[Hong
Kong & Mainland China] SAR Government welcomes formal launch of Cross-boundary Wealth Management
Connect
HKSAR
Press Releases, 10 Sept 2021
The
online ceremony of Cross-boundary Wealth Management Connect (Wealth Management
Connect) in the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area)
was held today. According to the implementation details of Wealth Management
Connect, institutions with retail banking or private banking business and
registered under the Securities and Futures Ordinance for carrying out Type 1
(Dealing in securities) regulated activity can carry out Wealth Management
Connect business in Hong Kong. For the Southbound Scheme and Northbound Scheme,
there will be an aggregate quota of RMB 150 billion in each direction and an
individual investor quota of RMB 1 million. Under the Northbound Scheme, Hong
Kong investors have to open a designated remittance account at an eligible bank
of their own choice in Hong Kong and a designated investment account with its
Mainland partner bank. The scheme will cover relatively simple investment
products with low to medium risk and will primarily adopt an "execution
only" model on sales and marketing arrangement, i.e. clients will initiate
transaction instructions while banks will execute such instructions and respond
to clients' enquiries.
Full
text: click here
[Hong Kong & Mainland China]
HKMA Promulgates Implementation Details for Cross-boundary Wealth Management
Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area
HKMA
News, 10 Sept 2021
The HKMA promulgated
the implementation details for the Cross-boundary Wealth Management Connect
Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area (Cross-boundary
WMC), providing supervisory guidance for the industry. It sets out for
registered institutions in Hong Kong the implementation arrangements and
specific regulatory requirements of the pilot Cross-boundary WMC between the
nine Mainland cities in the GBA and Hong Kong.
Full text: click here (Circular); here (Regulatory Requirements on the Southbound Scheme); here (Regulatory Requirements on the Northbound Scheme) & here (FAQ).
[Hong
Kong] United Nations (Anti-Terrorism Measures) Ordinance, United Nations
Sanctions (Libya) Regulation 2019 (Amendment) Regulation 2021
C&ED
Circulars, 10 Sept 2021
Hong Kong Customs and Excise
Department issued a circular regarding an updated list specifying terrorists
and terrorist associates designated by the United Nations Security Council and The
United Nations Sanctions (Libya) Regulation 2019 (Amendment) Regulation 2021.
Full text: here
[Hong
Kong] New speech by Tim Lui: Opening address at ACCA Hong Kong Virtual Annual
Conference 2021
SFC
Speeches, 13 Sept 2021
Chairman of the
SFC Mr Tim Lui delivered a speech entitled “Hong Kong’s leadership role in
green and sustainable finance” (Chinese version only)” at the ACCA Hong Kong
Virtual Annual Conference 2021.
Full text: click here
[Hong
Kong & Mainland China] Wealth Management Connect: Hong Kong banks
prepare to launch investment products under cross-border link
SCMP,
13 Sept 2021
Banks in Hong
Kong are gearing up to submit applications to the Hong Kong Monetary Authority
(HKMA) to launch financial products under the US$46.5 billion cross-border
Wealth Management Connect scheme. The HKMA started accepting applications on
Friday, while mainland regulators will begin accepting applications next month.
More than 20 Hong Kong banks were expected apply for inclusion in the
programme, Edmond Lau, HKMA’s deputy chief executive, said during the launch on
Friday.
Full text: click here
[Singapore] Response to
Feedback Received on Proposed Implementation of the Final Basel III Reforms in
Singapore – Market Risk Capital Requirements
MAS News, 13 Sept 2021
The MAS published the consultation response
relating to the Market Risk Capital Requirements. MAS will generally consider a
bank’s market risk portfolio to be small if its risk-weighted assets (RWA) for
market risk (excluding CVA RWA) using the Simplified Standardised Approach for
Market Risk is S$200 million or less, or is 2% or less of the bank’s total RWA.
Full text: click here
[Singapore] Consultation
Paper on Draft Standards for Market Risk Capital and Capital Reporting
Requirements
MAS News, 13 Sept 2021
The MAS seeks feedback on draft standards
relating to market risk capital and capital reporting requirements for
Singapore-incorporated banks.
Full text: click here
