Foreign lenders
Source: Bloomberg News |
June 22, 2011, Wednesday
|
Print Edition
Print Edition
CHINA will allow foreign banks in the country to sell mutual funds from October 1, according to a new rule posted on the China Securities Regulatory Commission's website yesterday.
Commercial banks, including locally incorporated overseas lenders, must satisfy certain requirements, including meeting the capital adequacy ratio threshold set by the banking regulator, the establishment of a dedicated mutual fund sales department and no administrative or criminal penalties in the past three years, according to the revised rules.
Granting foreign banks the same treatment as domestic lenders in mutual fund sales is in response to the third round of the US-China Strategic and Economic Dialogue, the CSRC said in a separate statement, without elaborating.
China also raised the registered capital requirements for independent fund sellers to 20 million yuan (US$3 million) from 5 million yuan, according to the new regulations.
Commercial banks, including locally incorporated overseas lenders, must satisfy certain requirements, including meeting the capital adequacy ratio threshold set by the banking regulator, the establishment of a dedicated mutual fund sales department and no administrative or criminal penalties in the past three years, according to the revised rules.
Granting foreign banks the same treatment as domestic lenders in mutual fund sales is in response to the third round of the US-China Strategic and Economic Dialogue, the CSRC said in a separate statement, without elaborating.
China also raised the registered capital requirements for independent fund sellers to 20 million yuan (US$3 million) from 5 million yuan, according to the new regulations.
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