Five Authorities Issue Implementation Rules for the Pilot Program on Cross-border Asset Management in the Hainan Free Trade Port

Recently, the Hainan Provincial Branch of the People's Bank of China (PBC), together with four other authorities, has jointly issued the Implementation Rules for the Pilot Program on Cross-border Asset Management in the Hainan Free Trade Port (the "Rules"), which will take effect on August 21, 2025.

According to the Rules, the pilot program allows overseas investors to invest in wealth management products issued by financial institutions in the Hainan Free Trade Port, private asset management products offered by securities, fund and futures operators, publicly offered securities investment funds, and insurance asset management products. The Rules set out detailed arrangements regarding eligibility requirements and filing procedures for pilot institutions, the scope of pilot asset management products, suitability management of overseas investors, account opening, fund transfers and foreign exchange, management of the pilot program size, overseas investor protection and dispute resolution, and statistical monitoring and supervision. Specifically, regarding the scope of pilot asset management products, the Rules state that issuers may offer pilot asset management products to both domestic and overseas investors or exclusively to overseas investors, however, funds raised through pilot asset management products must be invested in the domestic market.



(Source: http://haikou.pbc.gov.cn/haikou/132982/132997/132954/5786366/index.html)

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