Hong Kong Seminar - Irish...
Transcript of Hong Kong Seminar - Irish...
11 www.irishfunds.ie
22 August 2016
Hong Kong Seminar
Hosted by:
www.irishfunds.ie
Mr. Pat Lardner
Chief Executive, Irish Funds
Welcome remarks
Who/what we are….
• industry association for all aspects of regulated cross border funds
in Ireland
– representative function
– promotional function
• 113 member firms, located both in and outside Ireland
• key link to the authorities & policy makers in Ireland and beyond
• the industry’s representative in Europe and globally
• a platform for collaboration, information sharing and driving
outcomes & improvement
The Irish funds industry
• supports managers from all over the world
• full range of services for Irish domiciled
funds as well as providing expert services
for funds domiciled outside of Ireland
• solutions are provided to managers
across the full spectrum of investment
strategies
Fund Manager
Irish Administered
Funds
Irish Domiciled Funds
UCITS
AIFs
Non Domiciled Funds
www.irishfunds.ie
Long track record of delivery
Total Assets under Administration, Euro billions
Source: Central Bank of Ireland and Irish Funds
www.irishfunds.ie
Scale, Diversity and Momentum to support you
Irish Domiciled Funds – Product BreakdownEuro billions
Source: Central Bank of Ireland and Irish Funds
Brexit: Beyond the Referendum on EU Membership
Mr. Pat Lardner
Chief Executive, Irish Funds
www.irishfunds.ie
Managers’ needs pre/post vote have not changed
Objective to grow/scale their businesses cross-border by
accessing passports for products and services
Effective EU based national regulatory and taxation regimes are
vital enablers
Expert knowledge/skills across a range of providers covering the
full breadth of investment strategies/asset classes very
important
Being able to conduct business efficiently is expected
(language, legal system, service culture, cost)
Ireland has done this very successfully for over 20 years
www.irishfunds.ie
Why Ireland?
Distribution and investor support
Source: Lipper, PwC & Irish Funds, 2015
• broad mix of institutional and retail clients
• 30 languages supported
• 23 currencies supported
Global Distribution of Irish Funds: 70 countries
24%
22%
20%
18%
17%
United Kingdom Germany
France Switzerland
Netherlands
Sales Registration: Top 5 Markets for Irish UCITS
Source: Lipper, PwC & Irish Funds, 2015
www.irishfunds.ie
UK Referendum & “Brexit”
• The outcome was a surprise to most
• Things which are certain/clear:• Ireland remains a committed member of the EU
• Irish domiciled funds’ access to the EU single market unchanged
• UK remains a member of the EU for the foreseeable future
• Big questions to which there are not yet clear answers• UK’s status at the end of the process?
• When will the process start?
• How long will the process last?
• Questions we are being asked by managers - how can they work with
Ireland to retain access to the EU in providing?:• Direct portfolio management services
• Funds
• Our members are helping managers and providing solutions
www.irishfunds.ie
Assumption risk
Assumption/
Noise
Reality Impact
Pre
Referendum
Will be close but UK will
vote to remain in
Narrow vote to leave Most entities
unprepared
Post
Referendum
Article 50 notification
will happen very quickly
Seems to be moving
further away
Pre-exit period will
be very lengthy
Passports and access
remain unchanged until
the UK actually leaves
so little to do right now
Depends on strategies
you manage/delivery
mechanisms/target
market(s), your
business model
and what clients want
Staying informed
important to know
where you need to act
now and to minimise
future assumption risk
UK won’t implement EU
regulations going
forward
Still full EU members
and part of ESMA
Equivalence as a 3rd
Country highly relevant
Too early to tell
www.irishfunds.ie
Key Focus Areas
• UCITS
– Product based passport linked to EU domicile
– No equivalence or 3rd Country rules
– Pre-existing routes remain open to Asian managers
• AIFMD
– Two passports (management & marketing) – linked to manager
– Passport (EU AIFMs) & Private Placement (NonEU AIFMs) co-exist at present
– 3rd Country access, equivalence still a work-in-progress which complicates matters
• MiFID
– Passporting rights attach to EU based firms
– Which services/clients are UK based MiFID entity working with?
