Lately, the China Securities Depository and Clearing Corporation Limited ("CSDC") has released the revised drafts of the Implementing Rules for the Registration and Clearing Business of Listed Open-ended Funds (the "Rules") and the Guidelines of the Shenzhen Stock Exchange for the Registration and Clearing Business of Listed Open-ended Funds (the "Guidelines") to solicit comments from markets concerned before March 3, 2017.
Revisions made this time to the Rules and the Guidelines supplement and adjust articles relating to certain businesses involved in the system optimization and upgrade, and remove some provisions that overlap with other business rules or are not compatible with the business development. The Rules, among other things, include major revisions as follows. The first is removing some articles concerning the account-related business; the second is adjusting specific rules on the accuracy of unit calculation; the third is adjusting the wording of the provision that the security registration system can only perform cash dividend allocations; the fourth is cancelling the specific types of businesses that must adopt the mode of trade-by-trade gross settlement; the fifth is removing the article that the net subscription amount on current day is controlled for clearing business participants; and the sixth is removing relevant articles concerning the interpretations of terms.