New measures to open up the financial sector!It is more convenient for overseas fund professionals to work in China


On February 18, The Asset Management Association of China (AMAC) issued a Notice on Matters related to Overseas Fund Professionals’ Application for Fund Qualification.The announcement of Asset Management Association of China specifies the methods, application conditions and application procedures for overseas fund professionals to obtain fund qualification.Executives of foreign institutions said that the regulations will help more talents with overseas working experience to develop in China and bring their practice and experience in the international market to China efficiently and with high quality.At the same time, it will also encourage foreign institutions to conduct in-depth research on the Chinese market and increase their confidence in and sustained investment in the Chinese market.Clear, according to the relevant matters of announcement after Beijing, Shanghai, hainan, chongqing, hangzhou, guangzhou, shenzhen within the administrative area of fund manager, fund custodian or fund service agencies to hire, and fund business activities in the area of foreign professionals, have overseas fund related qualifications, don’t need to take professional knowledge test,Those who have passed the examination of Fund Laws and Regulations, Professional Ethics and Business Norms organized by AmAC in China can apply for registered fund qualification.(1) The applicant is an overseas resident;(2) with China Securities Regulatory Commission has signed a memorandum of understanding on the securities and futures regulatory cooperation countries (regions) fund or asset management, fund sales and other related qualifications, or the country (region) are not required to have the relevant qualifications, but the last five years have been engaged in asset management, securities investment analysis, fund marketing and other business;(3) Pass the examination of Fund Laws and Regulations, Professional Ethics and Business Norms;(4) Signing labor contracts or entrustment contracts with fund managers, fund custodians or fund service institutions in the administrative areas of Beijing, Shanghai, Hainan, Chongqing, Hangzhou, Guangzhou and Shenzhen;(5) it has not been punished by financial or securities regulatory authorities abroad and meets laws, administrative regulations and other conditions stipulated by the CSRC.According to the notice on application procedures, overseas fund professionals can engage in relevant business in fund managers, fund custodians or fund service agencies in Beijing, Shanghai, Hainan, Chongqing, Hangzhou, Guangzhou and Shenzhen after obtaining fund qualification through registration in the above ways.The regulations are one of the facilitation measures that financial regulators in many countries and regions give to cross-border talent applicants when they apply for business qualifications, Runhui said.The basic professional knowledge of fund management is common, but the regulations and specific compliance requirements for practitioners vary from country to country.Therefore, professionals who already have the qualification of overseas fund are exempted from the professional knowledge examination and only need to pass the examination of “Fund Laws and Regulations, Professional Ethics and Business Norms”, which greatly simplifies the difficulty of applying for the qualification of mainland fund.The introduction of the system will help reduce the difficulty for global fund talents to enter the mainland market.Runhui Investment pointed out that in the exchange of domestic and foreign talents, the mainland fund industry should accelerate the speed of integration with the world in investment research, compliance and other fields.As for the overseas fund, it will be more conducive to the cross-border deployment of human resources within the Group, optimize the composition of the team, deepen the understanding of the Chinese market, promote the in-depth study of the Chinese market, and improve the confidence and continuous investment in the Chinese market.Bei Li MAO, General manager of Aberdeen China, said one of the indispensable elements of opening up to the outside world is talent.The above provisions enable the best practices and experience of talents in the international market to be efficiently and qualitably delivered to China.Commenting on the impact of the regulation, Ms MAO said it would help international investment management companies further integrate their China operations with group strategies.From the perspective of talent management, this will not only expand the talent pool of international capital management firms, but also greatly help the localization of global executives and research investors.Through a more convenient talent process, the offices of INTERNATIONAL investment management companies in China can improve their corporate governance, operation management and investment and research capabilities.Lu Wenda, CEO of Fangying Research and Investment, said that under the regulations, more talents with overseas experience will enter China, which will help China’s asset management industry become more mature.It also saves a lot of time and cost for foreign funds to do business in China.China Securities Journal has learned that the Securities Industry Association of China has recently issued a Notice on the Implementation of special Procedures for Overseas Securities Professionals working in Shanghai, Hainan, Chongqing, Hangzhou, Guangzhou and Shenzhen.Editor: Xu Xiaohong

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