Others News
- Official calls for uniform supervision
Date: 5-Dec-2007 Sources: (Shenzhen Daily)
A SENIOR official with China's central bank has called for uniform supervision of asset management services provided by mutual funds, banks and insurance companies.
Wu Xiaoling, vice chief of the People's Bank of China, raised the issue at the Sixth China Securities Fund International Forum held at the Wuzhou Guesthouse in Shenzhen yesterday.
'Securities investment funds are a form of asset management. They raise the money that they manage through public offering. In China, many other asset management services, including the trust banking services offered by many domestic banks, are in effect the same as securities funds. There are also private asset management companies, which play a significant role in the domestic stock markets. Many other financial institutions, including private equity funds and consultant companies, are among institutional investors in the markets, though they do not call themselves fund management firms,'she said.
Wu said while it was difficult to set a uniform standard to regulate such services, the authorities could start by tightening control of institutions offering them.
'I've called for uniform regulations of asset management services of fund firms, banks and insurance companies since 2004. I think the involved sectors should all be under the supervision of the CSSR. It needs some time to reach a consensus on this issue. We practice a separation in banking, insurance and securities related financial institutions. However, we need to supervise the institutions by their functions.'
First held in 2002, the securities fund forum has been held five times in Shenzhen, and has since become an important platform for industry insiders from China and abroad to share their ideas. The theme of this year's forum was the sustainable and balanced development of the fund industry.
More than 400 top executives of fund firms, trust banks and securities companies from China and overseas attended the forum.
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