China Securities Regulatory Commission Circular of China Securities Regulatory Commission on Relevant Issues Concerning the Investment of Money Market Funds in Short-term All fund management companies and fund custodian banks, With a view to further regulating the investment operation of money market funds and promoting the sound development of money market 1. The credit rating of the short-term financing bonds as invested by money market funds shall not be lower than the following standards: (1) The short-term credit rating being Grade A-1 or the equivalent to Grade A-1 as assessed by a domestic credit rating institution; (2) For any short-term financing securities that have been exempted from credit rating according to the relevant provisions, the credit (a) The long-term credit rating being Grade AAA or the equivalent to Grade AAA as assessed by a domestic credit rating institution; (b) The credit rating as assessed by an international credit rating institution being one-level lower than the China’s sovereign credit Where an issuer has both domestic credit rating and international credit rating, the domestic credit rating shall prevail. 2. The proportion of investment of money market funds in short-term financing bonds and the short-term enterprise bonds issued by the 3. During the period when any short-term financing bonds are held by the money market funds, where the credit rating downgrades and fails 4. The present Circular shall go into effect as of the day of promulgation. China Securities Regulatory Commission September 30, 2005 |
China Securities Regulatory Commission
2005-09-30