China Fund Industry Group Toughens Rules on Managers

What’s new: The self-regulatory group of China’s mutual fund industry has issued revised rules to step up supervision of fund managers as part of efforts to further promote regulatory compliance and protect investors’ legitimate interests.

The revised rules, published Friday by the Asset Management Association of China (AMAC), which is overseen by the country’s top securities regulator, added a new provision which requires fund-related institutions to strengthen the management of professional conduct, establish detailed rules for the implementation of industry standards, and clarify the responsibilities of senior executives and personnel at all levels.