Enhancements to the Cross-boundary Wealth Management Connect Pilot Scheme Strengthening Financial Market Connectivity in the GBA

The Hong Kong Securities and Futures Commission (SFC) has issued a press statement to inform that – in an effort to further develop „the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), deepen the financial cooperation between the Mainland, Hong Kong and Macao, and facilitate their synergistic economic development“, various regulators of Mainland, Hong Kong, and Macao have decided to make enhancements to the Wealth Management Connect Pilot Scheme in the GBA. These include the following (as quoted):
– Refine the eligibility criteria of investors so as to support more GBA residents to participate in the Scheme;
– Expand the scope of participating institutions to include eligible securities firms, allowing them to distribute investment products and provide relevant services to Southbound and Northbound individual investors;
– Expand the scope of Southbound and Northbound eligible products to better meet the demand of GBA residents for diversified investments;
– Increase the individual investor quota as appropriate; and
– Further enhance promotion and sales arrangements so as to steer financial institutions to offer quality financial services to GBA residents.
The corresponding changes will be implemented as soon as practicable. In the meantime the regulators will work to further improve the scheme to support the ongoing development of the GBA.