Friday, May 30, 2014, 9:45 AM
The SFC will promote the establishment of institutional business license management system, open all kinds of business license access standards, conditions, formulate corresponding norms and public service, to meet the conditions of the institutions, and gradually solve the contradiction between market and industry. In the end of the 22 national work conference on Securities and futures regulators, Securities Regulatory Commission Chairman Xiao Gang said. Xiao Gang think, allowing the relevant mechanism of cross application business license, will break the securities, futures, funds and other institutional business separated situation. At the same time, Xiao Gang pointed out, the SFC will relax the securities and futures operation institutions access. Expand opening to the outside world in support of the industry, the subject in line with the conditions of the establishment of a securities and futures operation institutions, stateowned, private, domestic capital formation, foreign investment diversification of the coexistence of competition and survival of the fittest mechanism. To promote the development of the professional investment institutions, support the social insurance fund, pension, enterprise annuity and longterm capital entrust a professional institution investment operations, broaden the fund to enter the capital market channel. According to the pre establishment national treatment plus negative inventory management mode, the SFC will promote the relevant laws and regulations change, and on this basis, gradually relax the access of foreign securities and futures industry restrictions, cancel the foreign financial institutions shareholding ratio limit, the securities and futures business institutions to allow the establishment of wholly owned foreign subsidiaries or branches, cancel the joint venture company business licence limits. Support the domestic securities and futures operation institutions through crossborder mergers and crossborder business bigger and stronger.