Introduction of the Pilot QFLP Programme in Qingdao: RMB funds invest in domestic market
As the first comprehensive financial reform pilot area with the theme of wealth management, the Qingdao Municipal Finance Service Office and other principal government authorities jointly promulgated the Implementation Measures on the Pilot Programme for Qualified Foreign Limited Partnership (QFLP) (the “Pilot Measures”) on 9 February 2015. Under the Pilot Measures, foreign investment institutions are allowed to set up a RMB private investment fund (“RMB Fund Enterprise”) with lenient restrictions. The restrictions on registered capitals of a Fund Management Company (“FMC”) and the investors’ investment amounts have both been relaxed, and the investment scope of the RMB Fund Enterprise has been modestly expanded – a breakthrough in the fund industry in China. The Pilot Measures became effective 30 days after its issuance date, i.e. 9 March 2015.