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none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12204,12269" colid="12269" class="fourth-title" href="/markets/equities/highlights/bluechipmarket/" target="_self">Bluechipmarket</a> <ul class="fifth-menu fifth-menu-area" style="display: none;"> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12200,12204,12269,12271" colid="12271" class="fifth-title" href="/markets/equities/highlights/bluechipmarket/market/" target="_self">market</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12200,12204,12269,12353" colid="12353" class="fifth-title" href="/markets/equities/highlights/bluechipmarket/active/" target="_self">active</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12200,12204,12269,12354" colid="12354" class="fifth-title" href="/markets/equities/highlights/bluechipmarket/bluechip/" target="_self">bluechip</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12200,12204,12269,12355" colid="12355" class="fifth-title" href="/markets/equities/highlights/bluechipmarket/highbluechip/" target="_self">highbluechip</a></li> </ul></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12204,12270" colid="12270" class="fourth-title" href="/markets/equities/highlights/neweconomy/" target="_self">Neweconomy</a> <ul class="fifth-menu fifth-menu-area" style="display: none;"> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12200,12204,12270,12272" colid="12272" class="fifth-title" href="/markets/equities/highlights/neweconomy/market/" target="_self">market</a></li> </ul></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12200,12202" colid="12202" class="third-title" href="/markets/equities/announcements/" target="_self">Listed Company Announcements</a></li> <li style="display:none" class="third-menu-tab"><a tie="12197,12200,12273" colid="12273" class="third-title" href="/markets/equities/data/" target="_self">List</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12273,12274" colid="12274" class="fourth-title" href="/markets/equities/list/overview/" target="_self">Overview</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12273,12275" colid="12275" class="fourth-title" href="/markets/equities/list/quotation/" target="_self">Quotation</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12273,12276" colid="12276" class="fourth-title" href="/markets/equities/list/announcements/" target="_self">Announcements</a></li> </ul></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12197,12205" colid="12205" class="second-title" href="/markets/bonds/overview/" target="_self">Bonds<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12197,12205,12277" colid="12277" class="third-title" href="/markets/bonds/overview/" target="_self">Overview</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12205,12277,12278" colid="12278" class="fourth-title" href="/markets/bonds/overview/Introduction/" target="_self">Introduction</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12205,12277,12378" colid="12378" class="fourth-title" href="/markets/bonds/overview/timeline/" target="_self">timeline</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12205,12277,12379" colid="12379" class="fourth-title" href="/markets/bonds/overview/investors/" target="_self">investors</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12205,12277,12380" colid="12380" class="fourth-title" href="/markets/bonds/overview/process/" target="_self">process</a></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12205,12279" colid="12279" class="third-title" href="/markets/bonds/bondslist/" target="_self">Bond List</a></li> <li class="third-menu-tab"><a tie="12197,12205,12280" colid="12280" class="third-title" href="/markets/bonds/bondbuybacklist/" target="_self">Bond Repo List</a></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12197,12206" colid="12206" class="second-title" href="/markets/funds/overview/" target="_self">Funds<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12197,12206,12281" colid="12281" class="third-title" href="/markets/funds/overview/" target="_self">Overview</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12206,12281,12283" colid="12283" class="fourth-title" href="/markets/funds/overview/introduction/" target="_self">introduction</a></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12206,12282" colid="12282" class="third-title" href="/markets/funds/fundlist/" target="_self">Fund List</a></li> <li class="third-menu-tab"><a tie="12197,12206,13272" colid="13272" class="third-title" href="/markets/funds/reits/intro/" target="_self">Publicly Offered Infrastructure REITs</a></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12197,12207" colid="12207" class="second-title" href="/markets/derivatives/overview/50etf/" target="_self">Derivatives<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12197,12207,12284" colid="12284" class="third-title" href="/markets/derivatives/overview/50etf/" target="_self">Overview</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12207,12284,14799" colid="14799" class="fourth-title" href="/markets/derivatives/overview/50etf/" target="_self">SSE 50ETF Options</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12207,12284,14800" colid="14800" class="fourth-title" href="/markets/derivatives/overview/300etf/" target="_self">CSI 300ETF Options</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12207,12284,14801" colid="14801" class="fourth-title" href="/markets/derivatives/overview/500etf/" target="_self">CSI 