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BIZCHINA / News
CICC may be first brokerage with QDII license
(China Daily)
Updated: 2007-08-09 14:29
China International Capital Corp (CICC), partly owned by Morgan Stanley,
has become the first brokerage to receive a license under China's
qualified domestic institutional investor (QDII) scheme, Reuters
reported, citing market sources.
The sources did not know whether CICC had yet received an investment
quota from the currency regulator, the State Administration of Foreign
Exchange - the last step in the approval process.
The China Securities Regulatory Commission announced in June that fund
managers and brokerages would be permitted to invest client money
overseas under the QDII program. Since then, China Asset Management Co
Ltd, China's largest mutual fund company, and three other funds have
received licenses from the regulator.
(For more biz stories, please visit Industry Updates)
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