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Mainland China briefing: Mainland China, Hong Kong and Macau sign MoU for the Greater Bay Area Wealth Management Connect Scheme
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More Financial Services Aricles → Latest Firm's PressDeacons On 5 February 2021, financial authorities in Mainland China, Hong Kong and Macau, including the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission (CBIRC), the China Securities Regulatory Commission (CSRC), China’s State Administration of Foreign Exchange (SAFE), Hong Kong’s Securities and Futures Commission (SFC), the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Macau (AMCM), jointly signed a memorandum of understanding (MoU, available here in Chinese) on the upcoming launch of the wealth management connect (WMC) pilot scheme in the Guangdong-Hong Kong-Macau Greater Bay Area. The plan to launch the WMC scheme was announced by the PBOC, the HKMA and AMCM in June 2020 (for more details of the announcement, you may refer to our previous article here). The MoU consists of seven chapters and 27 articles, covering regulatory information exchange, cooperation in law enforcement, investor protection, and liaison and consultation mechanisms. Key points of the MoU include the following:
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