NEW RULES FOR FUNDS IN HONG KONG

The China Securities Regulatory Commission (CSRC) has issued rules to allow mainland fund management companies to set up branches and representative offices in Hong Kong, a move followed by the CSRC's approval in June last year to give mainland fund managers access to Hong Kong stocks.

The rules were issued to promote cooperation in the area of asset management, according to Xinhua News Agency. Keith Robinson, partner at Dechert LLP, said one of the government's intentions is to deepen Chinese asset managers' knowledge and to enhance the professionalism and sophistication of the domestic asset management industry.