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Eugenie Shen, managing director and head of asset management group at the Asia Securities Industry & Financial Markets Association, explains that current regulations mean global firms’ onshore fund management companies in China have had to be effectively “ringfenced” from any offshore operations.
Shen says global fund firms most crucially want to be able to share of research between onshore Chinese asset management subsidiaries and the offshore parent or affiliate, while sharing of holdings in listed companies is also important for regulatory compliance purposes.
She says the Lingang Free Trade Zone is supposedly offering more relaxed policy towards cross-border data sharing to entities set up there, but it is unclear at this point if the foreign owned asset or wealth management entities established in the free trade zone can share research, holdings information and trading information with their overseas parent.
Despite the potential opportunity for some sort of rule relaxation in the Lingang Free Trade Zone, the final decision on what type of data can be shared by fund management companies with their offshore affiliates still reside with CAC and CSRC in Beijing.
“What global firms want is clarity of what types of data they can share with their offshore parent as well as relaxation, as CSRC has stated that the foregoing may not be shared by fund management companies with their parent, regardless of whether the parent is domestic or foreign,” she adds.
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