greater gateway to china brochure - bny mellon · and us$ 1.8 trillion in assets under management....
TRANSCRIPT
A Greater Gateway to
China Turning insights into opportunities for foreign institutional investors
Key Client Milestones
December 2018 BNY Mellon developed the Stock Connect single-sided settlement for sale transactions via multi-brokers This service model facilitates investments in T+0 settlement market for clients who do not have Asia hour coverage
February 2018 BNY Mellon offers collateral services that delivers collateral optimisation and mobility to clients The inclusion of Stock Connect assets to the list of unencumbered eligible collateral assets further reduce funding costs for clients
December 2017 Clients continue to subscribe to BNY Mellonrsquos Stock Connect Special Segregated Account (SPSA) Plus Pershing model an innovative execution-to-custody service allowing clients to place their Stock Connect orders in their time zone
October 2017 Clients deployed BNY Mellonrsquos Stock Connect Special Segregated Account (SPSA) Plus Multi Broker model to access the China equity market This model eliminates counterparty risks through real-time simultaneous and irrevocable settlement BNY Mellon is the first service provider to facilitate the largest tranche of Luxembourg UCITS funds for this model
July 2017 In partnership with BNY Mellon our client connected to the inaugural Bond Connect pilot scheme on Day 1 (July 3)
Your Global Service Provider for Chinese Assets As China liberalises its capital market foreign institutional investors (FIIs) are presented with unprecedented opportunities to China-the worldrsquos second largest equity market (US$ 837 trillion1 ) and the worldrsquos third largest bond market (US$ 1233 trillion2 )
Foreign institutional investors are faced with a myriad of China access schemes and need expertise to understand them BNY Mellon has the insights to partner FIIs on the selection of scheme(s) to meet your China expansion strategies as well as offering the suitable servicing models to bridge your ventures into Chinarsquos capital market
CHINA ACCESS SCHEMES AT-A-GLANCE
QFII RQFII Stock CIBM Bond Connect Direct Connect
2002 2011 2014 amp 2016 2016 2017
Qualified Foreign RMB Qualified Foreign Stock Connect China Interbank Bond Bond Connect Institutional Investor Institutional Investor (Northbound) Market (CIBM) Direct (Northbound) (QFII) (RQFII)
Allows foreign Allows foreign Allows foreign Allows foreign Allows foreign institutional investors institutional investors investors to access investors to access investors to access who meet certain who meet certain Chinese equities the China Interbank the China Interbank qualifications to invest qualifications to invest listed on the Bond market Bond market via in equities and bonds in equities and bonds in Shanghai and Hong Kong in China domestic China domestic markets Shenzhen stock markets within an within an approved exchanges via Hong approved quota via quota from eligible Kong RMB raised onshore jurisdictions via RMB
raised offshore
Total approved QFIIs 310 Total allocated quota US$ 10135 billion Total unallocated quota US$ 19865 billion
Total approved jurisdictions 19 Total approved quota RMB 1940 billion Total allocated quota RMB 649 billion Total unallocated quota RMB 1291 billion
7059 SPSA accounts Northbound Portfolio Value US$ 145 billion
Total foreign investors in CIBM 397 Total foreign CIBM depositary holdings US$ 259 billion
Total Bond Connect registered investors 282 Total foreign CIBM depositary holdings US$ 259 billion
Source Source Source Source Source State Administration of State Administration of HKEX March 2019 The Peoplersquos Bank of China China Bond Connect Foreign Exchange Foreign Exchange January 2019 January 2019 January 2019 January 2019
On January 31 2019 the Chinese government has proposed new rules to merge the RQFII and QFII schemes The effective date of the proposed rules has yet been announced
1 Source World Federation of Exchanges March 2019 2 Source Bank for International Settlements as of June 2018 1
rsquo
-
-
-
-
-
China Access Schemes in Comparison
QFIIQFII RQFIIRQFII tssStStocock Conneck Connects DirDirecect Rt Routoutee Bond ConnecBond Connectt
Regulators China Securities Regulatory Commission (CSRC)
State Administration of Foreign Exchange (SAFE)
Securities and Future Commission (SFC)
CSRC
People s Bank of China (PBOC)
PBOC
Hong Kong Monetary Authority (HKMA)
Market Entry Approvals from - CSRC - investment license - SAFE - quota limit
No approvals required - Bond Settlement Agent
- Filing with Peoplesrsquo Bank of China (PBoC)
- Bond Connect Co Ltd (BCCL)
- Further submission to China Foreign
- Exchange Trade System (CFETS) Filing with PBOC
Instrument Types
Listed equities and bonds
Bonds traded on CIBM
Other financial instruments approved by the CSRC
Selected A-listed and H-listed stocks
All bonds issued in CIBM namely corporate and government bonds policy bonds etc
Investment - Approved investment Approved - No individual No restriction No investment quota Limit quota
- Minimum individual quota US$ 20 million but not exceeding US$ 5 billion
investment quota quota - Daily trading limit of RMB52 billion (US$ 82 billion) on net buy basis
and declaration of anticipated investment size
Eligible Asset Managers Subsidiaries in relevant All foreign Foreign Central Banks Sovereign Entities Investors
Insurance companies jurisdictions of China (fund management companies
institutional investors and Foreign Institutional Investors via Direct Route
Securities companies securities companies commercial banks and
Commercial banks insurance companies)
Other institutional Financial institutions investors (pension with a principal place schemes charitable of business in approved foundations trust jurisdictions that have companies etc) an asset management
license
Lock-Up Lock-up period is lifted for all QFIIRQFII None None Period and Repatriation Daily injection and repatriation is now allowed
20 monthly repatriation limit for QFII is abolished effective from June 30 2018
For profit repatriation audited report issued by the Chinese accounting firm and the relevant tax certificates stamped by the local tax bureau in China must be submitted
Account Segregated securities and cash accounts at Segregated securities Segregated securities Segregated Central Structure custodian bank and central depositories accounts and omnibus
cash account at local custodian
and cash accounts at custodian bank and central depositories
Moneymarkets Unit (CMU) securities account
FX Onshore CNY Offshore CNH Offshore CNH Onshore or offshore Offshore CNH Conversion If onshore and Onshore CNY
offshore amount through CFETS cannot exceed 110 approved of the accumulated settlement bank inward remittance
FX Hedging Through local custodian and third party bank
Through local custodian third party bank and RMB clearing or participating bank
CNH FX hedging via Hong Kong licensed bank
Through local custodian and RMB clearing or participating bank
Onshore CNY hedging via FX settlement bank
CNH FX hedging via Hong Kong licensed bank
On January 31 2019 the Chinese government has proposed new rules to merge the RQFII and QFII schemes The effective date of the proposed rules has yet been announced
AT BNY MELLON WE OFFER
Servicing Solutions Across China Access Schemes
In todayrsquos ever more complex investment and operating environment BNY Mellonrsquos global scale and deep understanding of the Asia Pacificrsquos markets enable us to leverage our expertise to customise solutions for our clients in every stage of their investment life cycle and to stay agile in tomorrowrsquos market
BNY Mellon offers foreign institutional investors comprehensive service solutions in accessing China capital market It is based on your selected China access scheme(s) that best meets your business model and investment strategies in China
FULLY INTEGRATED SERVICES INCLUDE
$
PRE-ENTRY INSIGHTS MARKET ENTRY POST TRADE SERVICES
- China Access schemes - Account Opening - FX and Funding evaluation
- Client Documentation - Settlement - Market access challenges
- Reporting and considerations
- Income and Corporate - Service Models
Action Processing
3
BENEFITS TO YOU BNY Mellon Servicing Solutions
STOCK CONNECT
BNY Mellonrsquos Special Segregated Account (SPSA) product suite allows foreign investors to selectively customise the service model that best fit their business needs and requirements These innovative end-to-end service solutions offer processing capabilities across various time zones This model eliminates counterparty risks though real-time simultaneous and irrevocable settlement
Our service models are developed to ensure risk resiliency with proper control management and clientsrsquo assets protection
COLLATERAL SERVICES ndash A VALUE-ADDED SERVICE TO CLIENTrsquoS STOCK CONNECT ASSETS
BNY Mellon is the first tri-party agent providing collateral services to support Stock Connect assets We can assist clients with financing solutions that reduce funding costs while delivering collateral optimization and mobility
BOND CONNECT
BNY Mellon is the first global custodian and market leader in providing onshore CNY foreign exchange for Bond Connect transactions This end to end servicing solution offers clients with access to a more liquid market Onshore CNY is also the official currency for the CIBM Bond Index which Bloomberg Barclays will start tracking since April 2019
THE BEST OF THE BEST
Strong heritage in asset servicing
Award-winning technology
CLIENT FIRST COMMITMENT
Forefront in thought leadership engagement
Bespoke client solutions
FINANCIAL STRENGTH AND GLOBAL SCALE
Solid financial fundamentals
Greater market research
Deep vendor relations
INDUSTRY LEADERSHIP
Recognised leader in China Market solutions
Active engagement with regulators and professional associations
Pioneering new products and services
EXPERT PEOPLE
Unrivaled client focus
Extensive Greater China market expertise
Some of the recent awards won by BNY Mellonrsquos Eagle Investment Systems include but not limited to ldquoAsset Servicing Technology Vendor of the Yearrdquo from CustodyRisk Global Awards 2017 ldquoBest Asian Operations amp Technology Providerrdquo from Asia Asset Management Best of the Best 2018 Awards Technology Firm of the Yearrdquo from Institutional Asset Management Awards 2018 and ldquoBest Administrator Technologyrdquo from Alt Credit Intelligence US Services Awards 2019
4
