Circular to Licensed Corporations Participation in Cross-Boundary Wealth Management Connect Pilot Scheme

The People’s Bank of China has revised its Implementation Arrangements for the Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area (Cross-Boundary WMC) to enhance the scheme. The changes include allowing eligible licensed corporations to participate, expanding the eligible investment product scope, and clarifying promotion and sales arrangements. The Securities and Futures Commission issued guidance for eligible licensed corporations (LCs) to participate in the Southbound and Northbound Schemes of the Cross-Boundary WMC. Eligible LCs must partner with a Mainland broker, implement adequate systems and procedures, and submit their business plan and self-assessment report.



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