Since July 1, China Securities Regulatory Commission * * has received and accepted applications for registration of 17 Hong Kong mutual recognition fund products, and Hong Kong Securities Regulatory Commission * * * has accepted applications for registration of more than 30 mainland mutual recognition funds. In the process of registration review, China Securities Regulatory Commission reviewed related products according to the relevant requirements of the Fund Law and the Interim Provisions, and officially registered the first batch of three mutual recognition funds in Hong Kong on June 5438+February 65438+8, 2008, namely Hang Seng China H-share Index Fund, Xingjian Hongyang China Fund and Morgan Asia Total Income Bond Fund. In accordance with the requirements of relevant laws and regulations in Hong Kong, the Hong Kong Securities Regulatory Commission reviewed relevant products and officially registered the first batch of four mainland mutual recognition funds on the same day, namely Huaxia Return Hybrid Securities Investment Fund, ICBC Credit Suisse Core Value Hybrid Securities Investment Fund, HSBC Jintrust Large-cap Stock Securities Investment Fund and Guangfa Industry Leading Hybrid Securities Investment Fund. Generally speaking, the number of mutual recognition funds approved in the two places is basically the same, while the number of mutual recognition funds approved in the Mainland is slightly higher than that in Hong Kong due to the large number of applications.
After the Hong Kong Mutual Recognition Fund is registered by the China Securities Regulatory Commission, its sales and information disclosure in the Mainland will abide by the relevant laws and regulations in the Mainland and accept the daily supervision of the China Securities Regulatory Commission. According to the requirements of the Interim Provisions, the sales scale of Hong Kong mutual recognition funds in the Mainland shall not exceed 50% of the total assets of the funds. Therefore, the sales scale of Hong Kong mutual recognition funds in the Mainland will not exceed the assets scale of registered funds. The sales and information disclosure of mainland mutual recognition funds in Hong Kong will also abide by relevant laws and regulations in Hong Kong and accept the daily supervision of the Hong Kong Securities Regulatory Commission.
On the one hand, the formal registration of mutual recognition funds is conducive to providing domestic investors with more abundant investment products and diversified investment management services by introducing overseas securities investment funds, and it is also conducive to domestic fund management institutions to learn from international advanced investment management experience and promote competition in the fund industry; On the other hand, the overseas sale of domestic funds is conducive to attracting overseas funds to invest in the domestic capital market, providing more convenient investment channels for all kinds of overseas investors, promoting the standardization and internationalization of domestic fund management institutions and cultivating internationally competitive asset management institutions. Next, the China Securities Regulatory Commission and the Hong Kong Securities Regulatory Commission will continue to register other mutual recognition fund products normally in accordance with relevant regulations.