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    csrc officially promulgates the measures for the pilot program of domestic securities investment by rmb qualified foreign institutional investors and the implementing provisions


    CSRC Officially Promulgates the Measures for the Pilot Program of Domestic Securities Investment by RMB Qualified Foreign Institutional Investors and the Implementing Provisions



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     On March 6, 2013, the China Securities Regulatory Commission ("CSRC") promulgated the Measures for the Pilot Program of Domestic Securities Investment by RMB Qualified Foreign Institutional Investors (the "Pilot Measures") and the Provisions on Implementing the Measures for the Pilot Program of Domestic Securities Investment by RMB Qualified Foreign Institutional Investors.



    According to an officer of the CSRC, the revision to the Pilot Measures focuses on two aspects compared with the previous ones.



    Firstly, extending the scope of pilot institutions. To ensure the smooth launch of the pilot program of RMB qualified foreign institutional investor (RQFII), the participating institutions during the preliminary pilot period are limited to the Hong Kong subsidiaries of fund management companies and securities companies. After the revision to RQFII regulations, the Hong Kong subsidiaries of domestic commercial banks and insurance companies or the financial institutions whose registration place or principal place of business is located in Hong Kong may participate in the pilot program.



    Secondly, loosening the rein on investment scope. After revision, institutions are permitted to determine the types of products at their sole discretion as per the market conditions. Within the approved investment quota, RQFIIs may invest in the stocks, bonds and warrants traded or transferred at stock exchanges, the fixed-income products traded at inter-bank bond market, securities investment funds, stock index futures and other financial instruments permitted by the CSRC.



    (Source: www.csrc.gov.cn)


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