Application Procedures for QFII Trusteeship Clarified

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Last updated at: (Beijing Time) Tuesday, December 17, 2002

Application Procedures for QFII Trusteeship Clarified

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The People's Bank of China (PBOC) on Tuesday clarified procedures for commercial banks to apply for trustee status for qualified foreign institutional investors (QFII) when they invest in China's securities market.

According to the PBOC notice, Chinese commercial banks should submit their applications in line with article 16 in the Provisional Regulations on Commercial Banks' Intermediate Businesses.

Foreign banks, joint venture banks and branches of foreign banks in China should submit their applications according to article 44 in the Rules for the Implementation of the Management Ordinances of Foreign Financial Institutions of the People's Republic of China.

The notice provides detailed information on the application procedures for Chinese commercial banks, foreign banks and joint venture banks.

According to the notice, once ratified by the PBOC, commercial banks should apply to the China Securities Regulatory Commission for their trustee status.

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