– MiFID2 on the way – again take care
www.irishfunds.ie
Our activity since the vote
• Engage with Irish government, regulator, agencies
– Funds industry high on the agenda
– Ireland ready and able to provide help to those who need it
• Alongside our 38 Working Groups we are breaking the “big” question into a
number of smaller ones
– Identifying/working through positions which may arise in the negotiations
– Develop specific communication and information aids
– Engage with EU colleagues
• Meeting with our members / handling inbound enquiry
• Speak to other stakeholders / peers
– Listening & acting responsibly
• Ensure we can assist managers irrespective of their starting point
www.irishfunds.ie
Some things we are seeing post the vote/more recently
• Management Companies (ManCos)
– UCITS: interest in establishing Irish UCITS ManCos to ensure EU
access continues irrespective of outcome (product holds the passport)
– AIFMs: UK AIFMs looking to preserve EU marketing access considering
establishing an Irish AIFM, appointing an Irish AIFM or using a platform
• European clients/segregated mandate solutions under MiFID
– a potential question where EU based client wants to contract with an EU
based provider of services
• Offerings aimed at pension fund investors in multiple jurisdictions
– Preserving tax transparency important - more inbound enquiry on the
Irish Common Contractual Fund (CCF)
– Irish CCF Master/Local Feeders in both EU and non-EU markets
• Solvency II related
– More onerous liquidity requirements impacts how collateral provided
– Can funds/fund units play a part?
www.irishfunds.ie
Irish Domiciled Funds: AIFsQualifying Investor Alternative Investment Funds (QIAIFs)
QIAIFs Net Assets and Number of Funds
Source: Central Bank of Ireland
www.irishfunds.ie
Other local developments……….
• Updating of Ireland’s Investment Limited Partnership Legislation
• Approved by Irish Government / legislation being worked on at present
• Will provide additional scope for private equity and real asset funds
• ESMA advice on possible extension of the AIFMD passport
• published on 19 July 2016
• no significant obstacles impeding application of the AIFMD passport to
Hong Kong
• will now be considered by the European Commission, Parliament and
Council
• EU Capital Markets Union
• Call for evidence submissions completed in January 2016
• We have subsequently met with the European Commission
• Project will continue despite UK position
www.irishfunds.ie
What does the industry in Ireland provide?
• EU Single Market Access: product & service passports
• Investor Access: European Market and beyond
• Service Excellence
• Low Costs
• Low Tax Environment
• Regulatory Environment
• Commitment from Government
• Infrastructure : language/legal/telecommunications
7thIMD WORLD
COMPETITIVENESS
2016 YEARBOOK
1st
FLEXIBILITY AND
ADAPTABILITY OF
PEOPLE
1st
IN EUROPE FOR
COMPLETION OF
3RD LEVEL EDUCATION
www.irishfunds.ie
www.irishfunds.ie
The Dynamics and Challenges for Fund Managers
- A Practical Perspective
Brexit
• Ms. Eleanor Wan, Chief Executive Officer, BEA Union Investment
• Mr. Brad Okita, Managing Director Greater China Investments, Neuberger Berman
• Mr. David McEvoy, Vice President, BlackRock
• Mr. Keith CK Chau, Partner, PwC
• Mr. Paul Moloney, Consultant, Eversheds
Moderator
Panelists
www.irishfunds.ie
Mr. Tae YooManaging Director, Client & Marketing Services
Hong Kong Exchange and Clearing Limited
Stock Connect Update
Latest Development
2020
Important Information
The information contained in this document is for general informational purposes only and does not constitute an
offer, solicitation or recommendation to buy or sell any securities or to provide any investment advice or service of any
kind. This document is not directed at, and is not intended for distribution to or use by, any person or entity in any
jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject
Hong Kong Exchanges and Clearing Limited (“HKEX”), The Stock Exchange of Hong Kong Limited (“SEHK”), Hong
Kong Securities Clearing Company Limited (“HKSCC”), Shenzhen Stock Exchange (“SZSE”), Shanghai Stock
Exchange (“SSE”) and China Securities Depository and Clearing Corporation Limited (“ChinaClear”) (together, the
“Entities”, each an “Entity”), or any of their affiliates, or any of the companies that they operate, to any registration
requirement within such jurisdiction or country.
No section or clause in this document may be regarded as creating any obligation on the part of any of the Entities.
Rights and obligations with regard to the trading, clearing and settlement of any securities effected on the SZSE, SSE
and SEHK, including through the Shenzhen-Hong Kong Stock Connect or the Shanghai-Hong Kong Stock Connect
(together “Stock Connect”), shall depend solely on the applicable rules of the relevant exchanges and clearing
houses, as well as the applicable laws, rules and regulations of Mainland China and Hong Kong.
