SFC enhances guidance for authorised funds with exposure to private market assets

Why this matters

The SFC circular establishes new mandatory disclosure requirements and introduces a 50% NAV threshold for classifying funds as complex products subject to heightened distribution requirements. This affects fund managers' compliance obligations and investor documentation practices. The guidance applies to both new and existing funds, requiring prompt updates to offering documents. While not a final rule, it represents a material policy statement with concrete regulatory expectations and compliance deadlines.

AI-generated classification rationale, not a full analysis. Verify with the original SFC source before acting. Full disclaimer.