China Securities Regulatory Commission, Administration of Appointment of Senior Management Personnel of the Securities Investment Fund Industry Procedures

Promulgated: September 22 2004
Effective: October 1 2004
Applicability: For the purposes of the Procedures, "senior management personnel of the securities investment fund industry" refers to the chairman of the board, general manager, deputy general manager, chief inspector, and other persons actually performing the above duties in a securities investment fund management company; as well as the general manager, deputy general manager, and other persons actually performing the above duties in the fund custodianship department of a fund custodian bank (Article 2).

Main contents: Persons applying for the senior management personnel qualifications for the securities investment fund industry should fulfil such conditions as: (1) having obtained the qualifications to engage in the fund business; (2) having passed the senior management personnel examination on legal knowledge concerning securities investment; and (3) having three years or more of work experience in finance related fields including funds, securities, banking, etc. and management experience commensurate with the proposed position (Article 6). Independent directors of an investment fund management company should have five years or more financial, legal or financing work experience (Article 12). The fund manager of an investment fund management company should have three years or more experience in securities investment management (Article 14).
Related legislation: PRC Securities Investment Fund Law, Oct 28 2003, CLP 2003 No.10 p43 and PRC Company Law (Amended), Oct 27 2005, CLP 2005 No.10 p.21

Repealed legislation: China Securities Regulatory Commission, Administration Procedures of Qualifications of Fund Personnel Tentative Provisions, Oct 15 1999, CLP 1999 No.10