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Clifford Chance

Clifford Chance

Briefings

The amended Securities Investment Funds Law - significant changes but more expected

28 January 2013

On 28 December 2012, China announced the amendment of its Securities Investment Funds Law which for the first time, regulates privately-placed securities investment funds.  The Amended Law provides a safe harbour for private placements while also imposes on fund managers certain registration and filing requirements with a national fund industry association.  Regulations on publicly-offered funds have also been relaxed in areas including market access, investment scope and business operations.  The Amended Law further enhances investor-protection measures and permits fund managers to outsource its non-core operations.

This briefing looks at these key changes and examines their impact on China's asset management industry as well as any potential implication for the new "qualified domestic limited partners" (QDLP) pilot scheme.

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