Wealth Management Connect: another step towards formal launch

On 6 May 2021, mainland Chinese authorities published for consultation a set of implementation rules for the pilot Wealth Management Connect scheme.  

Further to the joint announcement by the People’s Bank of China (PBOC), the Hong Kong Monetary Authority and the Monetary Authority of Macau on 29 June 2020 on the pilot Wealth Management Connect scheme, further implementation details have now been published by the mainland Chinese authorities for public consultation. On 6 May 2021, the Guangzhou Branch and the Shenzhen Central Sub-branch of the PBOC, the Guangdong Bureau and the Shenzhen Bureau of the China Banking and Insurance Regulatory Commission, the Guangdong Bureau and the Shenzhen Bureau of the China Securities Regulatory Commission jointly published a set of draft implementation rules (the “Draft Implementation Rules”). The Draft Implementation Rules are subject to public consultation with the deadline for comments set for 21 May 2021.