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SFC Announces Optimization for Cross-boundary WMC to Enhance Interaction Between Participating Institutions, Clients
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The Securities and Futures Commission (SFC) announced new enhancements to the Cross-boundary Wealth Management Connect Pilot Scheme (Cross-boundary WMC) to foster closer communication between participating licensed corporations (Participating LCs) and their clients under the scheme. The SFC has set out in a circular the implementation details of the enhancements for client interaction, with key arrangements including: -Participating LCs can now obtain one-off written consent - valid for up to one year - from Southbound Scheme clients who are not physically present in Hong Kong, thereby enabling these LCs to explain product information based on each client’s needs and selected product categories; -Upon the request of Southbound Scheme clients, Mainland partner brokers within the same corporate groups as the Participating LCs (Partner Brokers) can arrange online three-party dialogues with the Participating LCs at their respective places of business, where the Participating LCs can explain product information to their clients; -With one-off written consent from Southbound Scheme clients, Participating LCs can provide their clients with research reports on individual investment products prepared by their Partner Brokers. The above arrangements also apply to the Northbound Scheme. AASTOCKS Financial News Website: www.aastocks.com |
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