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Securities regulator details QDII rules
(Shanghai Daily)
Updated: 2007-02-15 14:11 The securities regulator plans to require fund management companies to have more than 20 billion yuan (US$2.57 billion) worth of assets under management in order to invest domestic investors money overseas, the China Business News reported yesterday.
Fund applicants should have been in the asset management business for at least two years and have a paid-up capital of at least 250 million yuan, according to rules drafted by the regulator for the qualified domestic institutional investor (QDII) program, the report said. The draft rules also require fund applicants to have net assets of more than 300 million yuan, a requirement which will keep many fund management companies out of the business, it said, without elaborating. Brokerages that apply for the license to carry out the business should have overseas branches and have at least 2 billion yuan worth of assets under management, it said. The China Securities Regulatory Commission is now soliciting opinions from institutional investors, it said. The securities regulator approved Hua An Fund Management Co as the first domestic fund to invest abroad last year through a trial of the QDII program. The program allows institutional investors to move funds abroad as part of the liberalization of China's capital account. (For more biz stories, please visit Industries)
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