Latest News:  

English>>Business

China to open fund custody market for non-bank entities

(Xinhua)

09:52, March 17, 2013

BEIJING, March 16 (Xinhua) -- China's banking regulator announced on Friday that it will allow non-banking financial institutions to offer custody services for securities investment funds in June.

Starting June 1, Chinese non-bank financial intermediaries whose net assets exceeded 2 billion yuan (319 million U.S. dollars) as of the end of each fiscal year for the last three years can apply to the China Securities Regulatory Commission (CSRC) for the license, according to a CSRC statement.

The CSRC requires applicants to have an independent fund custody department with a well-designed security monitoring system and a business operating system. It has also laid down qualification requirements for team personnel.

The CSRC believes the new regulations will promote market competition in the fund custody sector.

The CSRC also announced on Friday a set of rules to regulate Chinese securities companies in the areas of asset securitization and the operation of affiliated agencies.

We recommend:

China's financial might takes shape

Top 10 Chinese cities with highest urbanization quality

Chinese investment in Africa: Digging deeper

Top 10 innovative cities in Asia-Pacific

Nation may limit gold to 2% of foreign reserves

Lu Zhaoxi named Alibaba's new CEO

Email|Print|Comments(Editor:HuangBeibei、Chen Lidan)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Weekly review of military photos

  2. Flying Leopard fighters in training

  3. Flower and garden festival held in Canada

  4. Samsung unveils Galaxy S4 smartphone

  5. Painting a tattoo on body with own style

  6. Interpreters serving for the 'two sessions'

  7. Peach flowers blossom in Shuangxi Township

  8. Huaxia Bee Museum opens in SW China

  9. Gas development on agenda

  10. China's financial might takes shape

Most Popular

Opinions

  1. Cultural parks no substitute for talent
  2. Planning vital to diplomacy
  3. Loopholes for rich make estate tax meaningless
  4. How to start transformation and upgrading?
  5. Nation facing energy security threat: experts
  6. Plenty of hard work still to be done on rail reform
  7. 'Made in China' not equal to 'self-made in China'
  8. Efforts needed to nurture ethnic culture, language
  9. Filipina maids or local ayi?
  10. China won't take part in currency wars

What’s happening in China

Spring comes to China. More Spring Photos: 'Fresh style' ;'Spring Style'

  1. Heavy rain forecast in S China
  2. Shanghai authorities retrieve dead pigs from river
  3. Beijing police crack down on fake goods
  4. China issues new essential drug list
  5. China to tackle people's high aluminum exposure