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.
Managing Partner of Regional Economic Clusters and South Markets, Shenzhen Office Lead Partner, China Financial Services Leader, PwC China
Tel: +[86] (755) 8261 8882
Financial Services Markets Leader, GBA Services, PwC Hong Kong
Tel: +[852] 2289 8388 / +[86] (10) 6533 8388 / +[86] (755) 8261 8388