Although the information contained in this document is obtained or compiled from sources believed to be reliable,
none of the Entities guarantee the accuracy, validity, timeliness or completeness of the information or data for any
particular purpose, and the Entities and the companies that they operate shall not accept any responsibility for, or be
liable for, errors, omissions or other inaccuracies in the information or for the consequences thereof. The information
set out in this document is provided on an “as is” and “as available” basis and may be amended or changed in the
course of implementation of Stock Connect. It is not a substitute for professional advice which takes account of your
specific circumstances and nothing in this document constitutes legal advice. HKEX and its subsidiaries shall not be
responsible or liable for any loss or damage, directly or indirectly, arising from the use of or reliance upon any
information provided in this document or the presentation given.
2121
2
1 Overview
Key Features
Implementation Timetable / SH-HK Stock Connect Update3
Agenda
2222
Expansion and Extension
Journey to a more Comprehensive Mutual Market
DESTINATION MARKET
CROSS-BORDER ACCESS
PLATFORM
The most effective
cross-border
market access
platform…
…and a unique
destination market
for products with
both Chinese and
international
relevance…
Products
Investors
Products
Investors
EQUITY
COMMODITIES
FIC
…across three
major asset classes
Connecting the markets, moving into the future
23
Overview
Shenzhen
Northbound
Connect
Shenzhen
Southbound
Connect
Launch of SZ-HK Connect is expected in ~4 months
~880 stocks for SZ Northbound covering:
Constituents of SZSE Component & SZSE Small/Mid Cap Innovation indexes with a market
capitalization of at least RMB 6 bn, and SZSE-SEHK A+H shares
Main board: ~270, SME board: ~410, ChiNext board: ~200
ChiNext open to institutional professional investors initially
Daily Quota: RMB 13 bn
~417 stocks (vs. 318 stocks for SH Southbound) for SZ Southbound, adding:
Constituents of Hang Seng SmallCap Index with a market capitalization of at least HKD 5 bn1
and SZSE-SEHK A+H shares to the existing eligible stocks
Daily Quota: RMB 10.5 bn
1: For inclusion as eligible stocks, market capitalization of a company will be calculated based on its average market
capitalization over certain preceding period prior to the Joint Announcement. Subject to regulatory approval, details will be
announced prior to the launch of SZ-HK Stock Connect
Aggregate Quota abolished
ETFs to be included but roll-out planned in 2017
SH Connect otherwise remains unchanged
Shanghai +
Shenzhen
Estimated data as of end July 2016
24
Connect with Shanghai and Shenzhen
Enlarged and enhanced Connect ecosystem
En
forc
em
en
t Co
op
era
tion
CSRC
SFC
Reg
ula
tory
Co
op
era
tio
n
HKSCC
SEHK
HK Shares
Eligible Shares*
SH A Shares
SZSE
Eligible Shares Eligible Shares
Cle
ari
ng
Lin
k
Cle
ari
ng
Lin
k
SSE/SZSE Members & ChinaClear Participants
Mainland investors
SZ A Shares
SEHK SZ SPV
ChinaClear SZChinaClear SH
SSE
SEHK SH SPV
SSE SPV
HK & Overseas investors
Order
Routing
Order
Routing
EPs / CPs
SZSE SPV
MAINLAND
HONG
KONG
* Eligible shares for the Shanghai & Shenzhen Southbound links are different
2525
Overview1
2 Key Features
Implementation Timetable / SH-HK Stock Connect Update3
2 Key Features
Agenda
2626
Shenzhen NB ConnectShanghai NB Connect
~8801
( Main: ~270, SME: ~410, ChiNext: ~200 )
~RMB 15 tri (74%)
~RMB 230 bn (68%)
567(One single board)
RMB 21.8 tri (85%)
RMB 137 bn (68%)
Eligible
Stocks
No.
Mkt Cap
ADT
Abolished
RMB 13 bn
None
RMB 13 bn
Agg. Quota
Dly. QuotaQuota
Investors Eligibility NoneChiNext participation limited to institutional
professional investors initially3
NORTHBOUND
Shenzhen SB ConnectShanghai SB Connect
Eligible
Stocks
No.
