Beijing expands access for HK, Macau brokers

The relaxation of rules governing joint venture ownership of mainland brokerages is limited to a few municipalities but allows HK and Macau brokers to hold control positions.

China will open its capital markets to Hong Kong and Macau brokerages, allowing qualified firms to form joint ventures with mainland peers but limiting them to one fully licensed stock brokerage in a few designated municipalities and regions.

The China Securities Regulatory Commission CSRC said qualified financial institutions from Hong Kong and Macau will be allowed to establish one fully licensed securities house in Shanghai, Shenzhen and throughout Guangdong province, according to an announcement posted on the regulator's website.

The move follows a supplemental agreement signed in 2013, one of the several follow-on deals to the Mainland China-Hong Kong Closer Economic Partnership Arrangement CEPA, a comprehensive...

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