CSRC: Unified rules for AMCs being drafted

The China Securities Regulatory Commission said on Friday that it is planning unified regulatory rules for the asset management sector as part of its efforts to foster a good business environment and spur innovation.

"Unified regulatory rules will benefit investors as it encourages understanding of various financial products and also creates a fair competition environment for asset management companies to develop business," said Deng Ge, a CSRC spokesman.

At present, the financial sector in China faces multiple supervision, with varied regulatory standards. This leads to higher regulatory costs and encourages arbitrage activities, market sources said.