近期宣布将于粤港澳大湾区启动的跨境理财试点计划，即“跨境理财通”，引起并得到香港金融界和法律界的极大兴趣和支持。
粤港澳大湾区各金融监管机构——即香港金融管理局、香港证券及期货事务监察委员会（香港证监会）与澳门金融管理局与中国内地相关机构——联合签订了监管合作备忘录，在“跨境理财通”方案下开展合作。
根据该协议，监管机构向银行发布包括产品尽职审查、投资者权益保护和个人数据保护等多个领域的指导，确保相互合作更为明确和一致。该方案目的在于促进香港、澳门和广东省各大城市的居民开展跨境投资，方案推出后，预计相关法律工作也将随之增多。
英士律师事务所合伙人吕志豪律师解释说，对于有意开展“跨境理财通”的投资者而言，应慎重考虑个人数据保护、投资者权益保护和反洗钱等诸多领域的最新进展。
吕律师表示：“‘跨境理财通’作为一项业务试点举措，将成为新产品、新系统和新法规的试验场，这类新产品、新系统和新法规可能不为投资者所熟知。投资者购买金融产品之前，始终应该认真研读产品信息和格式条款内容，不仅在开展‘跨境理财通’投资时如此，作出任何投资决定时也应如此。”
他补充道，还应鼓励投资者“充分利用即将落地的投资者权益保护措施——可能包括要求银行进行产品解释、或开展适当性和风险评估，以做出明智的投资决定，根据投资者的个人情况，选择最适合的产品”。
同时，在反洗钱/反恐怖融资方面，投资者应随时准备提供证明文件和信息，协助满足“了解你的客户”和其他合规要求，吕律师解释道。
“跨境理财通”与早期的 “沪港通/深港通”和“债券通”方案类似，其业务模式通过两个不同的渠道实现。
“‘北向通’指香港和澳门居民可投资购买粤港澳大湾区内地代销银行销售的理财产品，而‘南向通’是指内地居民投资购买港澳银行销售的理财产品。”吕律师说。
吕律师指出，“‘跨境理财通’实行额度管理，跨境资金流动总额度暂定为3000亿元人民币（460亿美元），个人投资者额度为100万元人民币”，同时，所有跨境汇付采用人民币进行，并通过“捆绑指定账户的方式采用闭环系统进行运作”。
多元化选择
对于投资者而言，“跨境理财通”方案意味着更为多元化的投资选择。吕律师道：“尽管在试点阶段，‘跨境理财通’项下产品范围预计仅涵盖共同基金、债券等简单的、低风险产品，但投资者可以密切关注，未来可能涵盖更为复杂的产品”，吕律师补充说，居民已经有意向“加大跨境双边投资”。
对于律师而言，“跨境理财通”的推出也将激发全新业务机遇，包括“针对全新理财产品起草格式条款和条件，协助银行进行尽职审查，或协助投资者设立个人投资企业、信托和/或家族理财室（前提是许可通过此类法律实体开展投资）等”。
同时，吕律师预测道，由于这一领域的发展，也可能产生寻求该领域法律合规咨询的需求。
吕律师指出，合作备忘录要求该方案的运作采用“业务环节发生地”原则。他补充道，目前备忘录并未对争议解决作出具体规定，这是另一个可能需要寻求法律咨询和协助的领域。
合作备忘录仅列出了总体框架，许多具体机制尚未出台明确的法规和政策指导。吕律师道，仍有待指引的问题包括：“是否设定资质要求，如对个人投资者的最低资产要求？个人如何证明其为粤港澳大湾区居民？‘低风险、简单投资产品’的区分标准是什么？”
此外，律师仍在期待合资格理财产品尽职审查程序和要求方面的详细指导意见，以及投资者权益保护和管理运作等其他领域的指导意见。
吕律师道：“另一个需要出台规章制度的重要方面，则是账户开立流程。正常情况下，个人必须亲临银行柜台完成开户流程。不过，考虑到当前疫情进展，跨境旅行限制尚未解除，政府当局正在商讨，是否可能将投资者跨境旅行次数尽量缩减为一次。”
展望未来，“跨境理财通”将刺激粤港澳大湾区金融市场发展。
“有报道称，一些银行已经在该地区设立多个分支机构，并增加员工人数。该方案的推动将刺激整个产业链快速增长；除了多样化的金融产品，也必须相应完善产品管理和客户服务，以满足投资者需求。”吕律师提醒道。
他补充说，该方案也能刺激该地区金融科技领域的发展。
“支持跨越全部三个司法辖区开展交易的数字化资产管理平台和支付系统，将增强方案可行性，这类具潜在吸引力的实用产品，值得研究探讨。”吕律师如此说。
他补充道：“粤港澳大湾区具备密集且庞大的高净值客群，在‘跨境理财通’方案引发全球兴趣并带来资本流动剧增之后，预计该区关键金融中心的地位将进一步得到巩固。”
Wealth Connected
The recent announcement of the launch of cross-boundary wealth management connect pilot scheme, known as the Wealth Management Connect, in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) has generated a lot of interest and support from both the financial and legal sectors in Hong Kong.
