China Securities Regulatory Commission (CSRC) issued on 3 August 2018 a consultation paper on Administrative Measures for Information Disclosure of Publicly Offered Securities Investment Funds and associated implementing rules for public opinion consultation. The consultation paper will replace the Administrative Measures on Information Disclosure of Securities Investment Funds, in effect since 1 July 2004 (the 2004 Measures). The consultation paper aims to optimize the information disclosure regime under the 2004 Measures through promoting the timeliness, simplicity and easy accessibility of information disclosed. The cut-off date for submitting feedback on the consultation paper is 2 September 2018.
The key changes under the consultation paper are outlined below.
Optimizing channels for disclosure of information. In view of the fast growth of the internet media, the consultation paper adds the official website of CSRC as a mandatory channel for information disclosure of publicly offered funds, in addition to the existing channels, such as the websites of the fund managers and custodians, and significantly reduces the requirements on disclosures of information via traditional media like newspapers and magazines.
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Business Law Digest is compiled with the assistance of Baker McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker McKenzie by e-mailing Danian Zhang (Shanghai) at danian.zhang@bakermckenzie.com
