China further eases rules on mutual funds

BEIJING - China plans to allow brokerages and insurers' asset management units to set up and manage mutual funds available to the public as regulators seek to bolster the equities market.

Draft rules posted on the China Securities Regulatory Commission (CSRC)'s website yesterday said companies need to have at least 20 billion yuan (S$3.9 billion) in assets under management and show they have been profitable for the past three years.

Managers of private funds will also be eligible, provided they have at least 10 million yuan in paid-in capital and have managed a minimum of 3 billion yuan in any of the past three years.

Earlier this month, China simplified rules for the sale of mutual funds, allowing fund houses to seek regulatory approval for any number of products they wish to sell at any time with the regulator responding within 20 days. China previously limited the number of approvals given each year to new funds, with the regulator taking more than 20 days to decide whether or not to approve. Bloomberg

Source: http://www.todayonline.com/Business/EDC121231-0000024/China-further-eases-rules-on-mutual-funds

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