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SAC Released the Notification on Regulating the Cooperative Business for the Specific Client Asset Management of Securities Companies and Banks

 

Since the CSRC issued the Administrative Measures for the Client Asset Management of the Securities Firms and the detailed implementing rules in October 2012, the cooperative businesses for the specific client asset management of securities companies and banks(hereafter referred to as “cooperative businesses”) have been developing rapidly. To a certain degree, it met the practical demands of banks, securities companies and investors. Furthermore, it also plays a positive role in servicing real economy. Currently, the risks of the cooperative business are fundamentally controllable. In spite of this, some problems and potential risks still exist and need to be regulated. In order to strengthen the cooperative businesses management, prevent risks effectively and promote a sound development environment, SAC officially released the Notification on Regulating the Cooperative Business for the Specific Client Asset Management of Securities Companies and Banks (hereafter referred to as “notification”).


The notification clarifies some prohibitions on cooperation between securities companies and banks, standards of selecting cooperative banks, regulating requirements of special contracts, internal management mechanism, filing management and practicing inspection. The publication of the notification symbolized the cooperative businesses became more the norm.

 

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