Hong Kong eases way for hedge funds

Hong Kong's Securities and Futures Commission is simplifying the licensing agreements for overseas hedge-fund managers looking to set up shop in the territory. The regulator said that the changes, which take effect immediately, include a faster registration process for U.S. and Britain registered hedge fund managers and exempting some hedge fund staffers from having to take regulatory tests. The SFC said that staff nominated to be the "responsible officers" of hedge fund firms can also be exempted from the local regulatory examination if they fulfill the necessary criteria. "These initiatives will make the licensing process easier for fund managers and more particularly for overseas hedge fund managers," said Alexa Lam, SFC's executive director of Intermediaries and Investment Products, according to a statement. "These initiatives will make the licensing process easier for fund managers and more particularly for overseas hedge fund managers." The SFC said earlier this month that there have been many complaints that the exams for obtaining licenses are difficult and irrelevant, according to a Reuters report.