ICI Global praises Stock Connect agreement
Qiumei Yang, chief executive of ICI Global Asia Pacific, has welcomed the new memorandum of understanding (MOU) between the China Securities Regulatory Commission (CSRC) and the Securities and Futures Commission (SFC) regarding a Shanghai–Hong Kong Stock Connect pilot programme.
“This announcement is welcome news,” says Yang. “The MOU between the CSRC and the SFC is an important and necessary step toward realising the vision of Stock Connect. It offers investors from both jurisdictions greater confidence that regulators will work together to protect market integrity and investor interests. Stock Connect promises to create new opportunities for funds and their investors in China, Hong Kong, and globally.”
ICI is an association of regulated funds, including mutual funds, exchange-traded funds (ETFs), closed-end funds, and unit investment trusts (UITs) in the US and similar funds offered to investors in jurisdictions worldwide. ICI seeks to encourage adherence to high ethical standards, promote public understanding, and otherwise advance the interests of funds, their shareholders, directors and advisers. ICI’s US fund members manage total assets of USD17.2 trillion and serve more than 90 million US shareholders. Non-US fund members manage total assets of USD1.5 trillion.
The international arm of the Investment Company Institute, ICI Global seeks to advance the common interests and promote public understanding of regulated investment funds, their managers, and investors. Its policy agenda focuses on issues of significance to funds in the areas of financial stability, cross-border regulation, market structure, and pension provision. ICI Global has offices in London, Hong Kong, and Washington, DC.