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China to End Overseas Shareholding Caps on Fund Management and Securities Firms

The China Securities Regulatory Commission (CSRC) has announced that the overseas shareholding cap on fund management institutions will be abolished on 1 April next year, followed by the abolition of the cap on the ownership of securities firms on 1 December 2020. These moves are seen as implementing the Relevant Measures for Further Opening Up the Financial Sector, as announced by the Financial Stability and Development Committee of the State Council on 20 July this year, This update, however, makes it clear that the original 2021 deadline for the implementation of these changes has been brought forward  to 2020.  

While committed to continuing to liberalise the financial services sector, the CSRC emphasised it will also continue its oversight of mainland-based joint-venture securities and fund management firms and the appointment and change of actual controllers of all such businesses.

Source: China Securities Regulatory Commission

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