Client asset management business will realise effective unified regulation
By Zhang Dongcheng and Li Shi
On 28 June 2013, the China Securities Regulatory Commission (CSRC) convened a press conference to promulgate the new amendments to the Administrative Measures for the Client Asset Management Business of Securities Companies (the ‘administrative measures’) and the Detailed Rules for the Implementation of the Aggregate Asset Management Business of Securities Companies (the ‘implementing rules’). In order to implement the Securities Investment Funds Law of the People’s Republic of China (2012 Amendment) (the ‘securities investment funds law’), which formally went into effect on 1 June 2013, the revision of administrative measures and implementing rules mainly revolves around the regulations of ‘large aggregate’ and ‘small aggregate’. Through new legislation, we can read CSRC’s attitude regarding path selection on the reform of the asset management business.
The new administrative measures and the implementing rules are clear on its main theme from the very beginning. In both cases, article 1 states its legislative intent and sources and lists the securities investment funds law as one of the legislative sources for the first time. Based on that, the new administrative measures and the implementing rules change their scopes of regulation.
In order to eliminate the regulations on the double limitations of 10 per cent in a ‘large aggregate’, article 31 of the Administrative Measures and Article 35(1)(2)(3) of the implementing rules have been removed…
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