央行海南省分行等五部门联合印发《海南自由贸易港跨境资产管理试点业务实施细则》

Core Viewpoint - The People's Bank of China has issued implementation guidelines for a pilot program on cross-border asset management in Hainan Free Trade Port, aimed at enhancing cross-border investment and financing convenience for foreign investors [1] Group 1: Pilot Program Overview - The pilot program allows foreign investors to invest in financial products issued by institutions in Hainan Free Trade Port, including wealth management products, private asset management products, publicly offered securities investment funds, and insurance asset management products [1] - The implementation guidelines detail specific arrangements regarding pilot institution conditions, product scope, investor suitability management, account opening, fund transfer, scale management, investor protection, and monitoring [1][2] Group 2: Pilot Institution Conditions - Pilot institutions must establish mechanisms for investor suitability management, rights protection, complaint handling, and dispute resolution [2] - Institutions must have no penalties from financial management authorities in the past three years related to asset management or must have rectified any issues recognized by the management authorities [2] Group 3: Asset Management Products - Issuing institutions can offer products for both domestic and foreign investors or exclusively for foreign investors, with funds raised directed towards the domestic market [2] Group 4: Investor Suitability Management - Pilot banks are required to verify the legal identification of foreign investors and ensure compliance with anti-money laundering and anti-terrorism financing regulations [2] Group 5: Fund Transfer and Scale Management - Investment funds must be transferred to a designated account before being allocated to the asset management product [3] - The total scale for the pilot program is capped at 10 billion RMB, with the People's Bank of China able to adjust this limit based on market conditions [3] Group 6: Investor Protection and Dispute Resolution - Investor protection will follow the principle of the location of the business, adhering to relevant Chinese laws and regulations [3] Group 7: Monitoring and Implementation - Issuing and selling institutions must report relevant information and business developments as required by the pilot management authorities [4] - The People's Bank of China and other departments will promote policy understanding and guide eligible institutions to ensure smooth implementation of the guidelines [4]