We are BNY Mellon BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle Whether providing financial services for institutions corporations or individual investors BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets As of 31 March 2019 BNY Mellon had US$ 345 trillion in assets under custody andor administration and US$ 18 trillion in assets under management BNY Mellon can act as a single point of contact for clients looking to create trade hold manage service distribute or restructure investments BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE BK) Additional information is available on wwwbnymelloncom Follow us on Twitter BNYMellon or visit our newsroom at wwwbnymelloncomnewsroom for the latest company news
5
wwwbnymelloncom BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole andor its various subsidiaries generally This material and any products and services may be issued or provided under various brand names in various countries by duly authorised and regulated subsidiaries affiliates and joint ventures of BNY Mellon which may include any of the following The Bank of New York Mellon at 240 Greenwich Street NY NY 10286 USA a banking corporation organised pursuant to the laws of the State of New York and operating in England through its branch at One Canada Square London E14 5AL registered in England and Wales with numbers FC005522 and BR000818 The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorised by the Prudential Regulation Authority The Bank of New York Mellon London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request The Bank of New York Mellon SANV a Belgian public limited liability company with company number 0806743159 whose registered office is at 46 Rue Montoyerstraat B-1000 Brussels authorised and regulated as a significant credit institution by the European Central Bank (ECB) under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules a subsidiary of The Bank of New York Mellon and operating in England through its branch at 160 Queen Victoria Street London EC4V 4LA registered in England and Wales with numbers FC029379 and BR014361 The Bank of New York Mellon SANV (London Branch) is authorised by the ECB and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request The Bank of New York Mellon SANV operating in Ireland through its branch at Riverside 2 Sir John Rogersonrsquos Quay Grand Canal Dock Dublin 2 D02 KV60 Ireland trading as The Bank of New York Mellon SANV Dublin Branch which is authorized by the ECB regulated by the Central Bank of Ireland for conduct of business rules and registered with the Companies Registration Office in Ireland No 907126 amp with VAT No IE 9578054E The Bank of New York Mellon (International) Limited is registered in England amp Wales with Company No 03236121 with its Registered Office at One Canada Square London E14 5AL The Bank of New York Mellon (International) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority If this material is distributed in or from the Dubai International Financial Centre (DIFC) it is communicated by The Bank of New York Mellon DIFC Branch (the ldquoDIFC Branchrdquo) on behalf of BNY Mellon (as defined above) This material is intended for Professional Clients and Market Counterparties only and no other person should act upon it The DIFC Branch is regulated by the DFSA and is located at DIFC The Exchange Building 5 North Level 6 Room 601 PO Box 506723 Dubai UAE BNY Mellon also includes The Bank of New York Mellon which has various subsidiaries affiliates branches and representative offices in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction Details about the extent of our regulation and applicable regulators in the Asia-Pacific Region are available from us on request Not all products and services are offered in all countries
The material contained in this document which may be considered advertising is for general information and reference purposes only and is not intended to provide legal tax accounting investment financial or other professional advice on any matter and is not to be used as such The contents may not be comprehensive or up-to-date and BNY Mellon will not be responsible for updating any information contained within this document If distributed in the UK or EMEA this document is a financial promotion This document and the statements contained herein are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such This document is not intended for distribution to or use by any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation Similarly this document may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorised or where there would be by virtue of such distribution new or additional registration requirements Persons into whose possession this document comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this document in their jurisdiction The information contained in this document is for use by wholesale clients only and is not to be relied upon by retail clients Trademarks service marks and logos belong to their respective owners
BNY Mellon assumes no liability whatsoever for any action taken in reliance on the information contained in this material or for direct or indirect damages or losses resulting from use of this material its content or services Any unauthorised use of material contained herein is at the userrsquos own risk Reproduction distribution republication and retransmission of material contained herein is prohibited without the prior consent of BNY Mellon
052019 copy 2019 The Bank of New York Mellon Corporation All rights reserved
Key Client Milestones
December 2018 BNY Mellon developed the Stock Connect single-sided settlement for sale transactions via multi-brokers This service model facilitates investments in T+0 settlement market for clients who do not have Asia hour coverage
February 2018 BNY Mellon offers collateral services that delivers collateral optimisation and mobility to clients The inclusion of Stock Connect assets to the list of unencumbered eligible collateral assets further reduce funding costs for clients
December 2017 Clients continue to subscribe to BNY Mellonrsquos Stock Connect Special Segregated Account (SPSA) Plus Pershing model an innovative execution-to-custody service allowing clients to place their Stock Connect orders in their time zone
October 2017 Clients deployed BNY Mellonrsquos Stock Connect Special Segregated Account (SPSA) Plus Multi Broker model to access the China equity market This model eliminates counterparty risks through real-time simultaneous and irrevocable settlement BNY Mellon is the first service provider to facilitate the largest tranche of Luxembourg UCITS funds for this model
July 2017 In partnership with BNY Mellon our client connected to the inaugural Bond Connect pilot scheme on Day 1 (July 3)
Your Global Service Provider for Chinese Assets As China liberalises its capital market foreign institutional investors (FIIs) are presented with unprecedented opportunities to China-the worldrsquos second largest equity market (US$ 837 trillion1 ) and the worldrsquos third largest bond market (US$ 1233 trillion2 )
Foreign institutional investors are faced with a myriad of China access schemes and need expertise to understand them BNY Mellon has the insights to partner FIIs on the selection of scheme(s) to meet your China expansion strategies as well as offering the suitable servicing models to bridge your ventures into Chinarsquos capital market
CHINA ACCESS SCHEMES AT-A-GLANCE
QFII RQFII Stock CIBM Bond Connect Direct Connect
2002 2011 2014 amp 2016 2016 2017
Qualified Foreign RMB Qualified Foreign Stock Connect China Interbank Bond Bond Connect Institutional Investor Institutional Investor (Northbound) Market (CIBM) Direct (Northbound) (QFII) (RQFII)
Allows foreign Allows foreign Allows foreign Allows foreign Allows foreign institutional investors institutional investors investors to access investors to access investors to access who meet certain who meet certain Chinese equities the China Interbank the China Interbank qualifications to invest qualifications to invest listed on the Bond market Bond market via in equities and bonds in equities and bonds in Shanghai and Hong Kong in China domestic China domestic markets Shenzhen stock markets within an within an approved exchanges via Hong approved quota via quota from eligible Kong RMB raised onshore jurisdictions via RMB
raised offshore
Total approved QFIIs 310 Total allocated quota US$ 10135 billion Total unallocated quota US$ 19865 billion
Total approved jurisdictions 19 Total approved quota RMB 1940 billion Total allocated quota RMB 649 billion Total unallocated quota RMB 1291 billion
7059 SPSA accounts Northbound Portfolio Value US$ 145 billion
Total foreign investors in CIBM 397 Total foreign CIBM depositary holdings US$ 259 billion
Total Bond Connect registered investors 282 Total foreign CIBM depositary holdings US$ 259 billion
Source Source Source Source Source State Administration of State Administration of HKEX March 2019 The Peoplersquos Bank of China China Bond Connect Foreign Exchange Foreign Exchange January 2019 January 2019 January 2019 January 2019
On January 31 2019 the Chinese government has proposed new rules to merge the RQFII and QFII schemes The effective date of the proposed rules has yet been announced
1 Source World Federation of Exchanges March 2019 2 Source Bank for International Settlements as of June 2018 1
rsquo
-
-
-
-
-
China Access Schemes in Comparison
QFIIQFII RQFIIRQFII tssStStocock Conneck Connects DirDirecect Rt Routoutee Bond ConnecBond Connectt
Regulators China Securities Regulatory Commission (CSRC)
State Administration of Foreign Exchange (SAFE)
Securities and Future Commission (SFC)
CSRC
People s Bank of China (PBOC)
PBOC
Hong Kong Monetary Authority (HKMA)
Market Entry Approvals from - CSRC - investment license - SAFE - quota limit
No approvals required - Bond Settlement Agent
- Filing with Peoplesrsquo Bank of China (PBoC)
- Bond Connect Co Ltd (BCCL)
- Further submission to China Foreign
- Exchange Trade System (CFETS) Filing with PBOC
Instrument Types
Listed equities and bonds
Bonds traded on CIBM
Other financial instruments approved by the CSRC
Selected A-listed and H-listed stocks
All bonds issued in CIBM namely corporate and government bonds policy bonds etc
Investment - Approved investment Approved - No individual No restriction No investment quota Limit quota
- Minimum individual quota US$ 20 million but not exceeding US$ 5 billion
investment quota quota - Daily trading limit of RMB52 billion (US$ 82 billion) on net buy basis
and declaration of anticipated investment size
Eligible Asset Managers Subsidiaries in relevant All foreign Foreign Central Banks Sovereign Entities Investors
Insurance companies jurisdictions of China (fund management companies
institutional investors and Foreign Institutional Investors via Direct Route
