China Securities Regulatory Commission, Measures for the Administration of the Private Asset Management Business of Securities and Futures Firms (Draft for Comments)

中国证券监督管理委员会证券期货经营机构私募资产管理业务管理办法 (征求意见稿)

September 20, 2018 | BY

Susan Mok

Issued: July 20 2018  Main contents: The category of an asset management plan shall be determined based on the following provisions: (1)  …

Promulgated: 2018-07-20

Issued: July 20 2018

Main contents: The category of an asset management plan shall be determined based on the following provisions:

(1) an asset management plan wherein the percentage invested in debt assets, such as deposits and bonds, is not less than 80% of the total assets of the plan is of the fixed-return type;

(2) an asset management plan wherein the percentage invested in equity assets, such as stocks and equity of unlisted enterprises, is not less than 80% of the total assets of the plan is of the equity type;

(3) an asset management plan wherein the percentage invested in commodity and financial derivative contract positions is not less than 80% of the total assets of the plan and the equity interest in the futures account exceeds 20% of the total assets of the plan is of the commodity and financial derivative type; and

(4) an asset management plan wherein the percentage invested in debt type, equity type, and commodity and financial derivative type assets does not reach the threshold for any of the foregoing three types of products is of the mixed type (Article 21).

An asset management plan may not invest directly in credit assets of commercial banks, or directly or indirectly invest in industries or sectors the investment in which is prohibited by laws, administrative regulations or state policies (Article 39).

The total assets of an asset management plan may not exceed 200% of its net assets, and the total assets of a structured asset management plan may not exceed 140% of its net assets (Article 42).

issued:2018-07-20

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