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SFC: HK Licensed Firms May Continue to Open New Accounts for MCVs
2026-06-10 09:09:43 The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) earlier issued a circular introducing additional measures concerning Mainland Chinese Visitor (MCV) opening investment accounts with Hong Kong brokers and banks. In response, an SFC spokesperson stated that Hong Kong licensed corporations may continue to open new accounts for Mainland Chinese investors, provided that all account opening requirements are met, including compliance with Know Your Client (KYC) and customer due diligence requirements, as well as obtaining the necessary declarations and completing the designation of bank accounts. The spokesperson added that Hong Kong licensed corporations may continue to provide services to existing Mainland Chinese clients, on the condition that such services are not provided within Mainland China and that all relevant laws and regulatory requirements in Hong Kong and applicable jurisdictions have been complied with. The SFC noted that a joint notice issued by Mainland Chinese authorities on May 22 also applies to relevant activities conducted by financial institutions in other jurisdictions (i.e., not limited to Hong Kong) when providing services to Mainland Chinese investors. ~ AASTOCKS Financial News Website: www.aastocks.com | |