Securities companies securities companies commercial banks and
Commercial banks insurance companies)
Other institutional Financial institutions investors (pension with a principal place schemes charitable of business in approved foundations trust jurisdictions that have companies etc) an asset management
license
Lock-Up Lock-up period is lifted for all QFIIRQFII None None Period and Repatriation Daily injection and repatriation is now allowed
20 monthly repatriation limit for QFII is abolished effective from June 30 2018
For profit repatriation audited report issued by the Chinese accounting firm and the relevant tax certificates stamped by the local tax bureau in China must be submitted
Account Segregated securities and cash accounts at Segregated securities Segregated securities Segregated Central Structure custodian bank and central depositories accounts and omnibus
cash account at local custodian
and cash accounts at custodian bank and central depositories
Moneymarkets Unit (CMU) securities account
FX Onshore CNY Offshore CNH Offshore CNH Onshore or offshore Offshore CNH Conversion If onshore and Onshore CNY
offshore amount through CFETS cannot exceed 110 approved of the accumulated settlement bank inward remittance
FX Hedging Through local custodian and third party bank
Through local custodian third party bank and RMB clearing or participating bank
CNH FX hedging via Hong Kong licensed bank
Through local custodian and RMB clearing or participating bank
Onshore CNY hedging via FX settlement bank
CNH FX hedging via Hong Kong licensed bank
On January 31 2019 the Chinese government has proposed new rules to merge the RQFII and QFII schemes The effective date of the proposed rules has yet been announced
AT BNY MELLON WE OFFER
Servicing Solutions Across China Access Schemes
In todayrsquos ever more complex investment and operating environment BNY Mellonrsquos global scale and deep understanding of the Asia Pacificrsquos markets enable us to leverage our expertise to customise solutions for our clients in every stage of their investment life cycle and to stay agile in tomorrowrsquos market
BNY Mellon offers foreign institutional investors comprehensive service solutions in accessing China capital market It is based on your selected China access scheme(s) that best meets your business model and investment strategies in China
FULLY INTEGRATED SERVICES INCLUDE
$
PRE-ENTRY INSIGHTS MARKET ENTRY POST TRADE SERVICES
- China Access schemes - Account Opening - FX and Funding evaluation
- Client Documentation - Settlement - Market access challenges
- Reporting and considerations
- Income and Corporate - Service Models
Action Processing
3
BENEFITS TO YOU BNY Mellon Servicing Solutions
STOCK CONNECT
BNY Mellonrsquos Special Segregated Account (SPSA) product suite allows foreign investors to selectively customise the service model that best fit their business needs and requirements These innovative end-to-end service solutions offer processing capabilities across various time zones This model eliminates counterparty risks though real-time simultaneous and irrevocable settlement
Our service models are developed to ensure risk resiliency with proper control management and clientsrsquo assets protection
COLLATERAL SERVICES ndash A VALUE-ADDED SERVICE TO CLIENTrsquoS STOCK CONNECT ASSETS
BNY Mellon is the first tri-party agent providing collateral services to support Stock Connect assets We can assist clients with financing solutions that reduce funding costs while delivering collateral optimization and mobility
BOND CONNECT
BNY Mellon is the first global custodian and market leader in providing onshore CNY foreign exchange for Bond Connect transactions This end to end servicing solution offers clients with access to a more liquid market Onshore CNY is also the official currency for the CIBM Bond Index which Bloomberg Barclays will start tracking since April 2019
THE BEST OF THE BEST
Strong heritage in asset servicing
Award-winning technology
CLIENT FIRST COMMITMENT
Forefront in thought leadership engagement
Bespoke client solutions
FINANCIAL STRENGTH AND GLOBAL SCALE
Solid financial fundamentals
Greater market research
Deep vendor relations
INDUSTRY LEADERSHIP
Recognised leader in China Market solutions
Active engagement with regulators and professional associations
Pioneering new products and services
EXPERT PEOPLE
Unrivaled client focus
Extensive Greater China market expertise
Some of the recent awards won by BNY Mellonrsquos Eagle Investment Systems include but not limited to ldquoAsset Servicing Technology Vendor of the Yearrdquo from CustodyRisk Global Awards 2017 ldquoBest Asian Operations amp Technology Providerrdquo from Asia Asset Management Best of the Best 2018 Awards Technology Firm of the Yearrdquo from Institutional Asset Management Awards 2018 and ldquoBest Administrator Technologyrdquo from Alt Credit Intelligence US Services Awards 2019
4
We are BNY Mellon BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle Whether providing financial services for institutions corporations or individual investors BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets As of 31 March 2019 BNY Mellon had US$ 345 trillion in assets under custody andor administration and US$ 18 trillion in assets under management BNY Mellon can act as a single point of contact for clients looking to create trade hold manage service distribute or restructure investments BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE BK) Additional information is available on wwwbnymelloncom Follow us on Twitter BNYMellon or visit our newsroom at wwwbnymelloncomnewsroom for the latest company news
5
wwwbnymelloncom BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole andor its various subsidiaries generally This material and any products and services may be issued or provided under various brand names in various countries by duly authorised and regulated subsidiaries affiliates and joint ventures of BNY Mellon which may include any of the following The Bank of New York Mellon at 240 Greenwich Street NY NY 10286 USA a banking corporation organised pursuant to the laws of the State of New York and operating in England through its branch at One Canada Square London E14 5AL registered in England and Wales with numbers FC005522 and BR000818 The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorised by the Prudential Regulation Authority The Bank of New York Mellon London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request The Bank of New York Mellon SANV a Belgian public limited liability company with company number 0806743159 whose registered office is at 46 Rue Montoyerstraat B-1000 Brussels authorised and regulated as a significant credit institution by the European Central Bank (ECB) under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules a subsidiary of The Bank of New York Mellon and operating in England through its branch at 160 Queen Victoria Street London EC4V 4LA registered in England and Wales with numbers FC029379 and BR014361 The Bank of New York Mellon SANV (London Branch) is authorised by the ECB and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request The Bank of New York Mellon SANV operating in Ireland through its branch at Riverside 2 Sir John Rogersonrsquos Quay Grand Canal Dock Dublin 2 D02 KV60 Ireland trading as The Bank of New York Mellon SANV Dublin Branch which is authorized by the ECB regulated by the Central Bank of Ireland for conduct of business rules and registered with the Companies Registration Office in Ireland No 907126 amp with VAT No IE 9578054E The Bank of New York Mellon (International) Limited is registered in England amp Wales with Company No 03236121 with its Registered Office at One Canada Square London E14 5AL The Bank of New York Mellon (International) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority If this material is distributed in or from the Dubai International Financial Centre (DIFC) it is communicated by The Bank of New York Mellon DIFC Branch (the ldquoDIFC Branchrdquo) on behalf of BNY Mellon (as defined above) This material is intended for Professional Clients and Market Counterparties only and no other person should act upon it The DIFC Branch is regulated by the DFSA and is located at DIFC The Exchange Building 5 North Level 6 Room 601 PO Box 506723 Dubai UAE BNY Mellon also includes The Bank of New York Mellon which has various subsidiaries affiliates branches and representative offices in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction Details about the extent of our regulation and applicable regulators in the Asia-Pacific Region are available from us on request Not all products and services are offered in all countries
The material contained in this document which may be considered advertising is for general information and reference purposes only and is not intended to provide legal tax accounting investment financial or other professional advice on any matter and is not to be used as such The contents may not be comprehensive or up-to-date and BNY Mellon will not be responsible for updating any information contained within this document If distributed in the UK or EMEA this document is a financial promotion This document and the statements contained herein are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such This document is not intended for distribution to or use by any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation Similarly this document may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorised or where there would be by virtue of such distribution new or additional registration requirements Persons into whose possession this document comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this document in their jurisdiction The information contained in this document is for use by wholesale clients only and is not to be relied upon by retail clients Trademarks service marks and logos belong to their respective owners
BNY Mellon assumes no liability whatsoever for any action taken in reliance on the information contained in this material or for direct or indirect damages or losses resulting from use of this material its content or services Any unauthorised use of material contained herein is at the userrsquos own risk Reproduction distribution republication and retransmission of material contained herein is prohibited without the prior consent of BNY Mellon
052019 copy 2019 The Bank of New York Mellon Corporation All rights reserved
Your Global Service Provider for Chinese Assets As China liberalises its capital market foreign institutional investors (FIIs) are presented with unprecedented opportunities to China-the worldrsquos second largest equity market (US$ 837 trillion1 ) and the worldrsquos third largest bond market (US$ 1233 trillion2 )
