The China Securities Regulatory Commission solicited public comment on the draft Tentative Measures of Administration on the Evaluation Business of Securities Investment Fund (the “Fund Evaluation Business Measures”) on August 13, 2009.
Fund evaluation services primarily refer to fund rating, performance ranking and other forms of evaluation analysis and presentation of results of analysis with respect to investment gains and risks, management capabilities of fund managers conducted by fund evaluation institutions and their evaluation personnel. Within 30 days after the promulgation of the Fund Evaluation Business Measures or 30 days after the commencement of fund evaluation business, fund evaluation institutions should apply for membership in China Securities Industry Association (CSIA).
Furthermore, the Fund Evaluation Business Measures regulate the evaluation methods, manners and activities of the information collection and distribution of fund evaluation institutions, and stipulates eight types of forbidden activities of fund evaluation. Such forbidden activities include: compare funds of different varieties, evaluate and rank less than 10 funds of the same category, appraise funds with a ramp-up period of less than 36 months or funds still under preparation, etc. Fund managers, fund sale institutions and media designated by CSRC should not cite or publish any evaluation results provided by institutions without CSIA membership.
- Tentative Measures of Administration on the Evaluation Business of Securities Investment Fund (Draft for
- Public Comment)
- Issuing Authority: China Securities Regulatory Commission
- Date of Issuance: August 13, 2009 / Public Comment Period: August 13, 2009 to August 28, 2009