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Rules on QFII stock investment issued

By Li Zengxin (chinadaily.com.cn)
Updated: 2006-09-08 09:37

The People's Bank of China, the China Securities Regulatory Commission (CSRC) and the State Administration of Foreign Exchange (SAFE) co-issued the Administrative Methods on Qualified Foreign Institutional Investors (QFIIs) Investing in the Domestic Stock Market on August 25. The regulations lowered the entry threshold for QFIIs, aiming to stimulate long-term investment in publicly listed Chinese companies.

The Methods stipulate that an applicant enterprise or institution needs to meet with the following requirements to be granted QFII status: first, the applicant must have a complete and healthy finance system, good credit and meet other conditions concerning asset scales set by the China CSRC; second, applicant employees must possesses the relevant qualifications necessary to conduct stock-dealing businesses; third, the applicant must have a complete and healthy management structure and internal control system, operate within its own business scope, and have no history of serious violations recorded by any supervisory or governing body; fourth, the applicant's home country must have complete and healthy laws and supervisory systems, its upper securities supervisor at home must sign a cooperation memorandum with the CSRC; fifth, it must meet other conditions set by the CSRC under the prudence principle.

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The full text is available in the September Issue ofChina Banking.