Memorandum of Understanding on supervisory cooperation under the Cross-boundary Wealth Management Connect

The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Hong Kong Monetary Authority (HKMA) and the People's Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange, Securities and Futures Commission of Hong Kong and Monetary Authority of Macao have agreed on the principles of supervisory cooperation under the cross-boundary Wealth Management Connect, and signed the "Memorandum of Understanding on the Launch of the Cross-Boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area".
      
     By signing the Memorandum of Understanding, authorities in the three places aim to establish sound supervisory cooperation arrangements and liaison mechanism. This will lay a good foundation for the smooth operation of the scheme and the protection of investors' interest. The HKMA will continue to work with the relevant authorities to step up preparations for the cross-boundary Wealth Management Connect and keep the industry engaged, with a view to launching the scheme early.