AMAC Deepens the Development of a Credit System for Private Securities Investment Fund Industry
Promulgation date: 2018-01-15
The Asset Management Association of China ("AMAC") has recently issued the Work Rules for Credit Information Reports on Private Securities Investment Fund Manager Members (for Trial Implementation) (the "Rules"), immediately effective from the issue date.
According to the Rules, reports of credit information on private securities investment fund manager members are comprised of members' credit information constantly collected from their ongoing business practices, based on information about their compliance with laws and regulations, materials submitted by these members to the AMAC for the registration or record-filing purpose, information they have disclosed, details about their practitioners, and other related facts, and will be updated quarterly. Further, the Rules expressly state that a credit information report does not amount to the recognition of a private securities investment fund manager member' investment management capabilities or future business operations continuously compliance with laws, or the assurance that the fund assets are safe. Furthermore, the Rules note that a member could provide such credit information report to a cooperative agency on a case-by-case basis. But the related cooperative agency is prohibited from using such member's credit information report in private without the member's consent.