AIMA, the global representative of alternative investment managers, has published a Fund Manager Code of Conduct Implementation Guide.

The Implementation Guide is based on the revised Fund Manager Code of Conduct (FMCC) published by the Securities and Futures Commission of Hong Kong (SFC), which will become effective on 17 November 2018 and covers the latest guidance and regulation from the SFC for fund managers managing funds or discretionary accounts in Hong Kong.

The revisions to the FMCC reflect the desire of the SFC to implement financial and regulatory policy reforms affecting the asset management industry that were recommended by international bodies such as the IOSCO, the FSB and other regulatory bodies after the global financial crisis. The revisions address issues in areas such as systemic risk, shadow banking, liquidity and risk management, enhanced custody requirements, securities lending and repurchase agreements (repos), and conflicts of interest.

The AIMA FMCC Implementation Guide is designed to be the most-up-to-date and practical guide, providing a summary of the scope of application of the FMCC, a summary of the SFC's approach and a factual analysis toolkit, which includes checklists and practical scenarios.

AIMA’s CEO Jack Inglis said, “The FMCC Implementation Guide uncovers the importance of ongoing industry dialogue around the expectations placed upon fund managers and their constituents. Increasingly our members look to AIMA for direction surrounding areas of compliance and regulation. This Guide addresses many of the queries circulating the market, offering relatable examples and easy-to-understand summaries of the SFC's position.”

Kher Sheng Lee, Managing Director, Co-Head of APAC and Deputy Global Head of Government Affairs, commented, “The FMCC changes represent landmark reforms which redefine the asset management regulatory framework of Hong Kong. AIMA is proud to have developed a bottom-up, industry-led approach to address the needs of managers in complying with the FMCC, drawing on its distinct strengths as a global industry group.”

The FMCC's Implementation Guide is sponsored by leading international law firm Clifford Chance.

Clifford Chance partner Matt Feldmann said: "Ongoing shifts in global markets mean fund managers are subject to constantly evolving regulation. This Guide is a pragmatic toolkit for fund managers to comply with the obligations and conduct requirements under the FMCC, helping the industry to achieve best practice standards."

Herbert Smith Freehills Partner Hannah Cassidy commented: “Herbert Smith Freehills was pleased to work with AIMA, Clifford Chance and the FMCC Working Group on this Guide. In a region with increasing regulatory complexity, it is critical for fund managers to ensure they have practical and user-friendly guidance.”

Notes to Editors

AIMA
The Alternative Investment Management Association (AIMA) is the global representative of the alternative investment industry, with more than 1,900 corporate members in over 60 countries. AIMA’s fund manager members collectively manage more than $2 trillion in hedge fund or private credit assets. AIMA draws upon the expertise and diversity of its membership to provide leadership in industry initiatives such as advocacy, policy and regulatory engagement, educational programmes and sound practice guides. AIMA works to raise media and public awareness of the value of the industry. AIMA set up the Alternative Credit Council (ACC) to help firms focused in the private credit and direct lending space. The ACC currently represents over 100 members that manage $350 billion of private credit assets globally. AIMA is committed to developing skills and education standards and is a co-founder of the Chartered Alternative Investment Analyst designation (CAIA) – the first and only specialised educational standard for alternative investment specialists. AIMA is governed by its Council (Board of Directors). For further information, please visit AIMA’s website, www.aima.org.

Clifford Chance
Clifford Chance is one of the world's pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegiate and team based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm's global standards with in-depth local expertise.

Media Contacts
Aidan Stanley
Corporate Communications Manager
AIMA
+44 (0)20 7822 8380
[email protected]

Holly Huang
Director, Singapore
Hume Brophy (for AIMA)
+65 3157 5293
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Kane Dowsett
Brand, Communications and Marketing Manager, Asia Pacific
Clifford Chance
+852 2825 8063
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