Hong Kong's Securities and Futures Commission (SFC) issued a circular ("Circular") on 7 January 2020 to provide further clarity and guidance on the application of its licensing requirements to private equity (PE) firms in Hong Kong. The Circular is largely a response to industry feedback following the publication of an updated version of the SFC's Licensing Handbook on 1 February 2019, which included general guidance on the circumstances in which a PE firm may be required to be licensed to carry on certain regulated activities.


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