On July 20, the Office of Financial Stability and Development Committee under the State Council announced a series of policies to further open up the financial sectors, among which the timeline for removing foreign ownership limits in foreign-invested securities companies, fund management companies and futures companies was brought forward to 2020, one year ahead of the original schedule. After comprehensive and thorough deliberations, the CSRC now sets up a clear timetable as below:
1. Foreign ownership limits in fund management companies will be removed nationwide as of April 1st, 2020.
2. Foreign ownership limits in securities companies will be removed as of December 1st, 2020.
Moving forward, the CSRC will firmly implement the national opening-up policies and plannings to facilitate overseas participation in the financial services sectors. Review of the applications for establishment of new foreign-invested companies and those for change of de facto controllers in existent companies in the securities and fund management sectors will be efficiently carried out in alignment with laws and regulations.