Page 57 - 期貨和衍生品行業(yè)監(jiān)管動(dòng)態(tài)（2024年7月刊）
P. 57
期貨和衍生品行業(yè)監(jiān)管動(dòng)態(tài)
Measures on the Funds Management of Domestic Securities and Futures Investment
by Foreign Institutional Investors (hereinafter referred to as the “Measures”). This
revision further optimizes the cross-border fund management for Qualified Foreign
Institutional Investors (QFII) and RMB Qualified Foreign Institutional Investors
(RQFII). The Measures will take effect on August 26, 2024.
The main contents of the newly revised Measures include: First, further
simplification of business registration procedures. It specifies that QFII/RQFII
business registration is to be handled by the primary reporter (custodian) through the
State Administration of Foreign Exchange’s digital platform. It also clarifies matters
concerning change registration and cancellation registration. Second, further
optimization of account management. It consolidate RMB special deposit accounts
used for securities transactions or derivatives transactions, reducing the number of
accounts required for different types of investments and thereby lowering the cost
burden for business entities. Third, further improvement of exchange management. It
optimizes the management of cross-border fund flows for QFII/RQFII, improves the
principles for the management of currency exchange for inbound and outbound funds,
and facilitates the trading of domestic securities assets by foreign institutional
investors. Fourth, unified foreign exchange risk management model for QFII/RQFII
and direct access to the China Interbank Bond Market (CIBM). Under the premise of
adhering to the principles of genuine spot transactions and hedging, it specifies that
QFII/RQFII can conduct spot foreign exchange transactions and foreign exchange
derivatives trading through domestic financial institutions with foreign exchange
business qualifications, other than their custodians, as well as through the interbank
foreign exchange market and other channels.
The Measures contributes to the establishment of a concise and unified fund
management rule for onshore securities investment opening channels, enhances the
convenience of QFII/RQFII investments in the Chinese capital market, and further
improves the quality of capital program opening-up.
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