A new arrangement will be signed soon allowing our securities and futures professionals to obtain qualifications and to practice on the Mainland.

Chief Executive Tung Chee Hwa said today the arrangement will be signed by the Securities & Futures Commission and the China Securities Regulatory Commission.

Mr Tung said the move will better promote the cause of our professionals on the Mainland, and enhance our status as a logistics and support centre for commerce and industry.

Secretary for Financial Services & the Treasury Frederick Ma welcomed the move, and encouraged securities professionals to take the relevant Mainland examinations and keep abreast of developments.

He is also confident Hong Kong will benefit from the business opportunities in the growing Mainland market and contribute towards the economic development of the country.

The CEPA Joint Steering Committee will meet in mid-December to discuss the mutual recognition of professional qualifications.

Highlights of the new arrangement

* HK professionals having passed the examination on relevant Mainland laws and regulations can be granted industry qualifications by the Securities Association of China or China Futures Association. They can be employed as senior management personnel in the Mainland;

* Mainland professionals can be deemed by the Securities & Futures Commission as having satisfied the requirements for industry qualifications in Hong Kong;

* university degrees obtained in Hong Kong or accepted by the Securities & Futures Commission can be deemed as satisfying academic requirements in the Mainland; and,

* market experience accumulated in Hong Kong or accepted by the Securities & Futures Commission can be deemed as being equivalent to relevant working experience on the Mainland.

Both commissions have also reached a consensus in collaboration on examinations, mapping of Mainland-Hong Kong qualifications, arrangements for approval of qualifications, regulatory co-operation, and breaches and investigation.

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