500ETF Options</a></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12207,12287" colid="12287" class="third-title" href="/markets/derivatives/statistic/day/" target="_self">Statistics</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12207,12287,12288" colid="12288" class="fourth-title" href="/markets/derivatives/statistic/day/" target="_self">Day</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12207,12287,12289" colid="12289" class="fourth-title" href="/markets/derivatives/statistic/month/" target="_self">Month</a></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12207,12290" colid="12290" class="third-title" href="/markets/derivatives/quotation/" target="_self">Quotation</a></li> </ul></li> <li class="second-menu-tab"><a tie="12197,12208" colid="12208" class="second-title" href="/markets/greensecurities/" target="_self">Green Securities</a> <ul class="third-menu third-menu-area" style="display: none;"> <li style="display:none" class="third-menu-tab"><a tie="12197,12208,12291" colid="12291" class="third-title" href="/markets/greensecurities/info/" target="_self">info</a></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12197,12209" colid="12209" class="second-title" href="/markets/dataservice/products/" target="_self">Data Services<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12197,12209,12210" colid="12210" class="third-title" href="/markets/dataservice/products/" target="_self">Market Data Products</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12209,12210,12292" colid="12292" class="fourth-title" href="/markets/dataservice/products/products/" target="_self">products</a> <ul class="fifth-menu fifth-menu-area" style="display: none;"> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12209,12210,12292,12293" colid="12293" class="fifth-title" href="/markets/dataservice/products/products/infomation/" target="_self">infomation</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12209,12210,12292,12294" colid="12294" class="fifth-title" href="/markets/dataservice/products/products/significance/" target="_self">significance</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12209,12210,12292,12295" colid="12295" class="fifth-title" 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class="menu_style_0">Newsletter</a></li> <li class="second-nav-item"><a href="http://roadshow.sseinfo.com/en/roadshowList.do?downId=2" class="menu_style_0">Performance Briefings</a></li> </ul></li> </ul> </div> </div> </nav> </header> </div> <main class="main mainbg"> <div class="banner js_page_banner"> <div class="container"> <h1>License and Quota</h1> </div> </div> <div class="container"> <ul class="path"></ul> </div> <div class="page_content"> <div class="container "> <div class="lev1_marginblock "> <div class="title_1 "> <h1>Qualification for QFII License </h1> </div> <div class="lev1_paddingblock_noborder "> <div class="lev2_marginblock"> <div class="title_2"> <h2>Current qualification</h2> </div> <div class="lev2_paddingblock"> <p>An applicant for the qualification as a QFII shall meet the following requirements:</p> <p>1. the applicant shall be in sound financial conditions and good credit with a certain amount of asset under management set by the CSRC (detailed criteria is shown below);</p> <p>2. the applicant’s managerial personnel shall meet relevant professional requirements of the applicant’s domicile country or region;</p> <p>3. the applicant shall have sound and effective governance structure, internal control system, and the applicant’s operation is well-managed and has not been subject to any major punishment by regulatory authorities in the latest 3 years;</p> <p>4. the applicant shall be domiciled in countries or regions where the securities regulatory authorities have signed a Memorandum of Understanding with the CSRC; and</p> <p>5. other requirements set by the CSRC in accordance with the principle of prudential regulation.</p> </div> </div> <div class="lev2_marginblock"> <div class="title_2"> <h2>Revised qualification according to the January 2019 consultation paper</h2> </div> <div class="lev2_paddingblock"> <p>An applicant for the qualification as a qualified investor (QFII and RQFII are unified) shall meet the following requirements:</p> <p>1. the applicant shall be in sound financial conditions and good credit standing with proven experiences in securities and futures investment;</p> <p>2. the applicant’s managerial personnel in charge of domestic investments shall meet relevant professional requirements of the applicant’s domicile country or region (if such requirements exist);</p> <p>3. the applicant shall have sound and effective governance structure, internal control system, and compliance management regime, and, in accordance with relevant regulations, appoint a supervisor to oversee the legality and compliance of the applicant’s domestic investment;</p> <p>4. the applicant’s operation is well-managed and has not been subject to any major punishment by regulatory authorities in the latest 3 years or since its establishment; and</p> <p>5. other requirements set by the CSRC in accordance with the principle of prudential regulation</p> </div> </div> <div class="lev2_marginblock"> <div class="title_2"> <h2>Quantitative criteria for QFII License</h2> </div> <div class="lev2_paddingblock"> <p>Note that the quantitative criteria shall be cancelled according to the consultation paper released by the CSRC on 31 January, 2019.