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CSRC Issues the Tentative Rules for the Management of Publicly Offered Securities Investment Fund Carried out by Asset Management Institutions

[2013-06-18]

 

On February 18, The CSRC issued the Tentative Rules for the Management of Publicly Offered Securities Investment Fund Carried out by Asset Management Institutions (hereinafter referred to as the Tentative Rules).

 

The issuance of the Tentative Rules is an important initiative to implement the core messages of the Securities Investment Fund Law as revised and develop an open, inclusive and diversified wealth management industry, creating channels for institutions other than fund management companies to engage in the management of publicly offered funds, contributing to the growth of institutional investors and promoting the long-term steady and healthy development of the capital markets.

 

Fully taking into consideration the comments of all stakeholders, the Tentative Rules appropriately lower the threshold for securities firms, insurance asset management companies and privately offered securities fund management institutions to directly engage in the management of publicly offered funds and add provisions that qualified equity investment management institutions, venture capital management institutions and other asset management institutions may also apply to engage in the management of funds. In addition, the Tentative Rules specify that the management of funds carried out by asset management institutions shall be segregated from any shareable business process and set out a list of application documents to facilitate the submission of applications by asset management institutions.

 

Consisting of 18 articles in total, the Tentative Rules primarily provide for qualifications that any asset management institution applying to engage in the management of funds shall have. In terms of business operation, the above institutions shall be uniformly subject to the Securities Investment Fund Law and relevant provisions of the regulations to implement such Law when carrying out the management of funds. The Tentative Rules mainly impose requirements for business independence, risk isolation, arm's length transaction, prevention of conflicts of interest and other areas and also make provisions related to supervision and penalty.

 

Following the issuance of the Tentative Rules, qualified asset management institutions may make preparations in terms of information system, regime and procedures, and personnel, and file an application to the CSRC after the Securities Investment Fund Law as revised comes into effect on June 1. The above-mentioned asset management institutions may rely on their experience of years in the management of assets and brand influence to attract more capital into the capital markets for investment purposes and to provide better wealth management services to fund holders.

 

Source: CSRC

http://www.csrc.gov.cn/pub/csrc_en/newsfacts/release/201302/t20130225_221578.htm

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