| The SFC is pleased to announce that it has reached a consensus with China Securities Regulatory Commission (CSRC) on how to implement one of the commitments in respect of the securities industry in the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA).- One of the commitments in respect of the securities industry under CEPA signed by Mainland and Hong Kong on 29 June 2003 is to simplify the relevant procedures for Hong Kong professionals applying in the Mainland for securities and futures industry qualifications.- To ensure the agreed commitments will take effect on 1 January 2004 as scheduled, the SFC and CSRC have agreed on the following key arrangements: - Hong Kong professionals (Note 1) having passed the examination on relevant Mainland laws and regulations may be granted industry qualifications by Mainland’s Securities Association of China or China Futures Association
For Hong Kong professionals having so obtained the industry qualifications, where they are licensed and have been approved as Responsible Officer in Hong Kong, such licence status will be recognized as having satisfied the required qualifications for being employed as senior management personnel in the Mainland.- Where they are licensed as Representative in Hong Kong, such licence status will be equivalent to having obtained the general industry qualifications in the Mainland.- Mainland professionals (Note 2) may be deemed by the SFC as having satisfied the requirements for industry qualifications in Hong Kong
For Mainland professionals having so obtained the industry qualifications, where they possess the practising qualifications for senior management personnel in the Mainland, they will be deemed as having satisfied the industry qualifications for Responsible Officer in Hong Kong.- Where they possess general practising qualifications in the Mainland, they will be deemed as having attained the industry qualifications for Representative in Hong Kong. All practitioners who are prepared to obtain qualifications by the above route should file their applications in accordance with the respective procedures in the Mainland or Hong Kong.- The respective approving authorities may grant waivers or exemptions on a case-by-case basis in light of its own merits.- The industry qualifications so obtained are still subject to the Mapping Table of Mainland/Hong Kong qualifications as agreed on comparable activities.- In applying for practising qualifications or licence, the practitioner must still meet other qualifications or licensing requirements.- For instance, the experience and credentials of the practitioner must be relevant to the practising qualifications or licence being applied for, and Mainland professionals applying for a licence in Hong Kong must pass the relevant examinations on Hong Kong regulations, etc.- The respective regulatory authorities responsible for approving the qualifications or licence may grant waivers in light of special circumstances. In addition, we have also reached consensus in respect of Hong Kong professionals applying for practising qualifications in the Mainland as follows: - the university degrees obtained in Hong Kong or accepted by the SFC held by the applicant may be deemed as having satisfied the academic requirements in the Mainland in respect of university education; and
- the market experience accumulated in Hong Kong or accepted by the SFC possessed by the applicant may be deemed as being equivalent to the relevant working experience in the Mainland.
Both parties have also held discussions and reached a consensus in respect of collaboration on examinations (Note 3), mapping of Mainland/Hong Kong qualifications, arrangements for approval of qualifications (Note 4), regulatory co-operation, and breaches and investigation.Ends Notes: 1. Hong Kong professionals - means permanent residents of The Hong Kong Special Administrative Region holding (or having held within the past three years) relevant licences issued by the SFC. 2. Mainland professionals - means PRC nationals possessing valid and relevant practising qualifications in the Mainland. 3. Collaboration arrangements about the examinations on laws and regulations will be discussed by Securities Association of China, China Futures Association and Hong Kong Securities Institute.- The details will be announced by the respective institutions in due course.
4. It includes Hong Kong professionals applying in the Mainland for industry qualifications and Hong Kong professionals applying in the Mainland for practising qualifications. |