In July 11th, the Commission issued a formal "on a public offering of securities investment fund management measures for operation and enforcement regulations" (hereinafter referred to as the "measures"), since the August 8, 2014 implementation.
As the supporting regulations for the new fund law, "approach" is the service specification of fund raising, purchase, redemption, income, distribution of universal adherence.
According to the new fund law requirements, will the public offering of the fund to review by the approval system to registration system, is a major bright spot in this "method".
The "measures" the key to absorb the revision of four aspects: one is to investors demand; two is to accurately grasp the new "fund law" the spiritual essence of public offering fund registration system; the three is to further regulate the operation of the fund, to guard against systemic risk; the four is to further broaden the industry innovation space.
The SFC mainly implement the fund registration system from four aspects.
One is to adjust the regulatory philosophy, to product review steering to protect investors oriented, to the letter Phi as the center, the registration and examination using risk compliance based, protection of the right to know of investors, emphasizes the market main body position responsible investors, implement the principle of suitability.
The two is to adjust the way of supervision to reduce micro interventions, the release of market main body of market vitality, does not limit the product release number, not artificial regulation review rhythm, non intervention time product release.
Three is to optimize the licensing procedures, the establishment of clear standards, regulate the operation of public offering fund registration and examination system, the establishment of electronic product review system, improve the efficiency of the implementation of the review, summary procedures in 20 working days to complete the review for the mature products, timely publicity to the market standard of review and examination results.
Four is to strengthen the supervision of the implementation of the matter in the post, put and new mechanism not disorderly, supplemented by field inspection risk oriented, establish a linkage mechanism and daily supervision of registered license.
