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Central Bank to accept applications for investment via Shenzhen Connect

12 December 2016

The Central Bank of Ireland has advised that it is in a position to accept applications from Irish domiciled UCITS and AIFs to invest through the Shenzhen-Hong Kong Stock Connect (“Shenzhen Connect”) programme, which launched on 5 December 2016.

Shenzhen Connect is a joint initiative between the Stock Exchange of Hong Kong (“SEHK”) and the Shenzhen Stock Exchange (“SZSE”), as well as their respective clearing entities, and enables international investors to purchase shares listed on the SZSE. The market infrastructure arrangements under Shenzhen Connect replicate those provided for under the original Shanghai-Hong Kong Stock Connect (“Shanghai Connect”) model, launched in November 2014.

Following a submission made by Irish Funds, the Central Bank has agreed to accept applications allowing Irish UCITS and AIFs to invest via Shenzhen Connect on the same basis as provided for under Shanghai Connect. The applicable conditions are set out in the Central Bank’s UCITS Q&A at ID 1015 and AIFMD Q&A at ID 1094.

These Q&As currently refer only to the “Shanghai-Hong Kong Stock infrastructure” but the Central Bank has advised that it intends to update the Q&As in early 2017 to reflect the recent addition of Shenzhen Connect. Furthermore, pending the update to the Q&As, the Central Bank is currently in a position to accept applications from Irish domiciled UCITS and AIFs in respect of Shenzhen Connect. 

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