SFC Issues Guidelines for Review of Internal Controls and Systems of Trustees/Custodians

The Securities and Futures Commission (SFC) today issued a set of Guidelines for Review of Internal Controls and Systems of Trustees/Custodians (Guidelines). The Guidelines provide further guidance to trustees and custodians of collective investment schemes (CIS) and pooled retirement funds (PRF) authorized pursuant to the Code on Unit Trusts and Mutual Funds and Code on Pooled Retirement Funds (the Codes) respectively, regarding compliance with the periodic internal control review requirement of the Codes.

The Guidelines set out the minimum best practice for trustees/custodians of CIS and PRF in order to facilitate the agreement of the scope of an internal control review on terms acceptable to the SFC. The Guidelines have been developed in consultation with the Hong Kong Trustees Association and the Hong Kong Society of Accountants.

The Guidelines can be found on the SFC Website at http://www .hksfc.org.hk. Printed copies of the Guidelines are available, free of charge, at the SFC office at 12/F, Edinburgh Tower, The Landmark, Central, Hong Kong.