CSRC issues new provisions on fund industry

The China Security Regulatory Commission on Tuesday released interim provisions for asset management firms to go public. The move will make it easier for brokerages, insurance asset management companies and private security fund management institutions to launch public offerings.

According to the provisions, brokerages and insurance asset management companies must have total assets under management of 20 billion yuan to apply for a listing.

For private security fund management institutions, its paid capital must not be less than 10 million yuan and the total assets under management per year should not be less than 2 billion yuan for three consecutive years.

Experts are expecting increasingly fierce competition in the country's fund industry which could help its further development. Meanwhile, investors will also have more choices when looking for fund management agencies. The provision will be put into effect on June 1st of this year.