ORGANISATION MONDIALE
DU COMMERCES/C/N/222
24 décembre 2002
(02-7101)
Conseil du commerce des services Original:  anglais
NOTIFICATION AU TITRE DE L'ARTICLE III:3 DE L'ACCORD
GÉNÉRAL SUR LE COMMERCE DES SERVICES
La délégation de la République populaire de Chine a fait parvenir au Secrétariat la
notification ci-après.
____________
1. Membre adressant la notification:
République populaire de Chine
2. Notification au titre de:
Article III, paragraphe 3 de l'Accord général sur le commerce des services
3. Date d'entrée en vigueur/Durée:
1er juin 2002
4. Organisme responsable de la mise en œuvre et de l'application de la mesure:
Commission chinoise de réglementation des valeurs mobilières
5. Descriptions complète de la mesure* indiquant les modes de fourniture visés, l'effet sur
le commerce des services (par exemple, restrictions/mesures de libéralisation) et
l'incidence de la mesure sur les engagements  énoncés dans la liste du Membre et dans sa
liste d'exemptions de l'article II (NPF), le cas échéant:
Règles régissant l'établissement de sociétés de gestion de fonds à participation étrangère
On trouvera ci-joint le texte intégral en anglais de ces règles.1  Seule la version en chinois fait
foi, la traduction en anglais n'étant fournie qu'à titre de référence.
6. Membres spécifiquement affectés, le cas échéant:
Tous les Membres
                                                     
* Y compris les accords internationaux, les mesures de reconnaissance ou d'autres types.
1 En anglais seulement.S/C/N/222
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7. Les textes peuvent être obtenus auprès de:
- Point d'information /g254
- Secrétariat de l'OMC /g254
- Autres sources (adresse, télécopie
et téléphone d'un autre organisme /g168S/C/N/222
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Rules for Establishing Foreign -Invested Fund Management Companies
(promulgated by the China Securities Regulatory Commission on June 1st, 2002)
Article 1 These Rules are formulated, in accordance with the relevant provisions of the
Company Law and the Interim Measures for Administration of Securities Investment Funds(hereinafter referred to as Interim Measures), to adapt to the requirements of opening securities
market to the outside world, strengthen the supervision and administration of foreign -invested fund
management companies and clarify the conditions and procedures for the establishment of foreign -
invested fund management companies.
Article 2 Foreign-Invested fund management companies referred to in these Rules include the
fund management companies altered as a result of overseas shareholders’ acceptance of the transfer ofor purchase of domestic fund management companies shares or the fund management companies
established by overseas shareholders and domestic shareholders through joint contribution.
Article 3 The China Securities Regulatory Commission (hereinafter referred to as the "CSRC")
shall be responsible for the examination, approval, supervision and administration of foreign -invested
fund management companies.
Article 4 The organizational form of foreign-invested fund management companies is limited
liability company.
Foreign-Invested fund management companies’ names, registered capital, organizational institutions
establishment and duties and responsibilities there of shall conform to the Company Law, the InterimMeasures as well as the relevant provisions of the CSRC.
Article 5 Foreign-Invested fund management companies shall meet the conditions stipulated
by the Interim Measures and the CSRC.
Article 6 An overseas shareholder of a foreign investment fund management company shall
meet the following conditions:
(1) shall be a financial institution which is established and lawfully exists in accordance
with the law of the country where it is situated and has not been seriously punished
by its regulatory institution and judicial organs in the recent three years;
(2) the country where it is situated shall have perfect securities law and system of
supervision and administration, its securities regulatory institution shall have alreadyconcluded the understanding memorandum of cooperation in securities supervision
and administration with the CSRC and maintained effective cooperative relationship
in supervision and administration;
(3) the paid -up capital shall be no less than 300 million Renminbi’s equivalent freely
convertible currency;
(4) other prudential requirements stipulated by the CSRC.
Article 7 A domestic shareholder of a foreign -invested fund management company shall meet
the qualification conditions for fund management companies ’ shareholders stipulated by the CSRC.
