deal!ETF is included in the formal implementation of related business and technology on July 4th.

Reporter Wu Xiaolu Xing Meng

On June 28, the China Securities Regulatory Commission and the Hong Kong Securities Regulatory Commission issued the "Joint Announcement of the China Securities Supervision and Administration of Securities and Futures Affairs Supervision Committee" (hereinafter referred to as the "Joint Announcement"), which decided Trading open funds (exchanges trading funds, hereinafter collectively referred to as ETFs) are included in the interconnection mechanism of the Mainland and Hong Kong stock market transactions (hereinafter referred to as "interconnected interoperability"). ETF transactions under the interconnection will begin on July 4, 2022.

On the same day, the Shanghai and Shenzhen Exchange stated that the current preparations such as the business and technology of ETFs into the interconnection mechanism have been basically completed.

Industry insiders said that ETF, an indexed fund product suitable for passive investment into interconnection, is conducive to enriching interconnected investment varieties, further facilitating domestic and foreign investors to participate in the capital markets of the two places, enhance A shares for medium- and long -term allocation funds abroad The attractiveness of the mainland's capital market system is also conducive to further consolidating and enhancing the status of Hong Kong's international financial center.

Related business rules, etc.

The technical system is ready

According to the "Joint Announcement", since the China Securities Regulatory Commission and the Hong Kong Securities Regulatory Commission issued a joint announcement on May 27 this year, regulators of the two places cooperated in preparations for ETF's incoming interconnection. At present, related business rules, operating plans, and supervision arrangements have been determined, and the technical system is ready.

Just a few days ago, the China Securities Regulatory Commission issued the "Announcement on the Integrated Fund Integrated Fund Integration Related Arrangement" on June 24; on the same day, the Shanghai and Shenzhen Exchange and China settlement also Published the supporting implementation rules.

According to the "Joint Announcement", the China Securities Regulatory Commission and the Hong Kong Securities Regulatory Commission have reached consensus on cross -border supervision cooperation and investor education cooperation involved in ETF incorporations. Communication work, strengthen law enforcement cooperation, combat various cross -border violations of laws and regulations, timely and properly handle major or emergencies, safeguard the normal operation of interconnection, and protect the legitimate rights and interests of investors.

In addition, the "Joint Announcement" requires that the exchanges of the two places, securities trading service companies, and registration and settlement agencies shall fulfill the duties of interconnection and interconnection in accordance with the law, and organize the market for the market to carry out ETFs into interconnected related businesses in an orderly manner. Securities companies (or brokers) shall abide by relevant regulatory regulations and business rules, strengthen internal control, prevent and control risks, do a good job of investor education and services, and effectively safeguard the legitimate rights and interests of investors. Investors should fully understand the differences in market laws and regulations, business rules and practical operations of the two places, carefully evaluate and control risks, and rationally carry out interconnected investment related investment.

The "Joint Announcement" also proposes that all parties in the market should pay close attention to the preparations before startup to ensure that ETF is included in the interconnection and the successful implementation.

After the release of the Joint Announcement, the Shanghai Stock Exchange stated on the same day that the relevant business rules of the ETF incorporated interconnection mechanism had been officially released in the early stage, and the market was clarified to the market. The Shanghai Stock Exchange has organized market participants to further prepare for business startup, carry out multiple transaction system customs clearance tests with member institutions, and urge members to strengthen internal control and risk prevention. At present, the preparations such as the business and technology of ETFs into the interconnection mechanism have been basically completed.

The Shenzhen Stock Exchange stated that related business rules have been released to clarify matters such as ETF income and adjustment mechanisms, and transaction arrangements. At the same time, the Shenzhen Stock Exchange worked closely with relevant parties to organize market participants to prepare for various preparations, jointly conduct multiple technical system testing with member institutions, urge members to strengthen business risk prevention, and conscientiously do investor education services. At present, preparations for business, technology and markets are basically ready.

The Shanghai and Shenzhen Stock Exchange and the Hong Kong Stock Exchange also announced on June 28 the first batch of ETF lists that will be officially included in the Shanghai -Shenzhen -Hong Kong Stock Conference on July 4. Among them, the Shanghai Stock Connect ETF53, including Shanghai Stock Exchange 50ETF, Financial ETF, Bonus ETF, etc.; A total of 30 ETFs in Shenzhen Stock Connect, covering core broad -foundation products such as GEM ETF, CSI 300ETF, as well as biotechnology ETF, chip ETF, carbon carbon Normal and ETFs and other representative industry -themed products are mainly concentrated in the fields of advanced manufacturing, digital economy and green low -carbon. There are 4 Hong Kong Stock Connect ETFs, including ETFs such as Yingfu Fund.

Effectively strengthen

Cross -border supervision cooperation

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