Fund management companies shall manage securities investment funds, according to a new decision of the Finance Minister. They may be granted permits for the provision of one or both of the following services:
- Setting up and management of public funds;
- Setting up and management of member funds.
Fund management permits shall be granted within 60 days after the State Securities Commission receives the valid dossiers.
The setting up of fund management joint-venture companies must be licensed by the State Securities Commission after it is approved by the Finance Ministry. Such licenses shall also be valid as business registration certificates. Foreign-owned securities trading organizations that wish to contribute capital to the setting up of fund management joint-venture companies must be those licensed to carry out fund management activities under foreign laws.
Shares or contributed capital portions in fund management companies may be transferred to foreign-owned fund management companies at the rates set by the Prime Minister.
The sale of shares or contributed capital portions valued at over 5 per cent of the fund management companies’ charter capital to foreign-owned fund management companies shall be subject to approval of the State Securities Commission.-