On Nov. 20, 2024, HK Tax shared response by Secretary for Commerce and Economic Development Dr Bernard Chan in Legislative Council, re question on trade in services.
Said mutual recognition of professional qualifications or exemption arrangements for papers of professional qualification examinations have been put in place in a number of services sectors, including securities and futures, banking as well as real estate.
Hong Kong professionals with relevant license issued by HK SFC only need to pass the Mainland's examination on relevant laws and regulations; foundation exam not needed.
In the banking sector, HKIB and CHI CBA signed an MoU so financial practitioners from Mainland and HK can obtain dual qualifications through mutual recognition mechanism.
On Oct. 9, HK Treasury said it signed agreement with CHI CMRC.
HK Treasury said HK GVT and CHI CMRC signed the Second agreement concerning amendment to the CEPA agreement on trade in services, implementing Mar. 1, 2025.
Introduces new liberalization measures across several service sectors as stated.
Measures cover removing or relaxing restrictions on equity shareholding and business scope, as well as relaxing qualification requirements for Hong Kong professionals.
In addition, easing restrictions on Hong Kong's service exports to mainland China.
Most measures apply to whole mainland China, some designated for pilot implementation in nine Pearl River Delta municipalities in the Greater Bay Area.
Agreement also brings institutional innovations, such as allowing HK-invested enterprises to adopt HK law, and the option for arbitration to be seated in Hong Kong.
Adds commitments to ensure transparency, predictability, and efficiency of regulations.
Removed three-year substantive business operations requirement for most sectors.
Effectiveness
Implementation scheduled for Mar. 1, 2025.
Nov. 2024 HK Tax Mainland Opening Up
On Nov. 20, 2024, HK Tax shared response by Secretary for Commerce and Economic Development Dr Bernard Chan in Legislative Council, re question on trade in services.
Said mutual recognition of professional qualifications or exemption arrangements for papers of professional qualification examinations have been put in place in a number of services sectors, including securities and futures, banking as well as real estate.
Hong Kong professionals with relevant license issued by HK SFC only need to pass the Mainland's examination on relevant laws and regulations; foundation exam not needed.
In the banking sector, HKIB and CHI CBA signed an MoU so financial practitioners from Mainland and HK can obtain dual qualifications through mutual recognition mechanism.
Regulators
CHI CMRC; HK GVT; HK PRL; HK Tax; HK Treasury
Entity Types
Bank; IA; Ins; Inv Co
Reference
PR LCQ5, 11/20/2024; PR 10/9/2024
Functions
Compliance; Financial; HR; Legal; Operations; Registration/Licensing; Risk; Training
Countries
China; Hong Kong; Cross-Border
Category
State
N/A
Products
Banking; Equity; Fund Mgt; Futures; Insurance; Loan; Securities
