China Securities Regulatory Commission and China Banking Regulatory Commission, Administration of the Qualifications for Securities Investment Fund Custodianship Procedures
中国证券监督管理委员会、中国银行业监督管理委员会证券投资基金托管资格管理办法
January 31, 2005 | BY
clpstaff &clp articlesPromulgated: November 29 2004Effective: January 1 2005Applicability: The Procedures are applicable to Chinese-invested commercial banks in China but not…
Promulgated: November 29 2004
Effective: January 1 2005
Applicability: The Procedures are applicable to Chinese-invested commercial banks in China but not applicable to foreign-invested commercial banks (Article 19).
Main contents: Commercial banks' engaging in securities investment fund custodian business is subject to the verification of the China Securities Regulatory Commission and the China Banking Regulatory Commission (Article 2). Commercial banks applying for fund custodianship qualifications should fulfil such conditions as: (1) having year-end net assets of not less than Rmb2 billion for the recent three financial years and a capital adequacy ratio complying with relevant provisions of the regulatory department; (2) having a specialized fund custody department independent of other business departments; (3) having the conditions for safe custody of fund property; and (4) having safe and highly efficient systems for settlement and clearing (Article 3).
Related legislation: PRC Securities Investment Fund Law, Oct 28 2003, CLP 2003 No.10 p43 and PRC Banking Regulation Law, Dec 27 2003, CLP 2004 No.1 p45
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