The Parliamentary Secretary to the Treasurer, Senator Ian Campbell, has welcomed today's announcement that Australian fund managers will be given streamlined access to the Hong Kong market.
"This decision is an acknowledgement of the quality of Australia's regulatory framework administered by the Australian Securities and Investments Commission," he said.
"It is also indicative of the potential for Hong Kong and Australia to further harmonise company and financial services laws and regulations."
Hong Kong's Secretary for Financial Services, Mr Stephen Ip, announced the mutual recognition decision in an address to the Australia-Asia financial services and investment conference in Sydney today.
Under the agreement, Australia would be recognised as an acceptable inspection regime under the Hong Kong Code on Unit Trusts and Mutual Funds.
CANBERRA
16 MAY 2002
Contact:
Wayne Grant, Senator Campbell's Office
02 6277 3955 or 0407 845280
http://parlsec.treasurer.gov.au