Financial regulatory bodies that span the Greater Bay Area — the HKMA (Hong Kong Monetary Authority), SFC (Securities and Futures Commission) and AMCM (Monetary Authority of Macao) — have joined forces, entering into an MoU with mainland China authorities in order to collaborate under the Wealth Management Connect scheme.
The agreement will see regulators issuing guidance to banks across a variety of areas including product due diligence, investor protection and personal data protection, and ensuring more cohesion and clarity. The scheme, which is promoted as a means of allowing residents of Hong Kong, Macao and major Guangdong cities, to invest across borders, is expected to trigger an increase in legal work too.
The most recent development — which spans across personal data protection, investor protection and mitigates against money laundering, should be taken into careful consideration by those who plan to make use of the Wealth Management Connect scheme, Eric Lui, a partner at Ince, explains.
“As a pilot initiative, the Wealth Management Connect will be a testing ground for new products, new systems and new regulations that investors may be unfamiliar with. Investors should always read the product information and standard terms carefully before purchasing a financial product, which applies not only to when they participate in the Wealth Management Connect but to any situation in which investment decisions are being made,” says Lui.
He adds that investors are also encouraged to “fully utilise the investor protection measures that are going to be implemented, which might include the provision of product explanations or suitability and risk assessments that banks will be required to conduct to make informed decisions and choose the products most suitable for each investor's personal circumstances.”
Meanwhile, when it comes to matters of AML/CFT, investors should be prepared to provide supporting documents and information in order to help satisfy know-your-customer and other relevant compliance requirements, Lui explains.
Akin to earlier programmes Stock Connect and Bond Connect, the Wealth Management Connect will be launched through two different channels.
“The Northbound Scheme will allow Hong Kong and Macau residents to invest in wealth management products offered by Mainland banks in the Greater Bay Area, while the Southbound Scheme will allow Bay Area residents to invest in wealth management products offered by Hong Kong and Macau banks,” Lui says.
The aggregate quota of the Wealth Management Connect is currently set at 300 billion yuan ($46 billion), with individual investors given a quota of 1 million yuan each, says Lui, noting that all cross-boundary remittances will be conducted in renminbi “in a closed-loop system bundling designated accounts.”
DIVERSE OPTIONS
For investors, the Wealth Management Connect scheme means access to more diverse investment options. “Although the product scope of the Wealth Management Connect is expected to constitute only simple, low-risk products such as mutual funds and bonds in its initial phase, investors can keep an eye out for more complex products to be made available in the future,” he adds, noting residents have already shown interest in “increasing their investments on both sides of the border,” Lui says.
For lawyers, the launch of Wealth Management Connect will also spark new opportunities, from “drafting standard terms and conditions for new wealth management products, assisting banks to conduct due diligence, or helping investors set up personal investment companies, trusts and/or family offices (if investment through such legal entities is permitted),” Lui explains.
He also predicts that advice on legal and regulatory compliance requirements would also be sought after as a result of developments in this area.
According to the MoU, the scheme is expected to operate “on the principle of regulation by the jurisdiction where the business is conducted,” Lui notes, adding that there are currently no specific provisions for dispute resolution made within the MoU, but this is another area where advice and legal assistance are likely to be required.
While the MoU outlines a general framework, many of the specific mechanisms are still awaiting guidance of definite regulations and policies. Among the questions still hovering are those such as “will there be any eligibility requirements, such as minimum assets requirements, imposed on individual investors? How may individuals prove their residency in the Greater Bay Area? What are the criteria of ‘low-risk, simple investment products’?” Lui says.
Additionally, lawyers are still awaiting detailed guidance around the procedures and requirements for conducting due diligence on eligible management products as well as guidance across other areas including investor protection and management operations.
“Another important area in which regulations would be helpful and in fact are highly anticipated is the procedure for opening accounts. In normal circumstances, an individual would have to be physically present at a bank to open an account. However, with the ongoing COVID situation and cross-border travel restrictions yet to be lifted, the authorities are discussing the possibility of minimising the number of cross-border trips that investors would have to make to one,” Lui says.
Looking ahead, the Wealth Management Connect is outlined to stimulate financial markets development in the Greater Bay Area.
“There have been reports on several banks already establishing a number of branch offices and increasing their head-count in the region. Facilitation of the scheme will incentivise the rapid growth of the whole industry chain; apart from diverse financial products, product management and client services will have to become increasingly sophisticated as well to meet investors’ needs,” Lui says.
He adds that the scheme can also stimulate the development of the region’s fintech landscape.
“Digital asset management platforms and payment systems which support transactions across all three jurisdictions, enhancing the scheme’s accessibility, are examples of potentially attractive and useful products worth exploring,” Lui says.
“Already one of the regions with the highest density of high net-worth individuals, the Greater Bay Area’s status as a key financial centre is anticipated to be further cemented by the global interest and surge in capital flows which the scheme will bring,” he adds.
To contact the editorial team, please email ALBEditor@thomsonreuters.com.
