The Hong Kong Securities and Futures Commission (SFC) has entered into a Memorandum of Understanding (MOU) with the China Banking Regulatory Commission (CBRC) for co-operation and information sharing with respect to Hong Kong licensed intermediaries who provide services to Mainland commercial banks conducting overseas wealth management business on behalf of their clients
The MoU was signed on April 10 in Hong Kong by Eddy Fong, Chairman of the SFC and Liu Mingkang, Chairman of the CBRC and has taken immediate effect.
“The MoU is conducive to further enhancement of the regulatory co-operation framework. It provides a solid foundation for the commencement of effective regulatory co-operation," stated Liu. "Through mutual assistance and information sharing, we can promptly identify risks, and take timely regulatory measures to protect the interests of investors.”
Fong added: “I am delighted that this MoU has established an information sharing and co-operation platform that will enable Hong Kong to play a more active role in Mainland’s development of the overseas wealth management business of Mainland commercial banks on behalf of their clients, further enhancing Hong Kong’s role as an international financial centre for the country.”
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