at non-retail investors, who can look after themselves and need less protection than retail investors. Therefore, it may be practicable to enable cross-border products and services to be made available first to non-retail investors (NRI) and make them available to retail investors (RI) later, when adequate protections are in place. In addition, in light of the rapidly changing environment of the global financial market, the ACMF will review and assess the recommendations in the Implementation Plan as appropriate and take into consideration prevailing circumstances including market readiness and adequate safeguards for investor protection, and reprioritize where necessary. This will ensure an orderly and practical approach towards the implementation of the initiatives.