Regulatory Alerts2024-01-24
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Amendments to Implementation Arrangements for the Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area
The Hong Kong Monetary Authority issued this circular to implement amendments to the Cross-boundary Wealth Management Connect Pilot Scheme following a joint announcement by regulators from the Mainland, Hong Kong, and Macao. The document requires participating Hong Kong banks to comply with updated rules regarding account opening, investor quotas, eligible products, and promotion, while ensuring their Mainland partners adhere to corresponding Mainland guidance. Eligible banks must establish necessary internal controls and submit a self-assessment to the HKMA at least one month prior to launching activities, with the new arrangements taking effect on 26 February 2024.
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