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    China funds & fund management

    Investment funds in China are mainly governed by The Law of People’s Republic of China on Securities Investment Funds (PRC Securities Investment Funds Law) promulgated by the Standing Committee of the National People’s Congress (NPC) on 28 March 2003 and took effect on 1 June 2004. The PRC Securities Investment Funds Law represents significant progress for the purpose of laying the legal and regulatory foundation for the development of the fund industry in China.

    The PRC Securities Investment Funds Law is applicable to public funds managed by fund managers with assets being held by the custodian for the benefits of the unit holders. It includes provisions governing the operation of investment funds in China (including the trading of fund units, purchase and redemption of fund units), the appointment of fund manager and custodian, and the relevant requirements in relation to disclosure of information.

    Private equity funds are, at present, not governed by the PRC Securities Investment Funds Law.

    Proposed major amendments to the PRC Securities Investment Funds Law issued by the Standing Committee of the NPC in 2012

    The Standing Committee of the NPC is now undertaking a public consultation process in relation to various major proposed amendments to the PRC Securities Investment Funds Law. The amendments represent a comprehensive effort to regulatory both public and private investment funds in China which include the proposed bringing of private investment funds under the supervision of the China Securities Regulatory Commission (CSRC). The public is invited to submit views and submissions until 5 August 2012.

    The key features of the proposed amendments include :

    Regulation of private investment funds in China

    Under the proposed amendments, private investment funds in China will be governed by the amended PRC Securities Investment Funds Law pursuant to which a private investment fund is only permitted to raise funds from no more than 200 qualified investors who are required to satisfy the income or asset requirements, details of which will be provided by the CSRC. Private investment funds are not permitted to advertise in public.

    As compared with a public fund, a private fund will be subject to relatively relaxed requirements. Under the proposed amendments, depending on the amount of capital proposed to be raised, and the number of unit holders of the fund, the fund manager of a private investment fund is only required to register with the CSRC or the fund industry association and prior approval from the CSRC is not required.

    While the launching of a public fund requires prior approval from the CSRC, under the proposed amendments, fund raising of a private investment fund is only subject to post-filing requirements required to be filed with the CSRC or a fund industry association.

    Under the proposed amendments, a private fund manager is also permitted to manage a public fund, subject to the prior approval of the CSRC.

    Introduction of new forms of investment funds in China

    In addition to the existing contractual form, the proposed amendments introduce two additional forms of funds:

    • committee form (available to both a public fund and a private fund)
    • unlimited liability form (available to a private fund only)

    Under the committee form, a committee as a standing body, for the purpose of supervising the day-to-day operation of the fund manager and the custodian. In an unlimited liability form fund, it is required that the fund manager or an institution with a controlling stake in the fund manager to bear unlimited liability for the liabilities of the fund.

    Types of permitted investment products under the PRC Securities Investment Funds Law expanded

    Under the proposed amendments, in addition to listed shares and bonds, a public fund is permitted to further invest in other types of securities and investment products (including derivatives) as determined by the CSRC.

     

    2017年特码生肖诗:Investment funds in China

    PRC Securities Investment Funds Law

    CSRC

    New forms of investment funds in China

    Hong Kong legal advice on investment funds in China

    Hong Kong law firm with experience of PRC Securities Investment Funds Law

    China securities regulatory commission CSRC

    PRC securities law

    PRC investment funds

    Permitted investment products

    Regulation of private investment funds
    Company Law PRC
    China A share funds

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  • 苹果高管驳斥iPhone计划报废说 iOS 12就是证据 2019-05-07
  • 热门楼盘趁势而入迎热销 红六月正式上线 ——凤凰网房产天津 2019-04-29
  • 国家税务总局:国地税改革进入具体实施操作阶段 2019-04-28
  • 习近平关于生态环境保护的十个精妙论述 2019-04-28
  • 生态环境部严厉打击转移倾倒固体废物及危险废物 2019-04-27
  • 马克思的每个人全面而自由发展,是人的最高需求层次理论。 2019-04-22
  • 空调还装墙壁上?聪明人都是往这里装,好看又省地 ——凤凰网房产 2019-04-22
  • 这下就真的更加坐实你的老蚕了,所有网友都是见证!想赖都赖不掉了。 2019-04-20
  • 空姐,到底要不要漂亮?-光明时评 2019-04-18
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  • [视频]《乡村振兴战略大家谈》第六集4分钟精编版 2019-04-12
  • 赵哲春季写真大公开 百变风格切换自如 2019-04-07
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