The China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission have decided to approve the Shanghai Stock Exchange, the Hong Kong Stock Exchange Limited, China Securities Depository and Clearing Corporation Limited, and the Hong Kong Central Depository and Clearing Corporation Limited to officially launch the pilot of the Shanghai Hong Kong Stock Exchange Interconnection Mechanism (hereinafter referred to as the Shanghai Hong Kong Stock Connect).
China Securities Regulatory Commission and Hong Kong Securities and Futures Commission have decided to approve the Shanghai Stock Exchange, Hong Kong Stock Exchange Limited, China Securities Depository and Clearing Corporation Limited, and Hong Kong Central Depository and Clearing Corporation Limited to officially launch the pilot of the Shanghai Hong Kong Stock Exchange Interconnection Mechanism (hereinafter referred to as the Shanghai Hong Kong Stock Connect). Stock trading under the Shanghai Hong Kong Stock Connect will begin on November 17, 2014.
The following is the full text of the announcement:
In order to promote the common development of the capital markets in mainland China and Hong Kong, the China Securities Regulatory Commission (CSRC) and the Hong Kong Securities and Futures Commission (SFC) have decided to approve the Shanghai Stock Exchange, Hong Kong United Stock Exchange Limited, China Securities Depository and Clearing Corporation Limited The Hong Kong Central Depository and Clearing Corporation Limited has officially launched a pilot program for the Shanghai Hong Kong Stock Connect mechanism. Stock trading under the Shanghai Hong Kong Stock Connect will begin on November 17, 2014. The following announcement is hereby made:
1、 Since the joint announcement of the China Securities Regulatory Commission and the Hong Kong Securities Regulatory Commission on April 10th this year, regulatory agencies in both regions have worked together to prepare for the launch of the Shanghai Hong Kong Stock Connect. At present, the relevant business rules, operational plans, and regulatory arrangements for Shanghai Hong Kong Stock Connect trading settlement and quota management have been determined, and the technical system is ready. Good results have been achieved in market cultivation and investor education, and targeted emergency plans have been formulated.
2、 The China Securities Regulatory Commission and the Hong Kong Securities Regulatory Commission have reached a consensus on the principles and specific arrangements for cross-border regulatory cooperation involved in the Shanghai Hong Kong Stock Connect project, and have signed a memorandum of understanding on strengthening regulatory and law enforcement cooperation between the China Securities Regulatory Commission and the Hong Kong Securities Regulatory Commission under the Shanghai Hong Kong Stock Connect project, in order to strengthen law enforcement cooperation between the two sides, take effective actions, crack down on various cross-border illegal and irregular behaviors, maintain the normal operation order of the Shanghai Hong Kong Stock Connect, and protect the legitimate rights and interests of investors.
The China Securities Regulatory Commission and the Hong Kong Securities Regulatory Commission have established regulatory cooperation arrangements and procedures to promptly and properly handle major or unexpected events that occur during the pilot process, ensuring the opening of complaint channels and effective and convenient handling of appeals in both regions.
The two regions have reached a cooperation arrangement on investor education for the Shanghai Hong Kong Stock Connect, and will continue to do a good job in investor education and investment knowledge dissemination for the Shanghai Hong Kong Stock Connect.
3、 The exchanges, securities trading service companies, and registration and settlement institutions in the two regions shall fulfill their responsibilities under the Shanghai Hong Kong Stock Connect in accordance with the law, and organize all parties in the market to carry out the Shanghai Hong Kong Stock Connect business in an orderly manner. Securities companies (or brokers) should comply with relevant regulatory regulations and business rules, strengthen internal control, prevent and control risks, provide investor education and services, and effectively safeguard the legitimate rights and interests of investors. Investors should fully understand the differences in laws, regulations, business rules, and practical operations between the two markets, carefully evaluate and control risks, and rationally carry out investments related to the Shanghai Hong Kong Stock Connect.
Market parties should make good use of the time before the official launch to further prepare and ensure the smooth implementation of the Shanghai Hong Kong Stock Connect pilot project.
This announcement is hereby made.
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