The People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) on May 7, 2020, jointly issued the Administrative Regulations on Funds Used by Foreign Institutional Investors for Domestic Securities...more
Further to the announcement by the State Administration of Foreign Exchange ("SAFE") in September 2019 of its plans to remove the investment quota limitations on two inbound investment schemes – the Qualified Foreign...more
After the China Banking and Insurance Regulatory Commission announced 12 measures to open up China’s banking and insurance industry in May, the Financial Stability and Development Committee under the State Council announced...more
On September 10, 2019, the State Administration of Foreign Exchange (SAFE) held a press conference in which it announced that it would be removing the investment quota limitations on two inbound investment schemes – the...more
The China Securities Regulatory Commission (CSRC) earlier this year invited public comments on a new consolidated regime under draft regulations (Draft Regulations) for Qualified Foreign Institutional Investors (QFIIs) and...more
On March 21, 2019, the Central Bank of Ireland (CBI) confirmed its approval of the use of Bond Connect for Irish-authorised UCITS and Alternative Investment Funds (AIFs). In addition, the CBI reiterated that Irish-authorised...more
With the success of the Shanghai-Hong Kong Stock Connect (“Shanghai Connect”) and Shenzhen-Hong Kong Stock Connect (“Shenzhen Connect”) (together, the “Stock Connects”) and the Bond Connect (together with the Stock Connects,...more
Following announcement of the proposed launch of a bond trading link between China and Hong Kong (Bond Connect) earlier this year, Bond Connect officially launched on July 3, 2017. Bond Connect allows foreign institutional...more
Dechert’s Financial Services team recently presented a seminar in London, during which panellists provided insights into “What’s New in Asia”. Topics included: Some key takeaways from the panel discussion, which focused on...more
A new program providing fund managers with access to China’s principal bond market officially opened for business in May 2016. The program – known as the China Interbank Bond Market (CIBM) program – greatly simplifies the...more
The quota allocation – the first of its kind awarded to the United States – was announced on June 7, 2016 by Yi Gang, Deputy Governor of the People’s Bank of China, the country’s central bank. This represents an apparent...more
On 6 May 2016, the China Securities Regulatory Commission ("CSRC") issued an FAQ on "Beneficial Ownership under QFII/RQFII Regime" to clarify the issue on beneficial ownership of securities held in accounts under Qualified...more
Faced with redemptions and currency outflows from the country, Chinese regulators have taken welcome steps to make it easier for fund managers and other institutional investors to invest in China. Fund managers, in...more
ALFI releases FAQs on RQF II - Further to the announcement by the People’s Bank of China on 29 April 2015 of a RMB 50 billion Qualified Foreign Institutional Investor (“RQFII”) quota being granted to Luxembourg, the...more
Capital gains tax (“CGT”) has been a key issue surrounding the investment by QFIIs and RQFIIs in the Mainland Chinese securities market. Mainland Chinese tax authorities have publicly decided to retrospectively collect CGT...more
At a compliance seminar held last month, officials from the Asset Management Association of China (AMAC) and the State Administration of Taxation (SAT) informed industry executives that Chinese regulators are planning to...more
The eagerly anticipated Shanghai-Hong Kong Stock Connect (Stock Connect), or the so-called “through-train,” was launched on November 17, 2014, allowing foreign investors for the first time to directly buy and sell stocks...more
The Renminbi Qualified Foreign Institutional Investor (“RQFII”) pilot program allows non-PRC institutional investors from certain jurisdictions that have officially implemented the RQFII (the “Relevant Jurisdictions”) to deal...more
The Hong Kong funds industry has faced significant challenges in recent years, having had to deal with the fallout from several financial scandals and a securities regulator that has become more aggressive in an effort to...more
In a number of incremental steps, the PRC government has been easing restrictions on the cross-border movement of RMB. The latest step for the private equity industry is the Renminbi Qualified Foreign Limited Partner Program...more
At the January Asian Financial Forum in Hong Kong, the Chairman of the China Securities Regulatory Commission (“CSRC”), Mr. Guo Shu Qing, stated that Mainland China could increase the level of investment quotas for both the...more
In This Issue: - Greater China - Hong Kong - Taiwan - Singapore - India...more