CSRC to overhaul mutual fund manager rules

China Regulation

On July 31, 2020, the China Securities Regulatory Commission ("CSRC") issued consultation drafts of theAdministrative Measures for Publicly-Offered Securities Investment Fund Managers (《公开募集证券投资基金管理人监督管理办法(征求意见稿)》) and theProvisions on Issues Concerning the Implementation of the Administrative Measures for Publicly-Offered Securities Investment Fund Managers (《关于实施<公开募集证券投资基金管理人监督管理办法>有关问题的规定(征求意见稿)》).

The Draft Rules are revised versions of earlier consultation drafts issued by CSRC on May 17, 2013.

The Draft Rules are intended to apply to both fund management companies ("FMCs") and other asset management institutions that are allowed to obtain mutual fund licenses, including wealth management subsidiaries of commercial banks ("WMSs"), securities firms' asset management subsidiaries, insurance asset management companies and private securities investment fund managers ("PFMs") registered with the Asset Management Association of China ("AMAC"), all of which are collectively referred to as "Mutual Fund Managers".

This article is focused on the key aspects that may affect the business strategies of foreign asset management firms to set up, make equity investments in, mutual fund management platforms (such as FMCs, WMSs and securities firms) in China, or to apply for mutual fund licenses in the future via existing PFM WFOEs.


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