证监会印发《合格境外投资者制度优化工作方案》 加快出台证券基金投资咨询业务规则

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, aiming to enhance the attractiveness of the system for long-term foreign capital over the next two years [1] Group 1: Optimization of Access Management - The plan proposes to streamline the pre-investment access process by simplifying materials and integrating procedures, allowing for efficient handling of qualification approvals and account openings for QFIIs [2] - A classification management system will be implemented, providing a green channel and simplified processes for sovereign funds, international organizations, and pension funds, facilitating more foreign investment into China [2][3] Group 2: Facilitation of Investment Operations - The plan aims to enhance transaction settlement and investment operations by improving the efficiency of fund transfers and verifications, thereby reducing the time required for these processes [4] - It proposes to increase the operational efficiency of securities accounts and enhance transparency in regulatory requirements, which will support foreign investors in managing their investments more effectively [4] Group 3: Expansion of Investment Scope - The plan allows the use of ETF options for risk management, catering to the needs of foreign investors for hedging and asset allocation [5] - It also permits participation in a broader range of commodity futures and options trading, addressing the demand for diversified asset strategies and risk management [5] Group 4: Clarification of Policy Expectations - The plan clarifies rules for short-term trading applicable to foreign public funds, ensuring equal treatment with domestic funds, which will facilitate investment by large foreign asset management institutions [6] - It emphasizes the need for consistent regulatory requirements for algorithmic trading, enhancing predictability for investors [6] Group 5: Enrichment of Service Support - The plan allows domestic licensed institutions to provide investment advisory services to foreign investors, promoting the development of a supportive framework for QFIIs [6] - It aims to accelerate the establishment of rules for securities and fund investment consulting services, enhancing the overall service offerings for foreign institutional investors [6]