Foreign institutional investors are faced with a myriad of China access schemes and need expertise to understand them BNY Mellon has the insights to partner FIIs on the selection of scheme(s) to meet your China expansion strategies as well as offering the suitable servicing models to bridge your ventures into Chinarsquos capital market
CHINA ACCESS SCHEMES AT-A-GLANCE
QFII RQFII Stock CIBM Bond Connect Direct Connect
2002 2011 2014 amp 2016 2016 2017
Qualified Foreign RMB Qualified Foreign Stock Connect China Interbank Bond Bond Connect Institutional Investor Institutional Investor (Northbound) Market (CIBM) Direct (Northbound) (QFII) (RQFII)
Allows foreign Allows foreign Allows foreign Allows foreign Allows foreign institutional investors institutional investors investors to access investors to access investors to access who meet certain who meet certain Chinese equities the China Interbank the China Interbank qualifications to invest qualifications to invest listed on the Bond market Bond market via in equities and bonds in equities and bonds in Shanghai and Hong Kong in China domestic China domestic markets Shenzhen stock markets within an within an approved exchanges via Hong approved quota via quota from eligible Kong RMB raised onshore jurisdictions via RMB
raised offshore
Total approved QFIIs 310 Total allocated quota US$ 10135 billion Total unallocated quota US$ 19865 billion
Total approved jurisdictions 19 Total approved quota RMB 1940 billion Total allocated quota RMB 649 billion Total unallocated quota RMB 1291 billion
7059 SPSA accounts Northbound Portfolio Value US$ 145 billion
Total foreign investors in CIBM 397 Total foreign CIBM depositary holdings US$ 259 billion
Total Bond Connect registered investors 282 Total foreign CIBM depositary holdings US$ 259 billion
Source Source Source Source Source State Administration of State Administration of HKEX March 2019 The Peoplersquos Bank of China China Bond Connect Foreign Exchange Foreign Exchange January 2019 January 2019 January 2019 January 2019
On January 31 2019 the Chinese government has proposed new rules to merge the RQFII and QFII schemes The effective date of the proposed rules has yet been announced
1 Source World Federation of Exchanges March 2019 2 Source Bank for International Settlements as of June 2018 1
rsquo
-
-
-
-
-
China Access Schemes in Comparison
QFIIQFII RQFIIRQFII tssStStocock Conneck Connects DirDirecect Rt Routoutee Bond ConnecBond Connectt
Regulators China Securities Regulatory Commission (CSRC)
State Administration of Foreign Exchange (SAFE)
Securities and Future Commission (SFC)
CSRC
People s Bank of China (PBOC)
PBOC
Hong Kong Monetary Authority (HKMA)
Market Entry Approvals from - CSRC - investment license - SAFE - quota limit
No approvals required - Bond Settlement Agent
- Filing with Peoplesrsquo Bank of China (PBoC)
- Bond Connect Co Ltd (BCCL)
- Further submission to China Foreign
- Exchange Trade System (CFETS) Filing with PBOC
Instrument Types
Listed equities and bonds
Bonds traded on CIBM
Other financial instruments approved by the CSRC
Selected A-listed and H-listed stocks
All bonds issued in CIBM namely corporate and government bonds policy bonds etc
Investment - Approved investment Approved - No individual No restriction No investment quota Limit quota
- Minimum individual quota US$ 20 million but not exceeding US$ 5 billion
investment quota quota - Daily trading limit of RMB52 billion (US$ 82 billion) on net buy basis
and declaration of anticipated investment size
Eligible Asset Managers Subsidiaries in relevant All foreign Foreign Central Banks Sovereign Entities Investors
Insurance companies jurisdictions of China (fund management companies
institutional investors and Foreign Institutional Investors via Direct Route
Securities companies securities companies commercial banks and
Commercial banks insurance companies)
Other institutional Financial institutions investors (pension with a principal place schemes charitable of business in approved foundations trust jurisdictions that have companies etc) an asset management
license
Lock-Up Lock-up period is lifted for all QFIIRQFII None None Period and Repatriation Daily injection and repatriation is now allowed
20 monthly repatriation limit for QFII is abolished effective from June 30 2018
For profit repatriation audited report issued by the Chinese accounting firm and the relevant tax certificates stamped by the local tax bureau in China must be submitted
Account Segregated securities and cash accounts at Segregated securities Segregated securities Segregated Central Structure custodian bank and central depositories accounts and omnibus
cash account at local custodian
and cash accounts at custodian bank and central depositories
Moneymarkets Unit (CMU) securities account
FX Onshore CNY Offshore CNH Offshore CNH Onshore or offshore Offshore CNH Conversion If onshore and Onshore CNY
offshore amount through CFETS cannot exceed 110 approved of the accumulated settlement bank inward remittance
FX Hedging Through local custodian and third party bank
Through local custodian third party bank and RMB clearing or participating bank
CNH FX hedging via Hong Kong licensed bank
Through local custodian and RMB clearing or participating bank
Onshore CNY hedging via FX settlement bank
CNH FX hedging via Hong Kong licensed bank
On January 31 2019 the Chinese government has proposed new rules to merge the RQFII and QFII schemes The effective date of the proposed rules has yet been announced
AT BNY MELLON WE OFFER
Servicing Solutions Across China Access Schemes
In todayrsquos ever more complex investment and operating environment BNY Mellonrsquos global scale and deep understanding of the Asia Pacificrsquos markets enable us to leverage our expertise to customise solutions for our clients in every stage of their investment life cycle and to stay agile in tomorrowrsquos market
BNY Mellon offers foreign institutional investors comprehensive service solutions in accessing China capital market It is based on your selected China access scheme(s) that best meets your business model and investment strategies in China
FULLY INTEGRATED SERVICES INCLUDE
$
PRE-ENTRY INSIGHTS MARKET ENTRY POST TRADE SERVICES
- China Access schemes - Account Opening - FX and Funding evaluation
- Client Documentation - Settlement - Market access challenges
- Reporting and considerations
- Income and Corporate - Service Models
Action Processing
3
BENEFITS TO YOU BNY Mellon Servicing Solutions
STOCK CONNECT
BNY Mellonrsquos Special Segregated Account (SPSA) product suite allows foreign investors to selectively customise the service model that best fit their business needs and requirements These innovative end-to-end service solutions offer processing capabilities across various time zones This model eliminates counterparty risks though real-time simultaneous and irrevocable settlement
Our service models are developed to ensure risk resiliency with proper control management and clientsrsquo assets protection
COLLATERAL SERVICES ndash A VALUE-ADDED SERVICE TO CLIENTrsquoS STOCK CONNECT ASSETS
BNY Mellon is the first tri-party agent providing collateral services to support Stock Connect assets We can assist clients with financing solutions that reduce funding costs while delivering collateral optimization and mobility
BOND CONNECT
BNY Mellon is the first global custodian and market leader in providing onshore CNY foreign exchange for Bond Connect transactions This end to end servicing solution offers clients with access to a more liquid market Onshore CNY is also the official currency for the CIBM Bond Index which Bloomberg Barclays will start tracking since April 2019
THE BEST OF THE BEST
Strong heritage in asset servicing
Award-winning technology
CLIENT FIRST COMMITMENT
Forefront in thought leadership engagement
Bespoke client solutions
FINANCIAL STRENGTH AND GLOBAL SCALE
Solid financial fundamentals
Greater market research
Deep vendor relations
INDUSTRY LEADERSHIP
Recognised leader in China Market solutions
Active engagement with regulators and professional associations
Pioneering new products and services
EXPERT PEOPLE
Unrivaled client focus
Extensive Greater China market expertise
Some of the recent awards won by BNY Mellonrsquos Eagle Investment Systems include but not limited to ldquoAsset Servicing Technology Vendor of the Yearrdquo from CustodyRisk Global Awards 2017 ldquoBest Asian Operations amp Technology Providerrdquo from Asia Asset Management Best of the Best 2018 Awards Technology Firm of the Yearrdquo from Institutional Asset Management Awards 2018 and ldquoBest Administrator Technologyrdquo from Alt Credit Intelligence US Services Awards 2019
4
We are BNY Mellon BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle Whether providing financial services for institutions corporations or individual investors BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets As of 31 March 2019 BNY Mellon had US$ 345 trillion in assets under custody andor administration and US$ 18 trillion in assets under management BNY Mellon can act as a single point of contact for clients looking to create trade hold manage service distribute or restructure investments BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE BK) Additional information is available on wwwbnymelloncom Follow us on Twitter BNYMellon or visit our newsroom at wwwbnymelloncomnewsroom for the latest company news
5
