On 9 September 2020, the FSC amended a directive to relax restrictions regarding the types of work experience that can be counted toward the “2 years of previous experience managing the same type of fund” requirement for a fund manager who concurrently manages another fund. Under the amended directive, time spent as a discretionary investment manager of a singly managed investment account for which the basic investment policy and investment scope as set out in the discretionary investment services contract (or the actual asset allocations carried on the books) are the same as those of the same type of fund, may be counted as experience managing the same type of fund. In addition, the amended directive also expressly states that if time spent as a discretionary investment manager is counted toward the experience requirement, then the length of time spent managing or assistant managing the same type of fund must be at least one year.