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CSRC Solicits Public Comments on the Revision of Administrative Measures for the Operation of Securities Investment Funds

[2013-06-18]

 

On April 26, the CSRC held a news conference to solicit public comments on the revision of Administrative Measures for the Operation of Securities Investment Funds (hereinafter referred to as the “Measures”).

 

Spokesperson at the CSRC news conference expressed that as an important supporting regulatory document of the Securities Investment Fund Law, the Administrative Measures has spelled out detailed regulations on the raising of fund, subscription and redemption of fund shares, investment of fund and fund share holders’ congress. Since its effectiveness in 2004, the Administrative Measures has played an important role in regulating fund operation, protecting investor rights and interests and promoting the industry’s healthy development.

 

Current revision of the Administrative Measures is based on the following considerations: first, the newly revised Securities Investment Fund Law is about to take effect, requiring corresponding revision of certain contents of the Administrative Measures; second, judging by the practice of recent years, some contents of the Administrative Measures cannot meet the needs of the industry’s development; and third, according to the regulatory experience of foreign countries, certain processes of China’s fund operation and regulatory supervision need further improvement.

 

In terms of the principles and philosophies of revision, current revision will give top priority to the protection of the interests of fund share holders and following the requirement of “enhanced regulation and relaxed control”, advance the industry’s innovation and development while enhancing risk prevention for the healthy development of fund industry and capital market.

 

The revision includes three aspects: first, making corresponding adjustments according to the newly revised Securities Investment Fund Law, such as expanding the scope of managers and custodians, clarifying the requirements on fund affiliated transactions and improvement in the procedure for convening fund share holders’ congress, etc.; second, further enhancing regulatory supervision and intensifying risk prevention and investor protection, such as raising the lower limit of stock fund position, strengthening requirements on dispersed fund investment, clarifying the upper limit of leverage in fund investment, etc.; and third, further relaxing control to broaden the industry’s potentials of innovation and development, such as canceling the requirement that the fund to be raised cannot be identical to the existing fund under the fund company, optimizing seed fund channel and introducing seed fund model, as well as further enriching fund categories, etc.

 

The spokesperson indicated that the CSRC will revise the Administrative Measures based on opinions collected from various sides of society and promulgate it for implementation when appropriate.

 

 

Source: CSRC

http://www.csrc.gov.cn/pub/csrc_en/newsfacts/release/201305/t20130530_228789.htm