wwwbnymelloncom BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole andor its various subsidiaries generally This material and any products and services may be issued or provided under various brand names in various countries by duly authorised and regulated subsidiaries affiliates and joint ventures of BNY Mellon which may include any of the following The Bank of New York Mellon at 240 Greenwich Street NY NY 10286 USA a banking corporation organised pursuant to the laws of the State of New York and operating in England through its branch at One Canada Square London E14 5AL registered in England and Wales with numbers FC005522 and BR000818 The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorised by the Prudential Regulation Authority The Bank of New York Mellon London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request The Bank of New York Mellon SANV a Belgian public limited liability company with company number 0806743159 whose registered office is at 46 Rue Montoyerstraat B-1000 Brussels authorised and regulated as a significant credit institution by the European Central Bank (ECB) under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules a subsidiary of The Bank of New York Mellon and operating in England through its branch at 160 Queen Victoria Street London EC4V 4LA registered in England and Wales with numbers FC029379 and BR014361 The Bank of New York Mellon SANV (London Branch) is authorised by the ECB and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request The Bank of New York Mellon SANV operating in Ireland through its branch at Riverside 2 Sir John Rogersonrsquos Quay Grand Canal Dock Dublin 2 D02 KV60 Ireland trading as The Bank of New York Mellon SANV Dublin Branch which is authorized by the ECB regulated by the Central Bank of Ireland for conduct of business rules and registered with the Companies Registration Office in Ireland No 907126 amp with VAT No IE 9578054E The Bank of New York Mellon (International) Limited is registered in England amp Wales with Company No 03236121 with its Registered Office at One Canada Square London E14 5AL The Bank of New York Mellon (International) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority If this material is distributed in or from the Dubai International Financial Centre (DIFC) it is communicated by The Bank of New York Mellon DIFC Branch (the ldquoDIFC Branchrdquo) on behalf of BNY Mellon (as defined above) This material is intended for Professional Clients and Market Counterparties only and no other person should act upon it The DIFC Branch is regulated by the DFSA and is located at DIFC The Exchange Building 5 North Level 6 Room 601 PO Box 506723 Dubai UAE BNY Mellon also includes The Bank of New York Mellon which has various subsidiaries affiliates branches and representative offices in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction Details about the extent of our regulation and applicable regulators in the Asia-Pacific Region are available from us on request Not all products and services are offered in all countries
The material contained in this document which may be considered advertising is for general information and reference purposes only and is not intended to provide legal tax accounting investment financial or other professional advice on any matter and is not to be used as such The contents may not be comprehensive or up-to-date and BNY Mellon will not be responsible for updating any information contained within this document If distributed in the UK or EMEA this document is a financial promotion This document and the statements contained herein are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such This document is not intended for distribution to or use by any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation Similarly this document may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorised or where there would be by virtue of such distribution new or additional registration requirements Persons into whose possession this document comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this document in their jurisdiction The information contained in this document is for use by wholesale clients only and is not to be relied upon by retail clients Trademarks service marks and logos belong to their respective owners
BNY Mellon assumes no liability whatsoever for any action taken in reliance on the information contained in this material or for direct or indirect damages or losses resulting from use of this material its content or services Any unauthorised use of material contained herein is at the userrsquos own risk Reproduction distribution republication and retransmission of material contained herein is prohibited without the prior consent of BNY Mellon
052019 copy 2019 The Bank of New York Mellon Corporation All rights reserved
rsquo
-
-
-
-
-
China Access Schemes in Comparison
QFIIQFII RQFIIRQFII tssStStocock Conneck Connects DirDirecect Rt Routoutee Bond ConnecBond Connectt
Regulators China Securities Regulatory Commission (CSRC)
State Administration of Foreign Exchange (SAFE)
Securities and Future Commission (SFC)
CSRC
People s Bank of China (PBOC)
PBOC
Hong Kong Monetary Authority (HKMA)
Market Entry Approvals from - CSRC - investment license - SAFE - quota limit
No approvals required - Bond Settlement Agent
- Filing with Peoplesrsquo Bank of China (PBoC)
- Bond Connect Co Ltd (BCCL)
- Further submission to China Foreign
- Exchange Trade System (CFETS) Filing with PBOC
Instrument Types
Listed equities and bonds
Bonds traded on CIBM
Other financial instruments approved by the CSRC
Selected A-listed and H-listed stocks
All bonds issued in CIBM namely corporate and government bonds policy bonds etc
Investment - Approved investment Approved - No individual No restriction No investment quota Limit quota
- Minimum individual quota US$ 20 million but not exceeding US$ 5 billion
investment quota quota - Daily trading limit of RMB52 billion (US$ 82 billion) on net buy basis
and declaration of anticipated investment size
Eligible Asset Managers Subsidiaries in relevant All foreign Foreign Central Banks Sovereign Entities Investors
Insurance companies jurisdictions of China (fund management companies
institutional investors and Foreign Institutional Investors via Direct Route
Securities companies securities companies commercial banks and
Commercial banks insurance companies)
Other institutional Financial institutions investors (pension with a principal place schemes charitable of business in approved foundations trust jurisdictions that have companies etc) an asset management
license
Lock-Up Lock-up period is lifted for all QFIIRQFII None None Period and Repatriation Daily injection and repatriation is now allowed
20 monthly repatriation limit for QFII is abolished effective from June 30 2018
For profit repatriation audited report issued by the Chinese accounting firm and the relevant tax certificates stamped by the local tax bureau in China must be submitted
Account Segregated securities and cash accounts at Segregated securities Segregated securities Segregated Central Structure custodian bank and central depositories accounts and omnibus
cash account at local custodian
and cash accounts at custodian bank and central depositories
Moneymarkets Unit (CMU) securities account
FX Onshore CNY Offshore CNH Offshore CNH Onshore or offshore Offshore CNH Conversion If onshore and Onshore CNY
offshore amount through CFETS cannot exceed 110 approved of the accumulated settlement bank inward remittance
FX Hedging Through local custodian and third party bank
Through local custodian third party bank and RMB clearing or participating bank
CNH FX hedging via Hong Kong licensed bank
Through local custodian and RMB clearing or participating bank
Onshore CNY hedging via FX settlement bank
CNH FX hedging via Hong Kong licensed bank
On January 31 2019 the Chinese government has proposed new rules to merge the RQFII and QFII schemes The effective date of the proposed rules has yet been announced
AT BNY MELLON WE OFFER
Servicing Solutions Across China Access Schemes
In todayrsquos ever more complex investment and operating environment BNY Mellonrsquos global scale and deep understanding of the Asia Pacificrsquos markets enable us to leverage our expertise to customise solutions for our clients in every stage of their investment life cycle and to stay agile in tomorrowrsquos market
BNY Mellon offers foreign institutional investors comprehensive service solutions in accessing China capital market It is based on your selected China access scheme(s) that best meets your business model and investment strategies in China
FULLY INTEGRATED SERVICES INCLUDE
$
PRE-ENTRY INSIGHTS MARKET ENTRY POST TRADE SERVICES
- China Access schemes - Account Opening - FX and Funding evaluation
- Client Documentation - Settlement - Market access challenges
- Reporting and considerations
- Income and Corporate - Service Models
Action Processing
3
BENEFITS TO YOU BNY Mellon Servicing Solutions
STOCK CONNECT
BNY Mellonrsquos Special Segregated Account (SPSA) product suite allows foreign investors to selectively customise the service model that best fit their business needs and requirements These innovative end-to-end service solutions offer processing capabilities across various time zones This model eliminates counterparty risks though real-time simultaneous and irrevocable settlement
Our service models are developed to ensure risk resiliency with proper control management and clientsrsquo assets protection
COLLATERAL SERVICES ndash A VALUE-ADDED SERVICE TO CLIENTrsquoS STOCK CONNECT ASSETS
BNY Mellon is the first tri-party agent providing collateral services to support Stock Connect assets We can assist clients with financing solutions that reduce funding costs while delivering collateral optimization and mobility
BOND CONNECT
BNY Mellon is the first global custodian and market leader in providing onshore CNY foreign exchange for Bond Connect transactions This end to end servicing solution offers clients with access to a more liquid market Onshore CNY is also the official currency for the CIBM Bond Index which Bloomberg Barclays will start tracking since April 2019
THE BEST OF THE BEST
Strong heritage in asset servicing
Award-winning technology
CLIENT FIRST COMMITMENT
Forefront in thought leadership engagement
Bespoke client solutions
FINANCIAL STRENGTH AND GLOBAL SCALE
Solid financial fundamentals
Greater market research
Deep vendor relations
INDUSTRY LEADERSHIP
Recognised leader in China Market solutions
Active engagement with regulators and professional associations
Pioneering new products and services
EXPERT PEOPLE
Unrivaled client focus
Extensive Greater China market expertise
Some of the recent awards won by BNY Mellonrsquos Eagle Investment Systems include but not limited to ldquoAsset Servicing Technology Vendor of the Yearrdquo from CustodyRisk Global Awards 2017 ldquoBest Asian Operations amp Technology Providerrdquo from Asia Asset Management Best of the Best 2018 Awards Technology Firm of the Yearrdquo from Institutional Asset Management Awards 2018 and ldquoBest Administrator Technologyrdquo from Alt Credit Intelligence US Services Awards 2019
4
We are BNY Mellon BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle Whether providing financial services for institutions corporations or individual investors BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets As of 31 March 2019 BNY Mellon had US$ 345 trillion in assets under custody andor administration and US$ 18 trillion in assets under management BNY Mellon can act as a single point of contact for clients looking to create trade hold manage service distribute or restructure investments BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE BK) Additional information is available on wwwbnymelloncom Follow us on Twitter BNYMellon or visit our newsroom at wwwbnymelloncomnewsroom for the latest company news