Article 8 The ratio of foreign investment in shares or that of the rights and benefits derived
from foreign investment in a foreign -invested fund management company shall not accumulatively
(including direct ownership and indirect ownershi p) exceed 33 per cent. Within three years after our
country’s accession to the WTO, this ratio shall not exceed 49 per cent.S/C/N/222
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Overseas shareholders shall make their contributions in freely convertible currency.
Article 9 The directors, general managers and deputy general managers shall have the
qualification for acting as superior management personnel in fund management companies stipulatedby the CSRC.
Article 10 The overseas and domestic applicants of a foreign -invested fund management
company shall, in accordance with the contents and formats stipulated by the CSRC, submit the
application materials to the CSRC.
The application materials submitted to the CSRC by the overseas and domestic applicants must be
written in Chinese. Where the documents or materials provided by the overseas shareholders and the
securities regulatory institutions where they are situated are written in foreign languages, the Chinese
translations which are consistent with the contents of the original texts shall be enclosed.
Article 11 The establishment of a fund management company by overseas and domestic
shareholders through joint contribution shall undergo such two periods as preparation and starting
business.
Article 12 The CSRC shall, within 60 working days as of official acceptance of the application
for preparing to establish a company by the overseas and domestic shareholders, make a decision of
approval or disapproval of the pr eparation. Where the preparation is approved, the approval document
shall be provided; where the preparation is disapproved, the applicants shall be notified in writing andthe reasons shall be given.
Article 13 Where major changes occur to the basic circumstances of an overseas shareholder of
a fund management company which has already obt ained the CSRC’s approval document of the
preparation but has not officially started business, or a fund management company has been punishedor supervised and controlled as a focus by the regula tory institution in the country where it is situated,
this overseas shareholder shall timely propose to convene a promoters’ meeting of the fund
management company and explain the related situation. Where the overseas shareholder does not
conform to the conditions of these Rules any long er, the promoters’ meeting shall put forward the
suggestions to handle the issue and the preparatory work group shall timely report this matter to theCSRC and deal with related matters.
Article 14 The overseas and domestic applicants shall, after completing the preparation of
establishing a fund management company, submit the application materials for the fund management
company to start business to the CSRC.
The CSRC shall, within 30 working days as of acce ptance of the application for business start, make a
decision of approval, delaying a pproval or disapproval. Where business start is approved, the approval
document shall be provided; where the approval is to be delayed or business start is disapproved, the
applicants shall be notified in writing and the reasons shall be given.
Article 15 Where an overseas shareholder accepts the transfer of or purchases the shares in a
domestic fund management company, the application materials shall be submitted to the CSRC by the
fund management company.
The CSRC shall, within 60 working days as of official acceptance of the application, make a decision
of approval or disapproval. Where the application is approved, the approval document shall beprovided; where the application is disapproved, the applicant shall be notified in writing and the
reasons shall be given.S/C/N/222
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With respect to the examination and verification of the application regarding the newly added
shareholders and the changing of shareholders the ratio of whose contribution is highest or the number
of directors nominated by whom is most, the CSRC  shall refer to the procedures for examining and
verifying the preparation of a fund management company in implementation.
Article 16 Where the authority in the place where an overseas shareholder of a foreign -invested
fund management company is registered or its main business activities take place requires overseas
investment to be filed for the record, this over seas shareholder shall, after obtaining the CSRC’s
approval document according to law, if it submits re levant materials for the record to the authority in
the place where it is registered or its main business activities take place, submit the duplicates to the
CSRC at the same time.
Article 17 The shareholders of a foreign -invested fund management company shall, within
30 working days as of obtaining the CSRC’s approval document, undertake the registration of
alteration or establishment of company at the administrative agency for industry and commerce.
Article 18 Where investors from Hong Kong Special Administrative Region, Macao Special
Administrative Region and Taiwan region invest in shares in fund management companies, theseRules shall be referred to in application.
Article 19 Where there are no provisions regarding the matters of establishment, alteration,
termination, business activities, supervision and administration in these Rules, other relevant
provisions of the CSRC shall be applied.
Article 20 These Rules shall be implemented as of July 1, 2002.
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