Mkt Cap
ADT
Agg. Quota
Dly. QuotaQuota
Investors Eligibility
SOUTHBOUND
Abolished
RMB 10.5 bn
None
RMB 10.5 bn
RMB 500k RMB 500k
318(Hang Seng Composite LargeCap, MidCap &
A+H shares not in indices)
HKD 19.8 tri (82%)
HKD 37 bn (85%)
~4172
(Hang Seng Composite LargeCap, MidCap,
SmallCap & A+H shares not in indices )
~HKD 21 tri (87%)
~HKD 39 bn (92%)
Key Features of Shanghai & Shenzhen Connect
1. SZ Northbound: Constituents of SZSE Component & SZSE Small/Mid Cap Innovation indexes with market capitalization of at least RMB 6 bn,
and SZSE-SEHK A+H shares (except shares under “risk alert” or delisting arrangement)
2. SZ Southbound: Constituents of Hang Seng Large & MidCap indexes, constituents of Hang Seng SmallCap index with market capitalization of at least HKD 5 bn,
and SSE-SEHK and SZSE-SEHK A+H shares
3. Subject to resolution of related regulatory issues, other investors can trade ChiNext stocks listed on Shenzhen Stock Exchange
Estimated data as of end July 2016
2727
Key Features of Shanghai & Shenzhen Connect
Trading & Clearing Links remain the same after Shenzhen
Trading
Link
Investors to trade through local brokers, and orders are routed through the
subsidiaries set up by local exchanges to the opposite markets
A new SEHK order-routing subsidiary has been established in Qianhai to foster
greater Guangdong-Hong Kong cooperation
Clearing
Link
HKSCC is a participant of ChinaClear, and clears and settles cross-border trades
with ChinaClear for HK & international investors
Risk management measures of ChinaClear SZ branch applicable to HKSCC will
be imposed on HKSCC’s participants
Same fees as SH Northbound trading(covering handling fee, securities management fee, transfer fee,
portfolio fee & stamp duty)
Current PRC tax policies applicable to SH NB
Connect regarding capital gains tax, dividend tax,
stamp duty and value-added tax shall also apply
to SZ NB Connect(subject to further regulatory announcement)
SZ Northbound SZ Southbound
Same Applicable Fees
Same fees as SH Southbound trading (covering trading fee, trading tariff, transaction levy, stamp duty,
stock settlement fee and portfolio fee)
2828
Subscription of market data services from information vendors
Free 5-depth data covering all eligible stocks available to clients of 15 key SSE &
SZSE members that have subscribed SB data package from HKEX at fixed fees
Real-time 10-depth data of all securities via SSE’s Cloud Service
Free snapshot nominal / last traded prices of all securities on 19 websites /
mobile apps
Existing SH Southbound Market Data promotion programme will be extended
to SZ Southbound Connect
Open Websites/
Mobile Apps
Free 1-depth data covering all eligible stocks available to all trading clients of all 96
SSE & SZSE members who joined Stock Connect
SSE/SZSE
Trading Platforms
Southbound
Broker Platforms
Information
Vendors’
Services
Major Mainland websites (* with mobile app)
Baidu China *East Money Guosen Sec *Hexin Flush *Shanghai DZH *Shanghai Wind *Sina *Sinolink Sec Snowball Beijing *Tencent
SSE / SZSE Members subscribed for Fixed Fee Services
Chanjiang Sec China GalaxyChina
InvestmentChina Merchants China Sec Dongxing Sec Founder Sec GF Sec Guosen Sec Guotai Junan
Haitong Sec Huatai Sec Orient Sec Ping An SecShenwan
Hongyuan
Major Mainland Information Vendors
Ant Wealth Beijing BaiduBeijing Xiang
Shang RongEast Money Hexin Flush
Shanghai E
Money
Hundshun
JuyuanShanghai DZH
Shanhai
QianlongShenzhen GTA
Sina Snowball (Beijing) SSE Infonet Taojinzhe TDX Tencent Wind Up Wealth
1: Full list of major Mainland websites: http://www.hkex.com.hk/eng/prod/dataprod/bmpservice/BMPServiceWebsite.htm
2: Full list of Information Vendors: http://www.hkex.com.hk/eng/prod/dataprod/la/ivlist/infovendor.htm
