A container barge sails in Victoria Harbor in Hong Kong, South China, April 30, 2023. [Photo/Xinhua]
The mainland's latest campaign against illegal cross-border securities activities is expected to help strengthen rather than weaken Hong Kong's position as an international financial center, according to Eddie Yue, chief executive of the Hong Kong Monetary Authority.
"For Hong Kong as an international financial center, I think this is actually more conducive and further strengthens its position, because no international financial center would allow or tolerate illegal activities taking place within its jurisdiction," Yue told China Daily on Monday.
On May 22, eight mainland government departments — led by the China Securities Regulatory Commission — issued an implementation plan to eradicate illegal cross-border securities, futures, and fund business activities within two years.
Yue said Hong Kong regulators had maintained close communication with mainland authorities on the implementation of the rectification measures. On the day the plan was announced, both the Hong Kong Securities and Futures Commission and the HKMA issued circulars requiring securities firms and banks to strengthen account opening procedures and compliance requirements.
