The Securities and Futures Commission (SFC) has announced eligibility criteria and guidance for licensed corporations to participate in the Cross-boundary Wealth Management Connect Pilot Scheme (WMC Scheme) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The revised Implementation Arrangements published by the People’s Bank of China for the WMC Pilot Scheme in the GBA enable eligible brokers to participate. The revised Implementation Rules will take effect on 26 February 2024. LCs interested in participating must be licensed for Type 1 regulated activity, have paid-up capital and shareholders’ funds of at least HK$100 million, have at least three years of experience in distributing funds and/or bonds, and have adequate systems of control.
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