5
wwwbnymelloncom BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole andor its various subsidiaries generally This material and any products and services may be issued or provided under various brand names in various countries by duly authorised and regulated subsidiaries affiliates and joint ventures of BNY Mellon which may include any of the following The Bank of New York Mellon at 240 Greenwich Street NY NY 10286 USA a banking corporation organised pursuant to the laws of the State of New York and operating in England through its branch at One Canada Square London E14 5AL registered in England and Wales with numbers FC005522 and BR000818 The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorised by the Prudential Regulation Authority The Bank of New York Mellon London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request The Bank of New York Mellon SANV a Belgian public limited liability company with company number 0806743159 whose registered office is at 46 Rue Montoyerstraat B-1000 Brussels authorised and regulated as a significant credit institution by the European Central Bank (ECB) under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules a subsidiary of The Bank of New York Mellon and operating in England through its branch at 160 Queen Victoria Street London EC4V 4LA registered in England and Wales with numbers FC029379 and BR014361 The Bank of New York Mellon SANV (London Branch) is authorised by the ECB and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request The Bank of New York Mellon SANV operating in Ireland through its branch at Riverside 2 Sir John Rogersonrsquos Quay Grand Canal Dock Dublin 2 D02 KV60 Ireland trading as The Bank of New York Mellon SANV Dublin Branch which is authorized by the ECB regulated by the Central Bank of Ireland for conduct of business rules and registered with the Companies Registration Office in Ireland No 907126 amp with VAT No IE 9578054E The Bank of New York Mellon (International) Limited is registered in England amp Wales with Company No 03236121 with its Registered Office at One Canada Square London E14 5AL The Bank of New York Mellon (International) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority If this material is distributed in or from the Dubai International Financial Centre (DIFC) it is communicated by The Bank of New York Mellon DIFC Branch (the ldquoDIFC Branchrdquo) on behalf of BNY Mellon (as defined above) This material is intended for Professional Clients and Market Counterparties only and no other person should act upon it The DIFC Branch is regulated by the DFSA and is located at DIFC The Exchange Building 5 North Level 6 Room 601 PO Box 506723 Dubai UAE BNY Mellon also includes The Bank of New York Mellon which has various subsidiaries affiliates branches and representative offices in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction Details about the extent of our regulation and applicable regulators in the Asia-Pacific Region are available from us on request Not all products and services are offered in all countries
The material contained in this document which may be considered advertising is for general information and reference purposes only and is not intended to provide legal tax accounting investment financial or other professional advice on any matter and is not to be used as such The contents may not be comprehensive or up-to-date and BNY Mellon will not be responsible for updating any information contained within this document If distributed in the UK or EMEA this document is a financial promotion This document and the statements contained herein are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such This document is not intended for distribution to or use by any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation Similarly this document may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorised or where there would be by virtue of such distribution new or additional registration requirements Persons into whose possession this document comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this document in their jurisdiction The information contained in this document is for use by wholesale clients only and is not to be relied upon by retail clients Trademarks service marks and logos belong to their respective owners
BNY Mellon assumes no liability whatsoever for any action taken in reliance on the information contained in this material or for direct or indirect damages or losses resulting from use of this material its content or services Any unauthorised use of material contained herein is at the userrsquos own risk Reproduction distribution republication and retransmission of material contained herein is prohibited without the prior consent of BNY Mellon
052019 copy 2019 The Bank of New York Mellon Corporation All rights reserved
AT BNY MELLON WE OFFER
Servicing Solutions Across China Access Schemes
In todayrsquos ever more complex investment and operating environment BNY Mellonrsquos global scale and deep understanding of the Asia Pacificrsquos markets enable us to leverage our expertise to customise solutions for our clients in every stage of their investment life cycle and to stay agile in tomorrowrsquos market
BNY Mellon offers foreign institutional investors comprehensive service solutions in accessing China capital market It is based on your selected China access scheme(s) that best meets your business model and investment strategies in China
FULLY INTEGRATED SERVICES INCLUDE
$
PRE-ENTRY INSIGHTS MARKET ENTRY POST TRADE SERVICES
- China Access schemes - Account Opening - FX and Funding evaluation
- Client Documentation - Settlement - Market access challenges
- Reporting and considerations
- Income and Corporate - Service Models
Action Processing
3
BENEFITS TO YOU BNY Mellon Servicing Solutions
STOCK CONNECT
BNY Mellonrsquos Special Segregated Account (SPSA) product suite allows foreign investors to selectively customise the service model that best fit their business needs and requirements These innovative end-to-end service solutions offer processing capabilities across various time zones This model eliminates counterparty risks though real-time simultaneous and irrevocable settlement
Our service models are developed to ensure risk resiliency with proper control management and clientsrsquo assets protection
COLLATERAL SERVICES ndash A VALUE-ADDED SERVICE TO CLIENTrsquoS STOCK CONNECT ASSETS
BNY Mellon is the first tri-party agent providing collateral services to support Stock Connect assets We can assist clients with financing solutions that reduce funding costs while delivering collateral optimization and mobility
BOND CONNECT
BNY Mellon is the first global custodian and market leader in providing onshore CNY foreign exchange for Bond Connect transactions This end to end servicing solution offers clients with access to a more liquid market Onshore CNY is also the official currency for the CIBM Bond Index which Bloomberg Barclays will start tracking since April 2019
THE BEST OF THE BEST
Strong heritage in asset servicing
Award-winning technology
CLIENT FIRST COMMITMENT
Forefront in thought leadership engagement
Bespoke client solutions
FINANCIAL STRENGTH AND GLOBAL SCALE
Solid financial fundamentals
Greater market research
Deep vendor relations
INDUSTRY LEADERSHIP
Recognised leader in China Market solutions
Active engagement with regulators and professional associations
Pioneering new products and services
EXPERT PEOPLE
Unrivaled client focus
Extensive Greater China market expertise
Some of the recent awards won by BNY Mellonrsquos Eagle Investment Systems include but not limited to ldquoAsset Servicing Technology Vendor of the Yearrdquo from CustodyRisk Global Awards 2017 ldquoBest Asian Operations amp Technology Providerrdquo from Asia Asset Management Best of the Best 2018 Awards Technology Firm of the Yearrdquo from Institutional Asset Management Awards 2018 and ldquoBest Administrator Technologyrdquo from Alt Credit Intelligence US Services Awards 2019
4
We are BNY Mellon BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle Whether providing financial services for institutions corporations or individual investors BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets As of 31 March 2019 BNY Mellon had US$ 345 trillion in assets under custody andor administration and US$ 18 trillion in assets under management BNY Mellon can act as a single point of contact for clients looking to create trade hold manage service distribute or restructure investments BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE BK) Additional information is available on wwwbnymelloncom Follow us on Twitter BNYMellon or visit our newsroom at wwwbnymelloncomnewsroom for the latest company news
5
wwwbnymelloncom BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole andor its various subsidiaries generally This material and any products and services may be issued or provided under various brand names in various countries by duly authorised and regulated subsidiaries affiliates and joint ventures of BNY Mellon which may include any of the following The Bank of New York Mellon at 240 Greenwich Street NY NY 10286 USA a banking corporation organised pursuant to the laws of the State of New York and operating in England through its branch at One Canada Square London E14 5AL registered in England and Wales with numbers FC005522 and BR000818 The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorised by the Prudential Regulation Authority The Bank of New York Mellon London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request The Bank of New York Mellon SANV a Belgian public limited liability company with company number 0806743159 whose registered office is at 46 Rue Montoyerstraat B-1000 Brussels authorised and regulated as a significant credit institution by the European Central Bank (ECB) under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules a subsidiary of The Bank of New York Mellon and operating in England through its branch at 160 Queen Victoria Street London EC4V 4LA registered in England and Wales with numbers FC029379 and BR014361 The Bank of New York Mellon SANV (London Branch) is authorised by the ECB and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request The Bank of New York Mellon SANV operating in Ireland through its branch at Riverside 2 Sir John Rogersonrsquos Quay Grand Canal Dock Dublin 2 D02 KV60 Ireland trading as The Bank of New York Mellon SANV Dublin Branch which is authorized by the ECB regulated by the Central Bank of Ireland for conduct of business rules and registered with the Companies Registration Office in Ireland No 907126 amp with VAT No IE 9578054E The Bank of New York Mellon (International) Limited is registered in England amp Wales with Company No 03236121 with its Registered Office at One Canada Square London E14 5AL The Bank of New York Mellon (International) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority If this material is distributed in or from the Dubai International Financial Centre (DIFC) it is communicated by The Bank of New York Mellon DIFC Branch (the ldquoDIFC Branchrdquo) on behalf of BNY Mellon (as defined above) This material is intended for Professional Clients and Market Counterparties only and no other person should act upon it The DIFC Branch is regulated by the DFSA and is located at DIFC The Exchange Building 5 North Level 6 Room 601 PO Box 506723 Dubai UAE BNY Mellon also includes The Bank of New York Mellon which has various subsidiaries affiliates branches and representative offices in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction Details about the extent of our regulation and applicable regulators in the Asia-Pacific Region are available from us on request Not all products and services are offered in all countries
