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CE welcomes implementation of Mainland-Hong Kong Mutual Recognition of Funds

     The Chief Executive, Mr C Y Leung, welcomed the joint announcement of the China Securities Regulatory Commission (CSRC) and the Securities and Futures Commission (SFC) today (May 22) that the CSRC and the SFC had signed a memorandum of regulatory co-operation in respect of the Mainland-Hong Kong Mutual Recognition of Funds (MRF) and that the MRF would be implemented on July 1.

     "The Hong Kong and Mainland financial markets have been operating smoothly since the launch of the Shanghai-Hong Kong Stock Connect on November 17 last year. Drawing upon the successful experience of the Stock Connect, the financial regulators of Hong Kong and the Mainland are taking forward the implementation of the MRF. The arrangement could not only facilitate cross-border investment, but also provide an excellent platform to promote the advancement of the asset management industry in the Mainland. It further demonstrates Hong Kong's role as the 'connector' between the country and rest of the world - enhancing the connectivity between the Mainland and international capital markets on the one hand and bringing the mutual access of Hong Kong and the Mainland capital markets to a new stage on the other. This will enable both places to enhance their competitiveness and influence in the international asset management arena," Mr Leung said.

     Mr Leung expressed his gratitude to the Central Government for supporting Hong Kong's continued development of the financial market, and said he looked forward to the early implementation of the Shenzhen-Hong Kong Stock Connect to further promote the mutual access of the Hong Kong and the Mainland capital markets.

Ends/Friday, May 22, 2015
Issued at HKT 17:46


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