Mutual fund rules updated

The China Securities Regulatory Commission (CSRC) issued new rules on investment fund information disclosure which will come into effect on July 1, according to Chinese media reports. The regulations will require mutual funds to publicize information about shareholder meetings in CSRC-designated media. Mutual funds prospectuses must include fund subscription size, net asset value, and other data. The fund management companies must notify the CSRC within two days in the event of a major event related to a fund. The mainland had a total of 124 mutual funds at the end of April with a combined US$31.3 billion worth of assets under management, according to the CSRC. The CSRC last updated regulations in 1999. Analysts said that the new regulations were aimed at boosting transparency in the fund management sector.