The Securities Association of China (SAC) has issued six sets of rules to regulate the contents of asset management contracts, proposals for collective asset management and risk-disclosure statements for asset management businesses.
The six sets of rules for self-regulation are divided into the following three categories:
- the first category concerns essential terms for contracts and includes Essential Clauses for Securities Firms Contracts on Oriented Asset Management, Essential Clauses for Securities Firms Contracts for Collective Asset Management and Essential Clauses for Securities Firms Proposals for Collective Asset Management;
- the second category concerns essential terms for risk-disclosure statements, including Essential Clauses for Risk-disclosure Statements of Securities Firms on Oriented Asset Management Business and Essential Clauses for Risk-disclosure Statements of Securities Firms on Collective Asset Management Business; and
- the third category of rules are Rules for Understanding Clients for Asset Management Business by Securities Firms.
The categories of rules do not contain pro-forma contracts, proposals or statements. When drafting relevant documents based on facts, parties are allowed to make necessary supplements to the contents of the contracts and statements, to the extent that such supplements do not conflict with any of the rules.
In particular, the content of risk-disclosure statements issued by asset management businesses and collective asset management businesses should clearly reflect Article 8 of Essential Clauses for Risk-disclosure Statements of Securities Firms on Oriented Asset Management Business or (as the case may be) Article 7 of Essential Clauses for Risk-disclosure Statements of Securities Firms on Collective Asset Management Business.
For more information, please refer to http://www.sac.net.cn/newcn/home/info_detail.jsp?info_id=1214904913100&info_type=CMS.STD&cate_id=81183690929100