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2) NOT INVESTMENT ADVICE. NOT REGULATORY ADVICE.

3) In general a lot of the answer here is "we'll see". As

@AdamScochran

notes, the SFC hasn't yet come out with the new policy, just noted that there _will be_ one. So take everything here with a grain of salt.

4) There are a number of interesting distinctions here. What applies to HK _customers_ vs HK _exchanges_? What does it mean to be in HK? And who, exactly, *is* in HK?

5) It's often pretty opaque to people where an exchange really is. Sometimes it's opaque to an exchange itself.