Dechert Advises Hauck & Aufhäuser Fund Services S.A. on the First Luxembourg UCITS Fund Authorized Under the Luxembourg-Hong Kong MRF
Dechert’s Hong Kong-based funds team has advised German private bank Hauck & Aufhäuser’s Luxembourg-based management company, Hauck & Aufhäuser Fund Services S.A, on its launch of the H&A Aktien Small Cap EMU fund in Hong Kong. The fund became the first European UCITS fund to receive conditional authorization under the Mutual Recognition of Funds (MRF) agreement between Hong Kong’s Securities and Futures Commission (SFC) and Luxembourg’s commission de surveillance du Secteur Financier (CSSF), which was put in place in January 2019.
Dechert achieved this remarkable recognition for Hauck & Aufhäuser to expand its asset management and financial services business into Asia. As the first European UCITS fund to gain authorization and recognition in Hong Kong under the Luxembourg-Hong Kong MRF, it presented complex procedural uncertainties through the practical interpretation and implementation of the MRF, which required Dechert’s advice on seamless communications between the client and regulators involved in a number of jurisdictions.
Commenting on the deal, Michael Wong, Partner of Dechert in Hong Kong said, "Setting precedent for future European investment firms with Luxembourg structures seeking to expand their presence to Asian markets, we are pleased to have supported Hauck & Aufhäuser in the first ever Luxembourg UCITS fund authorized under the MRF between the SFC and CSSF. This truly highlights the technical expertise of Dechert’s funds practice for international clients looking to tap into Asian markets."
The Dechert team advising Hauck & Aufhäuser was led by Michael Wong, with support from senior associate Stanley Tiu.
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Dechert is a leading global law firm with 26 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.
