"This decision does not include the application of securities companies to set up branches abroad (including Hong Kong, Macao and Taiwan). If a securities company applies to set up a branch overseas, it still needs to apply to the China Securities Regulatory Commission. " The person in charge of the relevant department of the CSRC said.
The person in charge said that up to now, there are 6 1 fund management companies in China, and * * * has set up more than 90 branches, mainly branches and some wealth management centers, mainly engaged in fund sales.
According to relevant laws and regulations, the establishment of branches by fund management companies shall be examined by China Securities Regulatory Commission. In February, 2006, the CSRC issued the Notice on Issues Concerning the Examination and Approval of Administrative Licensing Matters such as the Establishment of Branches, the Change of Name and the Amendment of Articles of Association of Fund Management Companies, which changed the examination and approval of the establishment of branches of fund management companies to the application of the company to the dispatched office where the branch is to be established, and the dispatched office reported to the CSRC after the preliminary examination, and the CSRC made a decision on approval or disapproval according to the opinions of the dispatched office.
China Securities Regulatory Commission has carried out an expert review system in preparation and audit. The audit focuses on the applicant's qualification, sponsorship agreement, feasibility report, fund management company's governance structure and internal control mechanism, fund product design scheme, etc. At the same time, in accordance with the relevant provisions of the fund management company members of the preparatory group for assessment.
China Securities Regulatory Commission shall make a decision on whether or not to approve the application within 90 working days from the date of formal acceptance of the application. Without approval, the original applicant shall not apply for the preparation again within 6 months.
According to the "Notice", the fund management company approved to be established has a preparation period of 6 months. In case of special circumstances, with the consent of the CSRC, the preparation period may be appropriately extended, but the longest period shall not exceed 1 year. Fund management and other business activities shall not be carried out during the preparation period. The Notice requires that after the fund management company is prepared, the applicant shall apply to the China Securities Regulatory Commission for starting business. China Securities Regulatory Commission shall make a decision on whether to approve or not within 60 working days from the date of officially accepting the application for business opening.
The person in charge said that in recent years, there have been more and more applications from fund companies to set up branches. After several years of practice, the conditions for fully authorizing the audit of branches are ripe. In order to promote the reform of administrative licensing matters, simplify administrative licensing procedures and improve the efficiency of auditing, the CSRC decided to authorize all dispatched offices to audit the branches established by fund management companies.
However, the person in charge said that after the branches set up decentralized audit institutions, the CSRC will not relax the audit standards and supervision standards for branches. In line with this, the CSRC has formulated the Guidelines for the Audit of Branches, which clearly stipulates the submission, audit basis, audit procedures and audit standards of application materials, and will issue them to all dispatched institutions for implementation. He also revealed that the China Securities Regulatory Commission is formulating relevant regulatory documents to further strengthen the supervision of the branches of fund companies.
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