- Fund Management in the PRC - Beijing - A Further Update
- January 29, 2010 | Author: Phillip K. Smith
- Law Firm: Mayer Brown JSM - Hong Kong Office
The Interim Measures on Foreign-Invested Equity Investment Fund Management Enterprises, issued jointly by the Beijing Municipal Administration of Industry and Commerce , the Municipal Commerce Commission, the Municipal Finance Bureau and the Municipal Development and Reform Commission, came into effect on 1 January 2010.
The Interim Measures set out the requirements for foreign invested investment managers to operate in Beijing in the legal form of a partnership, a joint venture or a wholly foreign owned enterprise established in accordance with PRC law. For these purposes, a foreign invested entity includes foreign investment from Hong Kong, Macau and Taiwan.
The regulation of foreign invested investment managers is the joint responsibility of four bodies, namely, the Municipal Development and Reform Commission, the Municipal Commerce Commission, the Municipal Administration of Industry and Commerce and the Municipal Finance Bureau.
The following requirements are specified in the Interim Measures:
- The entity must have at least USD 2 million in registered capital
- The entity's scope of business must be limited to fund management
- The entity must employ at least two key personnel of good repute and record with more than two years of relevant experience
These Interim Measures shall be in place until 31 December 2012.