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Press Conference on June 30, 2016
30-06-2016

Question: Among the recently published policy outcomes of the Eighth China-US Strategic and Economic Dialogue, the Chinese side welcomes qualified wholly foreign-owned enterprises and joint ventures to apply for registration as private securities fund management entities to engage in private securities fund management business, including securities trading on the secondary market. Foreign-owned private fund management entities are required to register with the Asset Management Association of China (AMAC). Any comment on this from the CSRC?


Answer: This policy will attract more well-established foreign fund management entities to enter the Chinese market by allowing qualified wholly foreign-owned enterprises and joint ventures to register as private fund managers. We believe this will enrich the institutional-investor base of China’s capital market, create an orderly competitive environment for China’s asset management industry, enhance competitiveness and international influence of China’s private fund management industry in particular by further opening up China's capital market and drawing on good practices of overseas entities in respect of their advanced asset management models, investment philosophies and strategies, compliance and risk control.
   Since China announced this policy initiative in the Seventh China-US Strategic and Economic Dialogue and the Seventh China-UK Economic and Financial Dialogue in 2015, the CSRC has been making continuous progress in the preparation and evaluation of its implementation. The outcomes of Eighth China-US Strategic and Economic Dialogue further addressed this policy and the CSRC has recently authorized the AMAC, who undertakes the registration of private fund management entities, to publish Q&As clarifying qualification requirements, registration and filing processes for wholly foreign-owned enterprises and joint ventures to apply for registration as private securities fund management entities. Among these requirements, a foreign entity is required to set up its domestic commercial entity (a wholly-owned or joint venture firm) in order to carry out private securities fund management business in China. When providing such asset management services in China, a registered entity is required to raise funds non-publicly from qualified investors in China and invest in domestic capital markets without involving cross-border capital flows.
   To publish relevant registration requirements for foreign-owned private securities fund management entities is to implement the outcomes of China-US and China-UK dialogues, and to honor our commitment of opening up China's capital market. The CSRC welcomes qualified wholly foreign-owned enterprises and joint ventures to apply for registration as private securities fund management entities. Registered foreign-owned private securities fund management entities shall strictly abide by Chinese laws, regulations and industry self-regulatory rules in all their business operations, keep high standard of professional ethics and conducts, faithfully fulfill their fiduciary duties with honesty and diligence, and safeguard rights and interests of investors.
   The CSRC will, in accordance with "The Interim Measures for the Supervision and Administration on Private Investment Funds" and relevant laws and regulations, strengthen supervision over registered foreign-owned private securities fund management entities by enhancing statistical analysis of the firms and their business conducts, intensifying guidance and on-site inspections, continuously identifying, monitoring and evaluating potential risks, in order to promote sound development of foreign-owned private securities fund management entities.



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