Hong Kong Securities and Futures Commission announces measures to optimize cross-border wealth management connectivity to promote interaction between participating institutions and clients.

The Securities and Futures Commission of Hong Kong announced today new optimized measures for the Cross-Border Wealth Management Connect pilot program to facilitate communication between licensed corporations participating in the program and their clients. The main arrangements include: participating institutions can now obtain one-time written consent from Southbound clients who are not in Hong Kong, with a validity period of up to one year, in order to explain the product information based on the clients' needs and selected product types; mainland partner securities firms belonging to the same corporate group as the participating institutions can arrange online tripartite dialogues with the participating institutions in their respective business locations at the request of Southbound clients, allowing the participating institutions to explain product information to their clients; after obtaining one-time written consent from Southbound clients, participating institutions can provide their clients with individual investment product research reports prepared by partner securities firms. The above arrangements also apply to Northbound clients.