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    CSRC Proposals on PE Asset Management Business of Securities Firms

    July 20, 2018

    CSRC published consultations on the "Management Measures for Private Equity Asset Management Business of Securities and Futures Operating Agencies (Draft for Comment)" and "Regulations on the Operation and Management of Private Equity Asset Management Plan of Securities and Futures Operating Agencies (Draft for Comment). The draft regulations prohibit securities firms and fund managers from providing “channeling” services to banks, as such services could help banks to evade investment controls. Comments are due by August 19, 2018.

    These proposed rules are based on the current regulatory requirements for the system integration of private equity management business of securities and futures operating institution, and fully implements the relevant requirements of the “Guiding Opinions on Regulating Asset Management Business of Financial Institutions," which were issued on April 27, 2018. These regulations are intended to be released as a supporting guideline for the “Guiding Opinions.” A spokesperson of CSRC said that most of the new regulations on asset management business have been implemented since 2016. These regulations are intended to promote a smooth transition of the stock and asset management business of securities and futures operating institutions, to further improve the compliance management and risk control level of the private equity management business of securities and futures operating institutions, to effectively protect the legitimate rights and interests of investors, and to prevent systemic risks. CSRC will carefully study the feedback from all parties and release it as soon as possible after further improvement.

     

    Related Links (in Chinese)

    Comment Due Date: August 19, 2018

    Keywords: Asia Pacific, China, Securities, Asset Management, Channeling Services, CSRC

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