Hong Kong SFC Signs MoU on Cross-Boundary Wealth Management Connect

The Securities and Futures Commission (SFC) announced that it has signed a Memorandum of Understanding (MoU) with he People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Macao.

According to the statement released, the ultimate aim of the MoU is to develop the Cross-boundary Wealth Management Connect Pilot Scheme in Guangdong-Hong Kong-Macao Greater Bay Area.

The MoU aims to provide a framework for exchange of supervisory information and enforcement cooperation as well as a liaison mechanism for investor protection issues among the regulatory authorities in the three jurisdictions.  It complements existing regulatory cooperation among the relevant authorities.

The MoU would lay a solid foundation for the launch of the Scheme, which would deepen financial integration of the Greater Bay Area.  The SFC will continue to work with the HKMA and other relevant authorities to prepare for an early launch.