The China Securities Regulatory Commission (CSRC) recently issued rules to regulate the country's open-end securities investment funds on a trail basis to promote the development of investment funds.
The rules, drawn in line with the Temporary Measures on Regulating Securities Investment Funds, stipulate that the establishment of open-end investment funds must be approved by CSRC and the funds should have a clear and rational investment orientation.
According to the measures, the funds should be raised within three months starting from their raising announcement, and the funds can be set up when their sales exceed 200 million yuan with at least 100 subscribers during that period.
The 39-article rules became effective on October 8 and also detailed ways of how to operate and manage the funds.
(People's Daily 10/13/2000)
