Aggregated News From Investment Management Regulators

SFC announces investor identification for Northbound trading under Stock Connect

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The Securities and Futures Commission (SFC) today announces that it has reached an agreement with the China Securities Regulatory Commission (CSRC) on proposals to introduce an investor identification regime for Northbound trading under Mainland-Hong Kong Stock Connect (Note 1).

To prepare the market, the Stock Exchange of Hong Kong (SEHK) will soon issue an information paper on the operational details of the proposed regime, which is scheduled to be implemented by the third quarter of 2018.

In line with the principle of reciprocity and to assist one another in performing their regulatory functions under Stock Connect, the SFC and the CSRC also agreed to introduce a similar investor identification regime for Southbound trading as soon as possible after the regime for Northbound trading is implemented.

“The plan to implement a reciprocal investor identification regime for Stock Connect demonstrates the SFC and the CSRC’s resolve to further strengthen regulatory cooperation in combatting market misconduct through effective monitoring and surveillance,” said Mr Ashley Alder, the Chief Executive Officer of the SFC. “This is critical to safeguard market integrity and to strengthen the protection of investors in both markets. We also aim to implement an investor identification regime to cover all trading on the SEHK in the longer term. This is in line with similar initiatives in other leading global markets.”

The introduction of an investor identification regime for Northbound trading will entail the collection and use of personal data by the SEHK and its subsidiaries, as well as its transfer to the Mainland exchanges and the CSRC. The SFC will work with the SEHK to facilitate the collection, use and transfer in accordance with all applicable data privacy laws and principles.

End

Notes:

  1. Mainland-Hong Kong Stock Connect provides for mutual stock market access between Hong Kong and the Mainland. Please see the joint announcements by the SFC and the CSRC on 10 April 2014 regarding Shanghai-Hong Kong Stock Connect and on 16 August 2016 regarding Shenzhen-Hong Kong Stock Connect.

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Regulator Information

Abbreviation: SFC
Jurisdiction: Hong Kong

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