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