China Securities Regulatory Commission, Tentative Provisions on Gold Exchange Traded Open-ended Securities Investment Funds
中国证券监督管理委员会黄金交易型开放式证券投资基金暂行规定
March 08, 2013 | BY
CLP Temp &The imminent launch of the gold ETF.
Issued: January 23 2013
Effective: as of date of issuance
Applicability: The term “gold exchange traded open-ended securities investment funds (Gold ETF)” means an open-ended fund the large majority of whose property is invested in gold products listed and traded on the Shanghai Gold Exchange, that closely tracks the price of gold, that carries out purchase and redemption using gold product portfolios or in the manner specified in the fund contract and that is listed and traded on a stock exchange (Article 2).
Main contents: A Gold ETF may invest in gold spot contracts listed and traded on the Shanghai Gold Exchange as well as other products the investment in which by funds is permitted by the China Securities Regulatory Commission. The value of the gold spot contracts held thereby may not be less than 90% of the fund assets (Article 3).
A Gold ETF may not handle warehouse release or admission of physical gold, and margin trading may only be used for the purposes of risk management and enhancing the efficiency of asset allocation (Article 4).
The percentage of target ETF in the property of a Gold ETF-linked fund may not be less than 90% of the net value of the fund assets (Article 8).
clp reference:3700/13.01.23 issued:2013-01-23 effective:2013-01-23Issued: January 23 2013
Effective: as of date of issuance
Applicability: The term “gold exchange traded open-ended securities investment funds (Gold ETF)” means an open-ended fund the large majority of whose property is invested in gold products listed and traded on the Shanghai Gold Exchange, that closely tracks the price of gold, that carries out purchase and redemption using gold product portfolios or in the manner specified in the fund contract and that is listed and traded on a stock exchange (Article 2).
Main contents: A Gold ETF may invest in gold spot contracts listed and traded on the Shanghai Gold Exchange as well as other products the investment in which by funds is permitted by the China Securities Regulatory Commission. The value of the gold spot contracts held thereby may not be less than 90% of the fund assets (Article 3).
A Gold ETF may not handle warehouse release or admission of physical gold, and margin trading may only be used for the purposes of risk management and enhancing the efficiency of asset allocation (Article 4).
The percentage of target ETF in the property of a Gold ETF-linked fund may not be less than 90% of the net value of the fund assets (Article 8).
clp reference:3700/13.01.23 issued:2013-01-23 effective:2013-01-23This premium content is reserved for
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