Regulatory framework and applicable objects
OFC and LPF Continued ComplianceIt is not an administrative action at the level of "annual review agency"，But fund operation management、Long-term project of investor protection and law enforcement risk management。
We provide services to the following entities：Fund sponsor、General Partner (GP)、investment manager、Fund administrator、Family office and cross-border fundraising team。
- OFC：Focus on corporate governance、Escrow arrangements、investment management function、Information disclosure、Audit and statutory reporting。
- LPF：Focus on limited partnership agreement execution、Responsible Person AML obligations、Beneficial owners and major change filing。
- Cross-border scenario：Simultaneously review marketing boundaries、investor suitability、Anti-money laundering、Data protection and tax substance requirements。
Further reading：Overseas fund establishment、Offshore tax optimization。
OFC Continuing Compliance Enforcement Checklist
Coordinate annual returns、Registration information update、Important appointment changes、Keep records of meetings and resolutions，Ensure company records are complete and traceable。
to the board of directors、investment manager、custodian、Verification of boundaries of company secretary responsibilities，Form RACI Responsibility Matrix。
Plan valuation caliber in advance、audit papers、NAV verification process，Reduce the risk of audit reservations and delayed issuance。
Create inquiry response package (organization chart、transaction link、Fund flow evidence、policy version)，Shorten the replacement cycle。
by entity、personnel、文件、Conduct gap analysis and rating in the four dimensions of the system。
Output priority roadmap，Make it clear who is responsible、Completion time point and evidence template。
Keep track of key things：investment restrictions、Related party transactions、valuation bias、Complaints and Abnormal Events。
Complete board report、Audit coordination package and inspection rehearsal materials。
LPF Continuous Compliance Implementation Checklist
LPF management in practice，The most common problem is not setup failure，RatherCompliance gaps during operation period：Weakening of the responsible person mechanism、Investor documents are not updated in a timely manner、Changes not filed on time。
- Maintain consistency in the execution of Limited Partnership Agreements (LPAs)，Ensure investment、distribute、The fee and clawback mechanism is closed-loop with evidence。
- Verify Responsible Person’s AML performance record：CDD、Continuous due diligence、List screening、STR Decision Leaves a Trace。
- Establish a ledger of major change events：Partner information、control、Registered address、Authorized signatory, etc.。
- and tax、audit、Bank KYC material synchronization，Avoid the risk of penetration review caused by "multiple versions of facts"。
Related services are available：Hong Kong Xintong AML/CRM Compliance System、eDon TM Transaction Monitoring System。
AML/KYC、Data protection and systematic internal control
By investor type、Regional risk、Implement differentiated due diligence on transaction behavior and structural complexity。
Identify abnormal redemptions、correlation inversion、Short-term high-frequency migration and other modes，Trigger manual review and upgrade reports。
Identify the minimum necessary collection、Usage restrictions、Retention Period and Cross-Border Transfer Control，Reduce the risk of data breaches。
All approvals、Review、Exemptions and rectifications form timestamp records，Meet internal audits and external inspections。
It is recommended that the system、Collaborative deployment of processes and tools：Customized compliance documents + financial risk assessment system + Personal information protection。For groups that manage multiple fund vehicles，Can establish a unified compliance control tower (Compliance Control Tower)，Achieve consistent caliber across entities。
Compliance budget and cost range (project reference)
The following is a commonly used budget reference matrix for financial compliance projects in Hong Kong (HK MSO caliber)，Can be used for baseline calculation in OFC/LPF annual compliance resource planning；Actual fees will vary depending on fund size、Strategy complexity、Adjustments for cross-border business and system investment。
| Expense Category | project | Reference amount (HKD) | Remark |
|---|---|---|---|
| Gov | Application | 3,310 | Government application fee (per application) |
| Gov | Fit & Proper | 860/people | Fit and proper review (on a per person basis) |
| Base | Company Registration | 8,000-15,000 | Company registration and basic establishment |
| Base | Office | 20,000-80,000/Year | Office and operating base costs |
| Agency | MSO service | 60,000-150,000 | Licensed Compliance Services and Enforcement Support |
| Agency | AML Documents | 20,000-80,000 | AML system documents and process configuration |
| Total | Standard Range | 150,000-400,000 | Standard project total range |
budget advice：Will “regulatory hard costs、Organizational labor costs、Systematic cost split management，Avoid only reducing document costs while amplifying enforcement and rectification risks。
Frequently Asked Questions (FAQ)
OFC places more emphasis on corporate governance and related statutory protections，LPF places more emphasis on the execution of partnership agreements and the performance of Responsible Person AML。Both need to be audited、Records retention and change management，But the evidence structure is different。
Not recommended。Supervision focuses on “continuous and effective execution”，If the document is not updated according to business changes，Will be considered formally compliant during inspection，Rectification costs are usually higher。
Small-scale funds can first use lightweight rules engine + manual review；When the number of investors、When the frequency of redemptions or cross-border routes increases，Should be upgraded to systematic monitoring。
Marketing boundaries are unclear、Investor classification is inaccurate、Insufficient evidence of appropriateness、Inconsistent KYC standards are high-frequency risk points。It is recommended to complete jurisdictional mapping and material unification before fundraising。
Establish a unified "master data package" (organizational structure、COUGH、Source of funds、key contracts、policy version)，Centrally maintained by the compliance team and output to audit and bank standardized versions。
Gap assessment reports available、Annual Compliance Calendar、Systems and templates、Training and drills、Quarterly review minutes、Regulatory inquiry response package and rectification closed-loop report。
