Enhancements to the Cross-Boundary Wealth Management Connect - Banking and Capital Markets

February 2024

On 24 January 2024, the People’s Bank of China published the revised “Implementation Arrangements for the Cross-boundary WMC Pilot Scheme in the GBA” (Implementation Rules) to enhance the Cross-Boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area (Cross-Boundary WMC).

In this connection, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have issued relevant guidance in respect of the Southbound and Northbound Schemes and FAQ for eligible banks and licensed corporations (LCs) (collectively “banks and securities firms”) which wish to participate in the Cross-Boundary WMC.

Enhancements include allowing eligible LCs to participate in the Cross-Boundary WMC, updated eligible criteria for investors expanding the eligible investment product scope and clarifying the promotion and sales arrangements.

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James Chang

Managing Partner of Regional Economic Clusters and South Markets, Shenzhen Office Lead Partner, China Financial Services Leader, PwC China

Tel: +[86] (755) 8261 8882

Chris ST Chan

Financial Services Markets Leader, GBA Services, PwC Hong Kong

Tel: +[852] 2289 8388 / +[86] (10) 6533 8388 / +[86] (755) 8261 8388

James Tam

Banking and Capital Markets Leader, PwC Hong Kong

Tel: +[852] 2289 2706

Michael Footman

Partner, PwC Hong Kong

Tel: +[852] 2289 2747

Adams Chan

Partner, PwC Hong Kong

Tel: +[852] 2289 2784

Gary Ng

Partner, PwC Hong Kong

Tel: +[852] 2289 2967

Julianne Wang

Partner, PwC China

Tel: +[86] (10) 6533 8088

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