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    CSRC Finalizes Rules for Management of PE Assets of Securities Firms

    October 22, 2018

    CSRC finalized rules on "Private Asset Management Business of Securities and Futures Operating Agencies” and on the "Operation and Management of Private Equity Management Plan of Securities and Futures Operating Agencies" (also known as Capital Management Rules). These rules shall be implemented as of the date of promulgation.

    These 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. The Capital Management Rules set the same transition period as the Guidance Opinion. After the end of the transition period, for non-standardized debt assets that are difficult to standardize for special reasons and non-standardized equity assets that are not matured, the Securities and Futures Commission, or SFC, agrees to take appropriate arrangements to properly handle them. Some of the regulatory indicators are slightly relaxed compared with the current regulations. 

     

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    Effective Date: October 22, 2018

    Keywords: Asia Pacific, China, Securities, Asset Management, Capital Management Rules, CSRC

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