24 January 2024
The People's Bank of China, Guangdong Provincial Branch, the People's Bank of China, Shenzhen Municipal Branch, the Guangdong Regulatory Bureau of the China Banking and Insurance Regulatory Commission, the Shenzhen Municipal Regulatory Bureau of the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission Guangdong Regulatory Bureau, the China Securities Regulatory Commission Shenzhen Regulatory Bureau (“the authorities”) issued the “Notice in relation to “Implementation Measures for the Pilot Program of “Cross-border Wealth Management Platform” Operation in Guangdong-Hong Kong-Macao Greater Bay Area”” (“the Notice”) on 24 January 2024. The authorities announced that Hong Kong and Macao investors participating in the “Northbound Trading” scheme shall meet the relevant requirements set by the financial regulatory institutions in Hong Kong and Macao. Mainland securities firms are allowed to open individual fund accounts for Hong Kong and Macao investors in accordance with existing regulations. These accounts shall be used as investment accounts for “Northbound Trading” and can be used to purchase investment products under the scheme. These Measures shall be effective from 26 February 2024.