China – although funds have existed in China since 1991, the initial experience was unsatisfactory and, in November 1997, the Provisional Regulation on the Management of Securities Investment Funds was published. The new regulation led to the launch of Jintai Fund and Tianyuan Fund on 23 March 1998, marking a new beginning for China’s fund management industry. Current legislation became effective on 1 July 1999 – the Securities Law of the People’s Republic of China – but as elsewhere, this is to be upgraded by a new piece of legislation, the Investment Fund Law. Regulatory responsibilities were shared between the People’s Bank of China and the China Securities Regulatory Commission, but the latter is now responsible for the detailed regulation of funds and fund management companies. An important role is also played by the Securities Association of China, established in 1991 but reformed in 1999 under the current legislation to exercise self-regulation over its members. SAC revised and improved its charter for this purpose in 2002.

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