Asset and Wealth Management
86. Since the establishment of the two new fund structures, namely the Open-ended Fund Company (OFC) and the Limited Partnership Fund (LPF), the investment fund regime of Hong Kong has become more comprehensive. With 11 OFCs and over 100 LPFs already set up, Hong Kong's status as an international asset and wealth management centre has been consolidated. We plan to submit a legislative proposal in the second quarter of this year to allow foreign investment funds to re-domicile to Hong Kong for registration as OFCs or LPFs.
87. OFC suits various types of investment funds. We will provide subsidies to cover 70 per cent of the expenses paid to local professional service providers for OFCs set up in or re-domiciled to Hong Kong in the coming three years, subject to a cap of $1 million per OFC. The SFC will announce relevant details in due course.
88. We have introduced an amendment bill to provide tax concessions for carried interest issued by private equity funds operating in Hong Kong. We strive to secure the LegCo's passage of the bill within the current session for the tax concession arrangements to apply starting from 2020-21.
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