Multiple departments jointly issued the "Implementation Rules for Cross-border Asset Management Pilot Business of Hainan Free Trade Port."

On July 21, the People's Bank of China announced that several departments jointly issued the "Implementation Rules for Cross-border Asset Management Pilot Business in Hainan Free Trade Port." The pilot business supports overseas investors to invest in financial products issued by financial institutions in Hainan Free Trade Port, private equity asset management products of securities funds and futures brokerage institutions, publicly raised securities investment funds, and insurance asset management products. In order to thoroughly implement the strategic deployment of the Party Central Committee and the State Council to promote the construction of Hainan Free Trade Port, explore pilot cross-border asset management business, and improve the convenience of cross-border securities investment and financing exchange, the People's Bank of China Hainan Branch, the China Banking and Insurance Regulatory Commission Hainan Office, the China Securities Regulatory Commission Hainan Office, Hainan Local Financial Supervision Bureau, and the State Administration of Foreign Exchange Hainan Branch jointly issued the "Implementation Rules for Cross-border Asset Management Pilot Business in Hainan Free Trade Port" (hereinafter referred to as the "Implementation Rules"). The pilot business supports overseas investors to invest in financial products issued by financial institutions in Hainan Free Trade Port, private equity asset management products of securities funds and futures brokerage institutions, publicly raised securities investment funds, and insurance asset management products. The "Implementation Rules" make specific arrangements in terms of pilot institution conditions and pilot reporting procedures, the scope of pilot asset management products, overseas investor suitability management, account opening, fund transfer and exchange, pilot scale management, overseas investor protection and dispute resolution, statistical monitoring and supervision, etc. This pilot business is conducive to enriching the supply of cross-border financial products, exploring new channels for overseas investors to invest in the domestic market; it is conducive to attracting domestic and foreign asset management institutions to expand their business in Hainan, and helping the construction of Hainan Free Trade Port. Next, the People's Bank of China Hainan Branch and other five departments will strengthen policy propaganda and interpretation, guide eligible pilot institutions to do well in pilot business, ensure the smooth implementation of the "Implementation Rules," promote the healthy development of cross-border asset management pilot business, and steadfastly promote the high-level opening-up of Hainan Free Trade Port. This article was selected from the "People's Bank of China" WeChat official account, edited by GMTEight: Liu Jiayin.