SOUTHBOUND
2929
Considerations for Broker Investments
Single Connect model for Trading and Clearing
Same operational flow for both Connect markets
Infrastructure
Operation
Fees
Single gateway for both Shanghai and Shenzhen Connect
Shared throttle for both Shanghai and Shenzhen Connect
Protect capital investment on existing hardware and software
Support business growth with existing infrastructure
Flexibility to manage flow across both Shanghai and
Shenzhen Connect
Consolidated portfolio fee calculation for both Connect
markets to lower cost1
Minimal incremental impact and investments for brokers
1: Subject to SFC’s approval
3030
Implementation Timetable3
3 Implementation Timetable / SH-HK Stock Connect Update
Overview1
2 Key Features
Agenda
3131
High-level Implementation Timetable
It should take approximately 4 months to complete the preparation for formal launch
Announcement: 16 Aug 2016 In ~4 months
Market Rehearsal
Market Communication & Investor Education
Market Readiness(EPs / CPs / Information Vendors / System Vendors / Issuers / Banks)
Official Launch
RuleAmendments
Final Regulatory
Approval on
Commencement
32
4.7 6.0 5.0 4.5 6.3
8.6 8.411.4
8.95.7 4.5 4.7 4.8
3.0 3.2 2.7 4.2
2.9 2.1 2.8 2.8
0.8 1.0
1.5 0.8
1.6
12.4
5.4
4.4
4.2
2.4 1.7 1.7 1.8
2.1 2.6 2.0
2.4
2.1 2.4 4.0 3.0
Northbound (NB) (RMB bn)
Southbound (SB) (HKD bn)
Source: HKEX data as of 25 Jul 2016
Stock Connect – Trading Trends
NB record
of RMB23.4 bn
on 6 July 2015
SB record
of HKD26.1 bn
on 9 April 2015
NB
SB
Average Daily Trading Volume: RMB5.2 bn (0.6% of SSE Total)
Aggregate Quota Used: RMB143.5 bn (47.85% of Aggregate Quota)
Average Daily Trading Volume: HKD3.0 bn (3.2% of SEHK Equity Total)
Aggregate Quota Used: HKD201.8 bn (80.72% of Aggregate Quota)
Stock Connect Average Daily Trading Volume
33
How has Northbound & Southbound Fared Since Launch?
143.5
0
20
40
60
80
100
120
140
160
180
RM
B b
n
Aggregate Quota Usage (17 Nov 2014 - 25 Jul 2016)Northbound
Quota Limit (RMB300 bn)
Total Traded
Value
(Total Buy +
Sell)
Aggregate
Quota Utilised
Average Daily
Traded Value
(Daily Buy +
Sell)
Average Daily
Traded Value /
Daily Quota
Northbound
RMB2,030bn
(~US$305bn)
RMB143.5bn
(47.85% of
aggregate quota)
RMB5.2bn
(~US$0.7bn)
40%
% of Total
Equity
Turnover
0.6%
Note: Data for 17 Nov 2014 – 25 Jul 2016, HKEx, Bloomberg
Southbound
HK$1,147bn
(~US$147bn)
RMB201.8bn
(80.4% of
aggregate quota)
HK$3.0bn
(~US$0.4bn)
29%
3.2%
201.8
0
20
40
60
80
100
120
140
160
180
200
220
RM
B b
n
Aggregate Quota Usage (17 Nov 2014 – 25 Jul 2016)Southbound
Quota Limit (RMB250 bn)
34
Southbound
Stock Connect – Top 10 Traded Stocks
Source: HKEX & SSE, from 1 Jan to 25 Jul 2016
Northbound
Rank Stock Name
ADT
USD
Million
Avg
Trade
Size
(USD)
%
1 Kweichow Moutai 25.05 10,401 5.5%
2 Ping An Insurance 19.31 9,358 4.2%
3 CITIC Securities 14.62 7,173 3.2%
4 China Minsheng Bank 13.64 7,127 3.0%
5 Industrial Bank 11.10 8,776 2.4%
6 Inner Mongolia Yili 10.34 3,853 2.3%
7 China Merchants Bank 8.95 6,979 1.9%
8Shanghai International
Airport7.77 2,978 1.7%
9 Zhejiang China 7.71 4,347 1.7%
10Shanghai Pudong
Development Bank7.52 5,784 1.6%
Rank Stock Name
ADT
USD
Million
Avg Trade
Size (USD)%
1 CCB 26.09 29,423 7.7%
2 HSBC 24.39 32,216 7.2%
3 ICBC 14.01 22,727 4.1%
4 China Merchants Bank 8.63 11,221 2.5%
5 Tencent 8.37 22,976 2.5%
6 CITIC BANK 6.77 8,172 2.0%
7Agricultural Bank Of
China5.71 9,801 1.7%
8 Bank of China 5.40 13,885 1.6%
9 Ping An Insurance 5.34 16,322 1.6%
10 Sinopec 4.90 10,829 1.4%
35Source from Bloomberg , trade dated as of 15 Jun 2016, 10 March 2016 and 27 May 2016
Southbound Trading Analysis to Overall Market (10 March ~ 27 May)