The material contained in this document which may be considered advertising is for general information and reference purposes only and is not intended to provide legal tax accounting investment financial or other professional advice on any matter and is not to be used as such The contents may not be comprehensive or up-to-date and BNY Mellon will not be responsible for updating any information contained within this document If distributed in the UK or EMEA this document is a financial promotion This document and the statements contained herein are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such This document is not intended for distribution to or use by any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation Similarly this document may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorised or where there would be by virtue of such distribution new or additional registration requirements Persons into whose possession this document comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this document in their jurisdiction The information contained in this document is for use by wholesale clients only and is not to be relied upon by retail clients Trademarks service marks and logos belong to their respective owners
BNY Mellon assumes no liability whatsoever for any action taken in reliance on the information contained in this material or for direct or indirect damages or losses resulting from use of this material its content or services Any unauthorised use of material contained herein is at the userrsquos own risk Reproduction distribution republication and retransmission of material contained herein is prohibited without the prior consent of BNY Mellon
052019 copy 2019 The Bank of New York Mellon Corporation All rights reserved
BENEFITS TO YOU BNY Mellon Servicing Solutions
STOCK CONNECT
BNY Mellonrsquos Special Segregated Account (SPSA) product suite allows foreign investors to selectively customise the service model that best fit their business needs and requirements These innovative end-to-end service solutions offer processing capabilities across various time zones This model eliminates counterparty risks though real-time simultaneous and irrevocable settlement
Our service models are developed to ensure risk resiliency with proper control management and clientsrsquo assets protection
COLLATERAL SERVICES ndash A VALUE-ADDED SERVICE TO CLIENTrsquoS STOCK CONNECT ASSETS
BNY Mellon is the first tri-party agent providing collateral services to support Stock Connect assets We can assist clients with financing solutions that reduce funding costs while delivering collateral optimization and mobility
BOND CONNECT
BNY Mellon is the first global custodian and market leader in providing onshore CNY foreign exchange for Bond Connect transactions This end to end servicing solution offers clients with access to a more liquid market Onshore CNY is also the official currency for the CIBM Bond Index which Bloomberg Barclays will start tracking since April 2019
THE BEST OF THE BEST
Strong heritage in asset servicing
Award-winning technology
CLIENT FIRST COMMITMENT
Forefront in thought leadership engagement
Bespoke client solutions
FINANCIAL STRENGTH AND GLOBAL SCALE
Solid financial fundamentals
Greater market research
Deep vendor relations
INDUSTRY LEADERSHIP
Recognised leader in China Market solutions
Active engagement with regulators and professional associations
Pioneering new products and services
EXPERT PEOPLE
Unrivaled client focus
Extensive Greater China market expertise
Some of the recent awards won by BNY Mellonrsquos Eagle Investment Systems include but not limited to ldquoAsset Servicing Technology Vendor of the Yearrdquo from CustodyRisk Global Awards 2017 ldquoBest Asian Operations amp Technology Providerrdquo from Asia Asset Management Best of the Best 2018 Awards Technology Firm of the Yearrdquo from Institutional Asset Management Awards 2018 and ldquoBest Administrator Technologyrdquo from Alt Credit Intelligence US Services Awards 2019
4
We are BNY Mellon BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle Whether providing financial services for institutions corporations or individual investors BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets As of 31 March 2019 BNY Mellon had US$ 345 trillion in assets under custody andor administration and US$ 18 trillion in assets under management BNY Mellon can act as a single point of contact for clients looking to create trade hold manage service distribute or restructure investments BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE BK) Additional information is available on wwwbnymelloncom Follow us on Twitter BNYMellon or visit our newsroom at wwwbnymelloncomnewsroom for the latest company news
5
wwwbnymelloncom BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole andor its various subsidiaries generally This material and any products and services may be issued or provided under various brand names in various countries by duly authorised and regulated subsidiaries affiliates and joint ventures of BNY Mellon which may include any of the following The Bank of New York Mellon at 240 Greenwich Street NY NY 10286 USA a banking corporation organised pursuant to the laws of the State of New York and operating in England through its branch at One Canada Square London E14 5AL registered in England and Wales with numbers FC005522 and BR000818 The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorised by the Prudential Regulation Authority The Bank of New York Mellon London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request The Bank of New York Mellon SANV a Belgian public limited liability company with company number 0806743159 whose registered office is at 46 Rue Montoyerstraat B-1000 Brussels authorised and regulated as a significant credit institution by the European Central Bank (ECB) under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules a subsidiary of The Bank of New York Mellon and operating in England through its branch at 160 Queen Victoria Street London EC4V 4LA registered in England and Wales with numbers FC029379 and BR014361 The Bank of New York Mellon SANV (London Branch) is authorised by the ECB and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request The Bank of New York Mellon SANV operating in Ireland through its branch at Riverside 2 Sir John Rogersonrsquos Quay Grand Canal Dock Dublin 2 D02 KV60 Ireland trading as The Bank of New York Mellon SANV Dublin Branch which is authorized by the ECB regulated by the Central Bank of Ireland for conduct of business rules and registered with the Companies Registration Office in Ireland No 907126 amp with VAT No IE 9578054E The Bank of New York Mellon (International) Limited is registered in England amp Wales with Company No 03236121 with its Registered Office at One Canada Square London E14 5AL The Bank of New York Mellon (International) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority If this material is distributed in or from the Dubai International Financial Centre (DIFC) it is communicated by The Bank of New York Mellon DIFC Branch (the ldquoDIFC Branchrdquo) on behalf of BNY Mellon (as defined above) This material is intended for Professional Clients and Market Counterparties only and no other person should act upon it The DIFC Branch is regulated by the DFSA and is located at DIFC The Exchange Building 5 North Level 6 Room 601 PO Box 506723 Dubai UAE BNY Mellon also includes The Bank of New York Mellon which has various subsidiaries affiliates branches and representative offices in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction Details about the extent of our regulation and applicable regulators in the Asia-Pacific Region are available from us on request Not all products and services are offered in all countries
The material contained in this document which may be considered advertising is for general information and reference purposes only and is not intended to provide legal tax accounting investment financial or other professional advice on any matter and is not to be used as such The contents may not be comprehensive or up-to-date and BNY Mellon will not be responsible for updating any information contained within this document If distributed in the UK or EMEA this document is a financial promotion This document and the statements contained herein are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such This document is not intended for distribution to or use by any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation Similarly this document may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorised or where there would be by virtue of such distribution new or additional registration requirements Persons into whose possession this document comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this document in their jurisdiction The information contained in this document is for use by wholesale clients only and is not to be relied upon by retail clients Trademarks service marks and logos belong to their respective owners
BNY Mellon assumes no liability whatsoever for any action taken in reliance on the information contained in this material or for direct or indirect damages or losses resulting from use of this material its content or services Any unauthorised use of material contained herein is at the userrsquos own risk Reproduction distribution republication and retransmission of material contained herein is prohibited without the prior consent of BNY Mellon
