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 issues regulatory requirements for Hong Kong banks to participate in the Northbound Scheme of the Cross-boundary Wealth Management Connect Pilot. The document mandates strict operational controls, including closed-loop fund flows via the Cross-border Interbank Payment System, specific aggregate and individual investor quotas, and rigorous eligibility verification for Hong Kong residents. It further establishes comprehensive frameworks for investor protection, compliance supervision, and enforcement actions against non-compliance by banks or investors.
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