China released draft on easing rules on foreign investment in asset management businesses

 

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China’s National Financial Regulatory Administration (NFRA) on Friday issued a draft on easing rules on foreign investment in asset management businesses as part of efforts to attract overseas investors and is soliciting public opinion until August 21. 

The regulator proposed removal of restrictions barring overseas non-financial institutions from investing in financial asset management firms and abolishing the total asset requirement for overseas financial institutions wanting to invest in financial asset management firms.

Multinationals would also be allowed to directly initiate the establishment of foreign-funded financial companies under the draft rules.

The total asset requirement for domestic and overseas non-financial institutions to invest in auto finance companies would also be removed.