052019 copy 2019 The Bank of New York Mellon Corporation All rights reserved
We are BNY Mellon BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle Whether providing financial services for institutions corporations or individual investors BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets As of 31 March 2019 BNY Mellon had US$ 345 trillion in assets under custody andor administration and US$ 18 trillion in assets under management BNY Mellon can act as a single point of contact for clients looking to create trade hold manage service distribute or restructure investments BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE BK) Additional information is available on wwwbnymelloncom Follow us on Twitter BNYMellon or visit our newsroom at wwwbnymelloncomnewsroom for the latest company news
5
wwwbnymelloncom BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole andor its various subsidiaries generally This material and any products and services may be issued or provided under various brand names in various countries by duly authorised and regulated subsidiaries affiliates and joint ventures of BNY Mellon which may include any of the following The Bank of New York Mellon at 240 Greenwich Street NY NY 10286 USA a banking corporation organised pursuant to the laws of the State of New York and operating in England through its branch at One Canada Square London E14 5AL registered in England and Wales with numbers FC005522 and BR000818 The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorised by the Prudential Regulation Authority The Bank of New York Mellon London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request The Bank of New York Mellon SANV a Belgian public limited liability company with company number 0806743159 whose registered office is at 46 Rue Montoyerstraat B-1000 Brussels authorised and regulated as a significant credit institution by the European Central Bank (ECB) under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules a subsidiary of The Bank of New York Mellon and operating in England through its branch at 160 Queen Victoria Street London EC4V 4LA registered in England and Wales with numbers FC029379 and BR014361 The Bank of New York Mellon SANV (London Branch) is authorised by the ECB and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request The Bank of New York Mellon SANV operating in Ireland through its branch at Riverside 2 Sir John Rogersonrsquos Quay Grand Canal Dock Dublin 2 D02 KV60 Ireland trading as The Bank of New York Mellon SANV Dublin Branch which is authorized by the ECB regulated by the Central Bank of Ireland for conduct of business rules and registered with the Companies Registration Office in Ireland No 907126 amp with VAT No IE 9578054E The Bank of New York Mellon (International) Limited is registered in England amp Wales with Company No 03236121 with its Registered Office at One Canada Square London E14 5AL The Bank of New York Mellon (International) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority If this material is distributed in or from the Dubai International Financial Centre (DIFC) it is communicated by The Bank of New York Mellon DIFC Branch (the ldquoDIFC Branchrdquo) on behalf of BNY Mellon (as defined above) This material is intended for Professional Clients and Market Counterparties only and no other person should act upon it The DIFC Branch is regulated by the DFSA and is located at DIFC The Exchange Building 5 North Level 6 Room 601 PO Box 506723 Dubai UAE BNY Mellon also includes The Bank of New York Mellon which has various subsidiaries affiliates branches and representative offices in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction Details about the extent of our regulation and applicable regulators in the Asia-Pacific Region are available from us on request Not all products and services are offered in all countries
The material contained in this document which may be considered advertising is for general information and reference purposes only and is not intended to provide legal tax accounting investment financial or other professional advice on any matter and is not to be used as such The contents may not be comprehensive or up-to-date and BNY Mellon will not be responsible for updating any information contained within this document If distributed in the UK or EMEA this document is a financial promotion This document and the statements contained herein are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such This document is not intended for distribution to or use by any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation Similarly this document may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorised or where there would be by virtue of such distribution new or additional registration requirements Persons into whose possession this document comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this document in their jurisdiction The information contained in this document is for use by wholesale clients only and is not to be relied upon by retail clients Trademarks service marks and logos belong to their respective owners
BNY Mellon assumes no liability whatsoever for any action taken in reliance on the information contained in this material or for direct or indirect damages or losses resulting from use of this material its content or services Any unauthorised use of material contained herein is at the userrsquos own risk Reproduction distribution republication and retransmission of material contained herein is prohibited without the prior consent of BNY Mellon
052019 copy 2019 The Bank of New York Mellon Corporation All rights reserved
wwwbnymelloncom BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole andor its various subsidiaries generally This material and any products and services may be issued or provided under various brand names in various countries by duly authorised and regulated subsidiaries affiliates and joint ventures of BNY Mellon which may include any of the following The Bank of New York Mellon at 240 Greenwich Street NY NY 10286 USA a banking corporation organised pursuant to the laws of the State of New York and operating in England through its branch at One Canada Square London E14 5AL registered in England and Wales with numbers FC005522 and BR000818 The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorised by the Prudential Regulation Authority The Bank of New York Mellon London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request The Bank of New York Mellon SANV a Belgian public limited liability company with company number 0806743159 whose registered office is at 46 Rue Montoyerstraat B-1000 Brussels authorised and regulated as a significant credit institution by the European Central Bank (ECB) under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules a subsidiary of The Bank of New York Mellon and operating in England through its branch at 160 Queen Victoria Street London EC4V 4LA registered in England and Wales with numbers FC029379 and BR014361 The Bank of New York Mellon SANV (London Branch) is authorised by the ECB and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request The Bank of New York Mellon SANV operating in Ireland through its branch at Riverside 2 Sir John Rogersonrsquos Quay Grand Canal Dock Dublin 2 D02 KV60 Ireland trading as The Bank of New York Mellon SANV Dublin Branch which is authorized by the ECB regulated by the Central Bank of Ireland for conduct of business rules and registered with the Companies Registration Office in Ireland No 907126 amp with VAT No IE 9578054E The Bank of New York Mellon (International) Limited is registered in England amp Wales with Company No 03236121 with its Registered Office at One Canada Square London E14 5AL The Bank of New York Mellon (International) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority If this material is distributed in or from the Dubai International Financial Centre (DIFC) it is communicated by The Bank of New York Mellon DIFC Branch (the ldquoDIFC Branchrdquo) on behalf of BNY Mellon (as defined above) This material is intended for Professional Clients and Market Counterparties only and no other person should act upon it The DIFC Branch is regulated by the DFSA and is located at DIFC The Exchange Building 5 North Level 6 Room 601 PO Box 506723 Dubai UAE BNY Mellon also includes The Bank of New York Mellon which has various subsidiaries affiliates branches and representative offices in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction Details about the extent of our regulation and applicable regulators in the Asia-Pacific Region are available from us on request Not all products and services are offered in all countries
The material contained in this document which may be considered advertising is for general information and reference purposes only and is not intended to provide legal tax accounting investment financial or other professional advice on any matter and is not to be used as such The contents may not be comprehensive or up-to-date and BNY Mellon will not be responsible for updating any information contained within this document If distributed in the UK or EMEA this document is a financial promotion This document and the statements contained herein are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such This document is not intended for distribution to or use by any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation Similarly this document may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorised or where there would be by virtue of such distribution new or additional registration requirements Persons into whose possession this document comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this document in their jurisdiction The information contained in this document is for use by wholesale clients only and is not to be relied upon by retail clients Trademarks service marks and logos belong to their respective owners
BNY Mellon assumes no liability whatsoever for any action taken in reliance on the information contained in this material or for direct or indirect damages or losses resulting from use of this material its content or services Any unauthorised use of material contained herein is at the userrsquos own risk Reproduction distribution republication and retransmission of material contained herein is prohibited without the prior consent of BNY Mellon
052019 copy 2019 The Bank of New York Mellon Corporation All rights reserved