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Open-ended Fund Company
An open-ended fund company (abbreviated to OFC) () is an open-ended collective investment scheme structured in the form of a company with limited liability and variable share capital. An OFC provides flexibility for investors (namely shareholders of the OFC) to trade their interests in the fund through the creation, redemption and cancellation of shares. OFCs could be set up as public or private funds in Hong Kong. History The OFC structure was introduced in Hong Kong in July 2018 under the Securities and Futures Ordinance (Cap. 571). Historically, open-ended investment funds in Hong Kong were commonly established in the form of unit trusts but not in corporate forms. This is due to various capital reduction restrictions applicable in Hong Kong which restrict a company from reducing or making distributions out of its share capital unless certain procedures specified in the Companies Ordinance (Cap. 622) are followed. As corporate fund structures are becoming more popular interna ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Share Capital
A corporation's share capital, commonly referred to as capital stock in the United States, is the portion of a corporation's equity that has been derived by the issue of shares in the corporation to a shareholder, usually for cash. "Share capital" may also denote the number and types of shares that compose a corporation's share structure. Definition In accounting, the share capital of a corporation is the nominal value of issued shares (that is, the sum of their par values, sometimes indicated on share certificates). If the allocation price of shares is greater than the par value, as in a rights issue, the shares are said to be sold at a premium (variously called share premium, additional paid-in capital or paid-in capital in excess of par). Commonly, the share capital is the total of the nominal share capital and the premium share capital. Most jurisdictions do not allow a company to issue shares below par value, but if permitted they are said to be issued at a discount or part- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services And The Treasury Bureau
Financial Services and the Treasury Bureau (FSTB) is a part of the 15 policy bureaux for the Hong Kong Special Administrative Region. They are responsible for developing and executing government policy on finance and treasury. The agency was established on 1 July 2002. The current (since 1 July 2017) Secretary for Financial Services and the Treasury is Christopher Hui and the under secretary is Joseph Chan. History Financial Services Bureau was established on 1 July 1997. The previous form is Financial Services Branch under Colonial Hong Kong, headed by the Secretary for Financial Services. Finance Bureau was established on 1 July 1997. The previous form is Finance Branch under Colonial Hong Kong, headed by the Secretary for the Treasury. Financial Services Bureau and Finance Bureau were merged to become Financial Services and the Treasury Bureau on 1 July 2002, headed by the Secretary for Financial Services and the Treasury. A Financial Services Branch and a Treas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Securities And Futures Commission
The Securities and Futures Commission (SFC) of Hong Kong is the independent statutory body charged with regulating the securities and futures markets in Hong Kong. The SFC is responsible for fostering an orderly securities and futures markets, to protect investors and to help promote Hong Kong as an international financial centre and a key financial market in China. Even though it is considered to be a branch of the government, it is run independently under the authorisation of the laws relating to Securities and Futures. The head office is in One Island East in Quarry Bay. History The SFC was created in 1989 in response to the stock market crash of 1987. In 1997 following the Asian financial crisis, the regulatory framework was further improved. A comprehensive Securities and Futures Ordinance (SFO) was implemented in 2003, which expanded the SFC's regulatory functions and powers. Andrew Sheng served as chairman of the SFC from 1998 until 2005, when he was succeeded by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Umbrella Fund
An umbrella fund is a collective investment scheme that exists as a single legal entity but has several distinct sub-funds which, in effect, are traded as individual investment funds. This type of arrangement originated in the European investment management industry, most notably with the SICAV (an open-ended collective investment). The SICAV model was copied for the UK Open-ended investment company (OEIC) and offshore fund models. Advantages The umbrella fund structure makes it cheaper for investors to move from one sub-fund to another and saves the investment manager costs relating to regulatory duplication. An umbrella fund can also be set up to provide retirement, death and other benefits to members of a participating employer. In such a fund there are several participating employers who enjoy more or less the same benefits and the fund is managed by professional trustees. They cut the cost by saving on maintenance and management fees and sometimes take advantage of reduce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unit Trusts
A unit trust is a form of collective investment constituted under a trust deed. A unit trust pools investors' money into a single fund, which is managed by a fund manager. Unit trusts offer access to a wide range of investments, and depending on the trust, it may invest in securities such as shares, bonds, gilts, and also properties, mortgage and cash equivalents. Those investing in the trust own "units" whose price is called the "net asset value" (NAV). The number of these units is not fixed and when more is invested in a unit trust (by investors opening accounts or adding to their accounts), more units are created. In addition to the UK, trusts are found in Fiji, Ireland, the Isle of Man, Guernsey, Jersey, New Zealand, Australia, Kenya, Uganda, Namibia, South Africa, Singapore, Malaysia and Zimbabwe. History The first unit trust was launched in the UK in 1931 by M&G under the inspiration of Ian Fairbairn. The rationale behind the launch was to emulate the comparative robu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Limited Partnerships
A limited partnership (LP) is a form of partnership similar to a general partnership except that while a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited partner. Limited partnerships are distinct from limited liability partnerships, in which all partners have limited liability. The GPs are, in all major respects, in the same legal position as partners in a conventional firm: they have management control, share the right to use partnership property, share the profits of the firm in predefined proportions, and have joint and several liability for the debts of the partnership. As in a general partnership, the GPs have actual authority, as agents of the firm, to bind the partnership in contracts with third parties that are in the ordinary course of the partnership's business. As with a general partnership, "an act of a general partner which is not apparently for carrying on in the ordinary co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
