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The Luxembourg regulator CSSF has authorised the first Renminbi Qualified Foreign Institutional Investor (RQFII) fund under the Undertakings for Collective Investment in Transferable Securities (UCITS) scheme. The Luxembourg regulator has approved a UCITS investing 100% of its net assets in China A-shares (i.e. shares in mainland China-based companies that are traded on a Chinese stock exchange). The UCITS can invest in these shares through the use of the RQFII quota granted to its manager by the competent Chinese authorities.
In order to authorise such an ‘RQFII UCITS’, the CSSF requirements relate to the following:
- the fact that the fund must be open-ended;
- the experience, competence and qualification of the manager;
- the application of...
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