BEIJING, June 12 (Xinhua) -- China Securities Regulatory Commission (CSRC) started to solicit public views for rules on investment consulting business of publicly-offered securities investment funds from June 9, reported Xinhua Finance.
CSRC took the move to further enrich the wealth management function of China's capital market and cultivate market intermediaries team for servicing investors.
In October 2019, CSRC released a circular to launch the pilot investment consulting business for publicly-offered securities investment funds. By the end of March this year, 60 related financial institutions participated in the pilot business. They altogether served 5.24 million clients and managed assets of 146.4 billion yuan in total.
Generally, the pilot investment consulting business for publicly-offered securities investment funds has been running steadily under effective regulation and is helpful to optimize the fund structure of China's capital market and improve investor returns and services to satisfy the wealth management demands.
CSRC said that the opinion-inviting rules retained related investment regulation and restrictions during the pilot period, strengthened guidance and supervision over consulting related business and added content on new business circumstances such as enhancing regulation over cooperative business practices between such investment consulting institutions and fund distributors or other investment consultancies of the type. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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