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The Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) (the Exchanges) recently announced the start of public consultation regarding the reporting requirements for northbound investors engaged in program trading under the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect (the Stock Connect, i.e. the program connecting the securities markets of Chinese mainland and Hong Kong). These consultation papers include the reporting guidelines for program trading 1 (the Guidelines) and its appendices, the Reporting Form and the Instructions for the Reporting Form . On May 15, 2024, the China Securities Regulatory Commission (CSRC) issued the Administrative Rules for Program Trading in the Securities Market (Trial) , which extend reporting obligations to Stock Connect northbound investors, in accordance with the principle of fair treatment for both domestic and foreign investors (the Principle of Fair Treatment of Domestic and Foreign Investors). Th
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