On the other hand, financial intermediaries, futures transactions or investment firms that operate an SFC licence to carry out the regulated Type 1 activity in securities trading or type 2 regulated activity in the negotiation of futures contracts, if they are not limited under a licence, may obtain from the client a particular authority to exercise investment premises within the scope of the authority conferred. , the performance of portfolio management in such situations that may be fully incidental to the performance of securities trading or futures trading services. Fund management in Hong Kong is primarily governed by the Securities and Futures Ordinance (SFO). The SFO authorizes the Hong Kong Securities and Futures Commission (SFC) to regulate fund management activities, approve collective investments (funds) and also regulate securities offerings (including generally defined group investments). In particular, the Winding Up and Various Commissions (CWUMPO) regulates the offer of shares in the Hong Kong company structure. In accordance with the revised FMCC, which will come into effect in November 2018, non-retail fund managers licensed in Hong Kong are subject to additional specific requirements when the Hong Kong manager is responsible for the overall operation of the fund. In particular, the revised FMCC introduces specific requirements for the fund manager to exercise the necessary competence, diligence and diligence in selecting and appointing the custodian (or agent in the case of a unit trust structure) and permanent control over the performance of the functions of custodian or agent. The revised FMCC also details what needs to be taken into account when reviewing the properly qualified custodian and the expected eligibility of a custodian, as well as the requirements for the retention agreement and the publicity of custody agreements to fund investors. The minimum content of an investment management agreement should include at least the following provisions: A Hong Kong non-retail fund manager must be authorized by the CFS to carry out regulated Type 9 asset management activities and is therefore subject to CFS regulation in its non-retail fund management activities.