The Asset Management Association of China ("AMAC") has recently released the Circular on Relevant Arrangements for Setting up the "Fast Record-filing Track" for Privately-offered Funds Involved in the Merger or Restructuring of Listed Companies to Alleviate the Problem of Pledged Shares (the "Circular").
Three concrete arrangements provided in this Circular are given as below. First, in case of an application for filing a record for a new product under a privately-offered fund or an asset management scheme that is involved in the merger or restructuring of a listed company, the AMAC will complete the record-filing process within two working days upon receipt of all necessary materials, and make public the result. Second, in case of an application for the alteration of major product information, submitted by a privately-offered fund or an asset management scheme that has been filed under record, for changing some contents of the fund contract, such as the investment strategies and the scope of investment, as a result of its involvement in the merger or restructuring of a listed company, the AMAC will complete formalities for updating major fund information, within two working days upon receipt of all necessary materials. Third, in putting in an application on the Asset Management Business Electronic Registration System, for filing a record for the abovesaid fund product or updating the major product information, a private fund manager or a securities or futures operator shall submit relevant information and materials as listed in the Circular, into the aforesaid system.