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Stock impact report

UPDATE 2-China securities regulator launches inspections of mutual funds [Yahoo! Finance]

CITIC SECURITIES UNSP/ADR (CIIHY) 
NASDAQ:AMEX Investor Relations: citic.com/investorrelations/investorrelations
Company Research Source: Yahoo! Finance
mutual fund companies as part of efforts to strengthen management of the industry, unnerving fund managers. The securities watchdog, under newly appointed Chairman Wu Qing, vowed a week ago to set up a "textbook-style" supervision model to regulate China's $3.8 trillion mutual fund industry. The latest round of inspections, conducted without notice by branches of the China Securities Regulatory Commission (CSRC), covered daily operations, training, and strengthening internal Chinese Communist Party functions, the 21st Century Business Herald reported on Friday. It did not name the asset managers inspected. In response to a Reuters query, CSRC said: "It's regular on-site inspection that we conduct every year." The CSRC branches inspected fund companies based outside their regions, which the article said can prevent local interference. Regulators have recently cracked down on computer-driven "quant" private funds. "The industry is jittery and gun-shy," said a mutual fund manag Show less Read more
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