, and DFSA’s Associate Director of Conduct, Supervision, David Tait, who elaborated on relevant regulatory requirements at a subsequent seminar.

Ian Johnston, Chief Executive of the DFSA, said: “It has been a pleasure to co-host this roundtable with the SFC in Hong Kong. With the expansion of the China-Middle East corridor, we see an opportunity for greater cooperation between DIFC and Hong Kong, particularly in the asset management sector. We, as the regulator, are committed to meaningful collaboration between our leading international financial centres and recognise that this is critical to our continued collective success."

Julia Leung, Chief Executive Officer of the SFC, said: “The SFC is committed to facilitating the development of deeper and broader investment markets for our asset management industry and we look forward to exploring further connectivity with the DIFC in the asset management space. I am sure Hong Kong asset managers had valuable takeaways from the events today, which are only the beginning of our collaboration.”

The DFSA and the SFC plan to host another roundtable for asset management industry participants in Dubai next month.

As a quick reference for Hong Kong asset managers, the SFC has published an information sheet on its website to provide an overview of the market landscape of DIFC, and how Hong Kong funds could be offered in the DIFC and the mainland UAE via DIFC by way of the UAE fund passporting regime.

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For further information, please contact:
Corporate Communications
Dubai Financial Services Authority
Level 13, The Gate, West Wing
Dubai, UAE
Email: DFSAcorpcomms@dfsa.ae
www.dfsa.ae 

The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose built financial free zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, crowdfunding platforms, money services, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for administering Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislation that applies to regulated firms and Designated Non-Financial Businesses and Professions in the DIFC. Please refer to the DFSA's website for more information.

The Securities and Futures Commission (SFC) is an independent statutory body set up in 1989 to regulate Hong Kong's securities and futures markets, deriving investigative, remedial and disciplinary powers from the Securities and Futures Ordinance (SFO) and subsidiary legislation. Operationally independent of the Government of the Hong Kong Special Administrative Region, the SFC is funded mainly by transaction levies and licensing fees. Principal responsibilities include maintaining and promoting the fairness, efficiency, competitiveness, transparency and orderliness of the securities and futures industry.

Ian Johnston was appointed Chief Executive of the DFSA in 2022, a position he previously held from 2012 to 2018. Originally a lawyer, Mr Johnston held a number of senior positions within the financial sector, including as CEO of one of Australia’s major trustee companies. In 1999, Mr Johnston moved into regulation joining the Australian Securities and Investments Commission as Executive Director, Financial Services Regulation, and spent several terms as an Acting Commissioner. He served as a Special Advisor with the Hong Kong Securities and Futures Commission from 2005. Currently, Mr Johnston serves as Vice Chair of the International Organisation of Securities Commissions’ (IOSCO) Africa and Middle East Regional Committee and as an IOSCO Board member.

Julia Leung has been Chief Executive Officer (CEO) of the Securities and Futures Commission (SFC) since 2023. Ms Leung joined the SFC in March 2015 as Executive Director of the Investment Products Division. She became Executive Director of the Intermediaries Division in June 2016 and took on the additional capacity of Deputy CEO in March 2018. In more than 25 years of public service, Ms Leung has extensive experience in financial regulation, market development and international cooperation. Prior to joining the SFC, Ms Leung was the Under Secretary for Financial Services and the Treasury from August 2008 to December 2013. Before that, she served at the Hong Kong Monetary Authority for 14 years, spending the last eight years as the Executive Director responsible for financial cooperation with Mainland and other international regulators. Ms Leung chairs the SFC’s Executive Committee, and sits on the Advisory Committee, Investment Committee, Budget Committee and SFC (HKEC Listing) Committee.