The Financial Supervisory Commission stated that the investment options for high-asset customers have been expanded, and the "99-person" limit for private equity funds has been lifted.
In order to continue to promote the Asia Asset Management Center policy, the Financial Supervisory Commission further expanded the trial business scope of the local asset management zone, opened up bank sales of private equity funds and foreign virtual asset ETFs, and relaxed the 99 investor limit for overseas funds and private equity funds that do not have the nature of securities investment trust funds. At the same time, it added insurance products and remote insurance services, thereby expanding the investment options of high-asset customers and enhancing the diversity and international competitiveness of my country's asset management industry.
The Financial Supervisory Commission stated that since the "Operation Principles for the Financial Industry's Application to Settlement in Local Asset Management Zones for Trial Operations" was released on April 1, 2025, 62 financial institutions have been approved to settle in the zones so far.
This time, in line with the development of the financial market and the diversified asset management needs of high-asset customers, we took stock of the current trial business promotion results and market demand, gradually expanded the business with trial results to handle outside the zone, and continued to optimize and add new pilot projects, adhering to the concept of "trial operation for a limited period, and the zone is sustainable" to further improve the asset management business development environment.
The focus of this revision includes four major aspects: international financial and high-asset business of banks, cross-border financial services, investor restrictions on the sale of overseas funds and private equity funds by investment trusts, investment consulting companies, and securities firms, as well as new insurance products and services.
First of all, in terms of the bank's international financial business, it cooperates with the investment trust industry to pilot multi-channel sales, opens the international financial business branch (OBU) to sell the uncertified overseas funds introduced by it, and optimizes the account opening process of OBU, OSU and OIU (3O) to improve the efficiency and convenience of financial services.
In terms of high-asset business, Open Bank signs a contract with a securities firm and sells private equity funds that are managed by the securities firm or whose subsidiaries serve as general partners. In addition, Open Bank sells foreign virtual asset index stock funds (ETFs) through trust business. In addition, uncertified overseas funds introduced and sold by banks themselves will no longer be restricted by the total number of 99 single overseas fund customers, further increasing the investment options and product sales channels for high-asset customers.
In terms of cross-border financial services, considering the needs of high-asset bank customers for overseas asset management services, this time the service scope has been expanded to include overseas funds held by high-asset domestic customers. However, in order to ensure that business development meets policy objectives, it is also clarified that when domestic banks provide relevant services, the scope of services should be limited to the overseas funds held by customers, and they must not assist customers in transferring funds abroad as a solicitation.
Secondly, the limit on the total number of investors that investment, investment, consulting and securities firms can sell uncertified overseas funds and introduce private equity funds has also been relaxed simultaneously. The total number of high-net-worth clients of uncertified overseas funds sold by investment trusts and consultants on their own or through multiple channels, private equity funds in which investment trusts' subsidiaries serve as general partners, and private equity funds entrusted by investment trusts are not subject to the 99-person limit.
As for securities dealers, they are open to selling uncertified overseas funds to high-asset customers, or introducing high-asset customers to invest in private equity funds whose subsidiaries serve as general partners, as well as private equity funds entrusted to be managed by securities dealers. The total number of relevant investors is also not limited to 99, in order to expand the opportunities for high-asset customers to participate in alternative asset investments.
In terms of insurance business, in order to improve the convenience for customers to apply for insurance, new insurance companies are allowed to trial insurance products with exclusive accounts for prepaid premiums; and international insurance branches (OIU) are also allowed to handle overseas customers in non-Chinese areas through remote insurance to further expand the scope of insurance services.
In addition, in line with the relaxation of the limit on the total number of investors in uncertified overseas funds and private equity funds, the Financial Supervisory Commission has also added qualifications for investment, investment, consulting and securities firms to apply to enter the special zone to trial related businesses, and requires banks, investment, investment, consulting and securities firms to apply to the Financial Supervisory Commission file-by-file when handling relevant business to strengthen business management and risk control.
The Financial Supervisory Commission emphasized that in the future, it will continue to adhere to the principle of "safety and development go hand in hand". Through the accumulation of experience in the trial operation of the special zone and the rolling review of the system, on the premise of properly controlling risks, it will guide financial industry players to give full play to their professional advantages, deepen cross-industry cooperation, continue to improve the breadth and depth of asset management services, provide high-asset customers with richer, more diverse financial services that meet the needs, and further strengthen the development momentum and international competitiveness of my country's asset management industry.
