10 September 2021
On 10 September 2021, the People’s Bank of China Guangzhou Branch, the Central Sub-Branch of the People’s Bank of China in Shenzhen, and the Guangdong Bureau of the China Banking and Insurance Regulatory Commission and several other authorities jointly issued the “Implementation Rules for the Guangdong-Hong Kong-Macao Greater Bay Area ‘Cross-border Wealth Management Connect’ Pilot Scheme”. The implementation rules cover 8 chapters with a total of 67 articles, including general rules, business development regulations, “Northbound Connect” activities, “Southbound Connect” activities, quota management, investor protection, information reporting and supervision management, and supplementary regulations. Among them, the implementation rules clarified that the “Cross-border Wealth Management Connect” pilot scheme shall be managed according to the “place where the business occurs” principle and shall comply with relevant laws and regulations on the sales and management of accounts, funds, and investment products in Guangdong, Hong Kong, and Macao. The maximum net cross-boundary inflow for “Northbound Connect” and the maximum net cross-boundary outflow for “Southbound Connect” shall not exceed the aggregate quota for the “Cross-border Wealth Management Connect” pilot scheme (currently set at RMB 150 billion). The implementation rules will be valid 30 days from the date of issuance.