BIZCHINA / Biz Media Digest
Finance: Firms to establish risk reserve
(Shanghai Daily)
Updated: 2006-08-21 16:03
The securities regulator has ordered fund management firms to set aside
at least 5 percent of their monthly income from fund management toward a
risk reserve to protect investors' interests, the Financial News reported
Friday.
Firms should put money into their individual reserve until the amount
reaches 1 percent of their net assets under management, the paper cited a
China Securities Regulatory Commission announcement as saying. Each
firm's reserve will be held in a special account with its custodian bank,
the report said. The reserves would mainly be used to cover any losses
originating from violations of laws or contracts, technical defaults or
inappropriate operation, it said.
(For more biz stories, please visit Industry Updates)
Most Popular Stories in 48 Hours
� China halts foreign investment in brokers
� Chip makers file competing lawsuits
� Pension funds tightened up
� Market lifeless as investors cautious
� CGPI rising year on year in August
Today's Top News
� RMB gains before US Treasury Secretary's visit
� More peacekeepers head to Lebanon
� 75th anniversary of invasion marked
� Man rejects first penis transplant
� Female space tourist blasts off
Top Biz News
� New regulation on IPO takes effect
� China Re plans dual-listing in HK, Shanghai
� Shanghai, Guangzhou connected with Lhasa by train
� IMF plans to boost bigger say for China
� New vision sought for community health care
Alibaba is the largest B2B marketplace in the world. Source model ship,
wooden puzzle, one-piece toilet, RC hovercraft, photo album, prom dress,
pocket bike, Vaginal Speculum, Samurai Sword, String Panty and PVC Pipe.
Learn Mandarin online
