Regulators in Hong Kong and mainland China have unveiled enhancements to its cross-border wealth management pilot scheme.
The Securities and Futures Commission (SFC) has issued a circular detailing the eligibility criteria and guidance for licensed corporations to participate in the cross-border Wealth Management Connect (WMC) pilot scheme within the Greater Bay Area, an 11-city cluster in China that includes Hong Kong.
Under the revised arrangement, the individual investment quota has been increased to 3 million Chinese yuan ($420,000) while the product scope has expanded with the inclusion of funds with higher risk ratings and more. The new rules will come into effect on February 26.
«The enhancements mark a major milestone in the expansion of the WMC Scheme to deepen and broaden Hong Kong’s financial integration with the Greater Bay Area,» said SFC chief executive officer Julia Leung. «In particular, eligible brokers’ participation in the Scheme does not only open up new opportunities to the industry, but also broaden the reach of the Scheme to new customer base.»