• Southbound (net buy) turnover in SH trading session - 60% of the overall daily SB turnover in HK market
• Final hour of HK market session: Increase in the SB total trading turnover - represent 40% of the total SB
trading volume
36
SPSA Account Growth with Same-day DVP
• 749 SPSA Accounts from sub 500 in first week of August• Number of Custodians with SPSA opened : 15• Number of EPs with SPSA accounts: 53• Southbound quotas down to 80.7% used • SPSA sell value as % of all Northbound: 9-35% on weekly average. • Average trade size for SPSA: RMB16.8k-44.4k in July / **Non-SPSA: RMB10k-39k in July
37
Thank you
HKEX Group Website: www.hkexgroup.com
HKEXnews Website: www.hkexnews.hk
37
Tae Yoo
Managing Director | Client & Marketing Services | Market Development
Division
Hong Kong Exchanges and Clearing Limited
D: +852 2840 3203
Email: [email protected]
Follow Us: Youtube | Twitter | LinkedIn | WeChat
www.irishfunds.ie
Mainland Insights and Hong Kong Regulatory Developments
China/Hong Kong Upward and Onward
• Mr. Chin- Ping Chia, Managing Director and Head of Applied Research APAC, MSCI Inc.
• Mr. Patrick Wong, Head of China Sales & Business Development, HSBC Securities Services
• Ms. Sandra Lu, Partner, LLinks
• Mr. Alvin Li, ETF Specialist, CSOP Asset Management Limited
• Ms. Michelle Lloyd, Head of Irish Asia Desk, Maples and Calder
Moderator
Panelists
www.irishfunds.ie
Mr. Peter Ryan
Consul General of Ireland to Hong Kong and Macau
Ireland and the Asia Financial Community
THE FASTEST-GROWING ECONOMY IN THE
EUROPEAN UNION IN 2014 and 2015
EUROSTAT
BARRIER-FREE ACCESS TO MORE THAN 500 MILLION CUSTOMERS IN EUROPE’S
SINGLE MARKET
MORE THAN 1,200 GLOBAL COMPANIES HAVE CHOSEN
IRELAND AS THEIR STRATEGIC LOCATION IN
EUROPE
IDA IRELAND
IRELAND IS HOME TO MORE THAN 50% OF
THE WORLD’S LEADING FINANCIAL SERVICES
FIRMS
IDA IRELAND
430 Firms in IFS covering Funds; Banking & Payments;
Insurance & Reinsurance; Investment & Asset
Management; Aircraft
Leasing & Fintech.
IDA IRELAND
€3.6 TRILLION IN ASSETS UNDER ADMINISTRATION
IN OVER 13,000 FUNDS
IRISH FUNDS
MANAGING HALF THE WORLD’S FLEET OF LEASED AIRCRAFT
IFS IRELAND
THE LARGEST PROVIDER OF CROSS-BORDER LIFE INSURANCE IN THE EUROPEAN UNION
FINANCIAL SERVICES IRELAND
IFS2020 Strategy is our vision for Ireland to be the
location of choice for specialist IFS activities.
IDA IRELAND
Irish Funds a key partner for the Irish Government in our
activities in Asia.
IDA IRELAND
www.irishfunds.ie
Mr. Tony Riha
Representative, Irish Funds - Hong Kong
Irish Funds & Hong Kong/China
Resource for the Funds Community 2016-2017
Partnership
• Active contribution on initiatives
• Regulatory and Technical area Working Groups
• Working in co-operation with Hong Kong/China based associations
and organizations
www.irishfunds.ie
Voice of the Industry & Asia Outreach
• Timely Alerts
• Web Repository
• Roundtable Seminars
• Newsletters
www.irishfunds.ie
www.irishfunds.ie
Mr. Pat Lardner
Chief Executive, Irish Funds
Closing Remarks
Disclaimer: The material contained in this document is for marketing, general information and
reference purposes only and is not intended to provide legal, tax, accounting, investment,
financial or other professional advice on any matter, and is not to be used as such. Further,
this document is not intended to be, and should not be taken as, a definitive statement of
either industry views or operational practice.
The contents of this document may not be comprehensive or up-to-date, and neither Irish
Funds, nor any of its member firms, shall be responsible for updating any information
contained within this document.
5555 www.irishfunds.ie
22 August 2016
Hong Kong Seminar
Hosted by: