Announcing the details of the long-awaited Wealth Management Connect scheme on Friday (10 September), the Hong Kong Monetary Authority (HKMA) specified that cross-boundary banks will have to sell their investment products in an “execution-only” model to cross-boundary clients under existing sales and soliciting restrictions. The People’s Bank of China (PBoC), HKMA and the Monetary Authority of Macao on Friday promulgated…
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