Friday 4 January 2013

China's securities regulator goes ahead with audit reform for funds

China’s securities regulator has announced plans to step up its reform of auditing practices in the funds industry, with a view to implementing a comprehensive audit system reform in China's funds sector. The China Securities Regulatory Commission (CSRC) said the audit reform was necessary to support fund management companies’ rapid development and broaden the sector’s products. The reform is expected to include measures to simplify auditing procedures, amend audit procedures and to introduce online auditing of fund products.

The CSRC said the reform would cancel a previous audit channel, and companies would be able to report directly back to the CSRC about the availability of their fund products according to market demand.

The CSRC also said the audit period would be shortened, and conventional products should be audited within 20 working days. Conventional products include common equity or hybrid securities, bond funds, index funds, money market funds, seed funds, Qualified Domestic Institutional Investor (QDII) products and single-market exchange-traded funds (ETFs).

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http://www.complinet.com/global/news/news/article.html?ref=161020&utm_source=twitterfeed&utm_medium=twitter

1 comment:

Unknown said...

Securities regulator is essential for a counter. and chaina is doing the same. compliance hong kong