Fund managers get green light for HK

The country's securities regulator has approved mainland fund management companies to set up branches in Hong Kong, as part of efforts to further fulfill the Closer Economic Partnership Arrangements between the special administrative region and the mainland.

Mainland fund management companies can now submit the relevant applications to the China Securities Regulatory Commission (CSRC) and they will be able to get a response within 60 days, the regulator said in a statement on Sunday.

Fang Zheng, chairman of the Hong Kong Securities and Futures Commission, hailed the move as a "milestone", as it will be the first time for mainland fund management companies to familiarize themselves with international investment practice and regulations.