沪深交易所发布指引，北向资金被纳入程序化交易报告范畴

Core Viewpoint - The implementation of the procedural trading reporting guidelines for Shanghai and Shenzhen Stock Connect investors marks a significant step in enhancing regulatory oversight and ensuring compliance with the new Securities Law and related regulations [1][2][3] Group 1: Regulatory Framework - The newly released reporting guidelines align with existing procedural trading regulations in mainland China while adapting to the specific circumstances of the Hong Kong market [1] - The guidelines are part of the broader effort to implement the Securities Law and the procedural trading management regulations, which require investors engaging in procedural trading to report to the stock exchanges [2] - The guidelines will officially take effect on January 12, 2026, with existing investors required to complete their reports within three months of implementation [1][2] Group 2: Reporting Mechanism - The reporting will be based on the Northbound Investor Identification Code (BCAN) and will involve Northbound investors reporting to Hong Kong brokers, who will then relay the information to the Shanghai and Shenzhen Stock Exchanges [1][3] - The content and regulatory requirements for the reports will be consistent with those for domestic investors, ensuring a unified approach to procedural trading oversight [1][2] Group 3: Future Steps - The Shanghai and Shenzhen Stock Exchanges plan to enhance cross-border regulatory cooperation with the Hong Kong Stock Exchange to facilitate the smooth implementation of the reporting guidelines [3] - Ongoing efforts will include rule training and technical development to support the effective rollout of the new reporting requirements [3]