AMAC filing requirements for SFC-licenced corporations providing investment advisory activities
Further to our previous article on SFC-licensed corporations offering investment advisory services to PRC investors, the Asset Management Association of China (AMAC) released the Circular on the Record-filing for Hong Kong Institutions Offering Consulting Services for Investment in Hong Kong Stocks (the Circular). It was issued on 19 September 2018 and is available here in Chinese. The Circular specifies the filing procedures and requirements for the initial filing; the requirements for making a filing upon a material change (including without limitation, the change of the controlling shareholder, the change of a responsible officer and any punishment received due to a major violation of laws and regulation) within seven working days; and the requirements for making annual filings within six months after the end of each calendar year. The Circular provides a practical roadmap for SFC-licensed corporations’ provision of securities advisory services on Hong Kong-listed companies to PRC clients.
CBIRC releases measures on supervision and administration of wealth management business of commercial banks
On 26 September 2018, the China Banking and Insurance Regulatory Commission issued the Measures for the Supervision and Administration of Wealth Management Business of Commercial Banks (the Measures) (available here in Chinese) which became effective on the issue date. The Measures aim to provide unified supervision standards for asset management products and promote the healthy development of banks’ wealth management businesses.
The Measures provide for strict division between public and private wealth management products; strengthening of management of investors; strengthening of information disclosure and investor protection; standardization of product operations and compliance; implementation of centralized product registration; standardization of the operation of fund pools to prevent “shadow banking” risks; and strengthening liquidity risk management and control.
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