BEIJING, May 11 (Xinhua) -- The China Securities Regulatory Commission (CSRC) recently said it plans to adjust the net asset entry threshold for fund trustees to 20 billion yuan in the revised measures on the management of securities investment fund custody business.
The CSRC said in the revised measures that it will support foreign banks' branches in China in applying for fund custody qualifications, and further improve the access arrangements taking the size and experience of their parent banks into consideration.
It will establish a mechanism to hold parent banks of the foreign fund custody banks accountable, and clarify the requirements for cross-border deployment of their information systems and the cross-border flow of data.
The securities regulator will continue to streamline administration and delegate more powers to lower-level governments, allow applicants to carry out preparatory work on personnel, systems and sites after the approval of access.
It will also unify the access conditions and regulatory requirements for commercial banks and other financial institutions.
(Edited by Yang Qi with Xinhua Silk Road, kateqiyang@xinhua.org)
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