Key facts
- CICC is urging regulators to loosen restrictions on cross-border investment advisory services.
- The firm argues that strict marketing and advisory rules are hindering participation in the cross-border wealth management connect program.
- The wealth management connect program was launched in September 2021 to allow residents of the Greater Bay Area to invest across borders.
- The program operates via a closed-loop system.
China International Capital Corp. Ltd. (CICC) is urging regulators to loosen restrictions on cross-border investment advisory services. The firm argues that strict marketing and advisory rules, rather than high wealth thresholds, are hampering participation in the cross-border wealth management connect program. The appeal highlights the challenges financial institutions face in capitalizing on the program, which was launched in September 2021 to allow residents of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to invest across the border via a closed-loop system.