On September 25, with the approval of the State Council, China Securities Regulatory Commission, the people's Bank of China and the State Administration of foreign exchange issued the measures for the administration of domestic securities and futures investment by qualified foreign institutional investors and RMB qualified foreign institutional investors (hereinafter referred to as QFII and rqfii measures), and China Securities Regulatory Commission (CSRC) simultaneously issued the supporting rules "measures for the administration of domestic securities and futures investment of qualified foreign institutional investors and RMB qualified foreign institutional investors" (hereinafter referred to as "QFII, rqfii measures") To implement the provisions on Relevant Issues of the measures for the administration of domestic securities and futures investment by qualified foreign institutional investors and RMB qualified foreign institutional investors. "QFII, rqfii measures" and supporting rules will be implemented from November 1, 2020.
In accordance with the requirements of relevant legislative procedures, the CSRC has previously solicited public opinions on the QFII and rqfii measures and supporting rules. Generally speaking, all parties agree with the main contents of the QFII and rqfii measures and the supporting rules, and suggest that they should be introduced as soon as possible to improve the level of capital market opening and promote the coordinated development of different opening channels. Some domestic and foreign institutions have also put forward modification opinions and suggestions on further expanding opening up, relaxing access, facilitating investment and expanding the scope of investment. Relevant units have carefully combed and studied, adopted reasonable and feasible opinions and suggestions, and further revised and improved the "QFII, rqfii measures" and supporting rules.
The revised contents of QFII and rqfii measures and supporting rules mainly involve the following aspects: first, reduce the entry threshold and facilitate investment operation. We should integrate QFII and rqfii qualifications and system rules into one, relax access conditions, simplify application documents, shorten the time limit for examination and approval, and implement simple administrative licensing procedures; abolish the number limit of entrusted intermediary agencies, optimize the management of filing matters, and reduce the requirements for data submission.
Second, steadily and orderly expand the scope of investment. QFII and rqfii are allowed to invest in the listed securities, private investment funds, financial futures, commodity futures, options, etc. of the national small and medium-sized enterprise stock transfer system, and are allowed to participate in bond repurchase, stock exchange financing and securities lending, and refinancing securities lending. The specific trading varieties and trading methods of QFII and rqfii that can participate in financial derivatives will be gradually opened in accordance with the principle of stability and order, and will be announced by China Securities Regulatory Commission in consultation with the people's Bank of China and the State Administration of foreign exchange.
Third, strengthen continuous supervision. We should strengthen cross market supervision, cross-border supervision and penetrating supervision, strengthen punishment for violations, and refine the regulatory measures applicable to specific violations.
The CSRC said that it will continue to uphold the concept of opening up and accelerate the two-way opening up of the capital market at a high level
