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ARTICLE · 05 JANUARY 2004

New Funds Law Promulgated by CSRC

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On 28 October 2003, the Law on Securities Investment Funds ("LSIF") was promulgated by the China Securities Regulatory Commission ("CSRC") with a view to protecting investors, promoting the development of a funds market in the PRC and strengthening the administration of funds in the PRCOn 28 October 2003, the Law on Securities Investment Funds ("LSIF") was promulgated by the China Securities Regulatory Commission ("CSRC") with a view to protecting investors, promoting the development of a funds

ChinaFinance and Banking
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Written by Elaine Lo (Partner) and Andy Yip (Solicitor)

Summary

On 28 October 2003, the Law on Securities Investment Funds ("LSIF") was promulgated by the China Securities Regulatory Commission ("CSRC") with a view to protecting investors, promoting the development of a funds market in the PRC and strengthening the administration of funds in the PRC.

The LSIF, which will come into effect on 1 June 2004, formally acknowledges the function and role of funds, sets out the market entry requirements and liabilities of fund administrators and fund trustees and specifies the rights of investors.

Full Update

A. Types of Funds

The LSIF permits the establishment of closed-ended and open-ended funds as well as other types of funds.

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