<br> </p> <div class="table-responsive table_normal_topic1 td_left"> <table class="table"> <thead> <tr> <th>Type of institution</th> <th>Track record and operational experience</th> <th>Assets under management</th> </tr> </thead> <thead> </thead> <tbody> <tr> <td>Asset Management</td> <td>2 years or more</td> <td>Not less than USD 500 million in securities assets in the last financial year</td> </tr> <tr> <td>Insurance companies</td> <td>2 years or more</td> <td>Not less than USD 500 million in securities assets in the last financial year</td> </tr> <tr> <td>Securities companies</td> <td>5 years or more</td> <td>Not less than USD 500 million in net assets and not less than USD 5 billion in securities assets in the last financial year</td> </tr> <tr> <td>Commercial banks</td> <td>10 years or more</td> <td>Not less than USD 300 million in tier one capital and not less than USD 5 billion in securities assets in the last financial year</td> </tr> <tr> <td>Others (pension fund, charity fund,<br class="visible-xs"> endowment fund, trust company,<br class="visible-xs"> government investment institution)</td> <td>2 years or more</td> <td>Not less than USD 500 million in securities assets in the last financial year</td> </tr> </tbody> </table> </div> </div> </div> </div> </div> </div> <div class="bg_gray"> <div class="container "> <div class="lev1_marginblock "> <div class="title_1 "> <h1>Qualification for RQFII License </h1> </div> <div class="lev1_paddingblock_noborder "> <div class="lev2_marginblock"> <div class="title_2"> <h2>Current qualification</h2> </div> <div class="lev2_paddingblock"> <p>An applicant for the qualification as a RQFII shall meet the following requirements:</p> <p>1. the applicant shall be in sound financial conditions and good credit with registration and business licenses that meet the requirement of CSRC;</p> <p>2. the applicant shall have sound and effective governance structure and internal control system, and the applicant’s managerial personnel shall meet relevant professional requirements of the applicant’s domicile country or region;</p> <p>3. the applicant’s operation is well-managed and has not been subject to any major punishment by regulatory authorities in the latest 3 years or since its establishment; and</p> <p>4. other requirements set by the CSRC in accordance with the principle of prudential regulation.</p> </div> </div> <div class="lev2_marginblock"> <div class="title_2"> <h2>Quantitative criteria</h2> </div> <div class="lev2_paddingblock"> <p>There is no quantitative criteria for RQFII license.</p> </div> </div> <div class="lev2_marginblock"> <div class="title_2"> <h2>Pilot countries and regions</h2> </div> <div class="lev2_paddingblock"> <p>The pilot countries and regions are domiciles where applicants can apply for RQFII license. By mid 2019, it has expanded to 20 countries and regions.</p> <p>In September 2019, the SAFE announced that the limitations on the pilot countries and regions of RQFII will be cancelled, which means that qualified foreign institutions around the world are eligible to apply for RQFII license now.</p> </div> </div> </div> </div> </div> </div> <div class="container "> <div class="lev1_marginblock "> <div class="title_1 "> <h1>Investment Quota Limitations </h1> </div> <div class="lev1_paddingblock_noborder "> <p>There used to be an aggregate quota limit for QFII and RQFII scheme respectively, and in September 2019, the SAFE announced that the aggregate quota limits for QFII and RQFII are cancelled.</p> <p><a href="http://www.safe.gov.cn/en/2019/0910/1552.html" target="_blank" title="">Abolish Restrictions on the Investment Quota of Qualified Foreign Investors (QFII/ RQFII) and Further Expand the Opening up of Financial Markets</a></p> <div class="lev2_marginblock"> <div class="title_2"> <h2>Individual Quota Management</h2> </div> <div class="lev2_paddingblock"> <p>A qualified investor (QFII or RQFII), after obtaining the license from the CSRC, may obtain an investment quota (basic quota) no higher than a certain proportion of its assets or the securities assets under management ("asset size") through filing; application for an investment quota higher than the basic quota is subject to approval by the SAFE.</p> <p>The investment quotas of institutions such as overseas sovereign wealth funds, central banks and monetary authorities are not subject to the asset proportion restrictions. They may obtain an investment quota based on their needs to invest in the domestic securities markets.</p> <p>Note that in September 2019, the SAFE announced that it would immediately revise the regulations on QFII and RQFII, to make it clear that the <b>investment quota of individual qualified foreign investor will no longer need to be approved</b>.</p> <p><a href="http://www.safe.gov.cn/en/2019/0910/1553.html" target="_blank" title="">Press Conference on Abolishing Restrictions on the Investment Quota of Qualified Foreign Investors (QFII/ RQFII) Wang Chunying Spokeswoman and Chief Economist State Administration of Foreign Exchange</a></p> </div> </div> <div class="lev2_marginblock"> <div class="title_2"> <h2>Current criteria for basic quota for a QFII:</h2> </div> <div class="lev2_paddingblock"> <p>1. Where the assets or AUM of a qualified investor or the group it is subordinated to are located overseas, the formula is: USD 100 million + average asset size over the past three years ＊0.2% - quota obtained by the RQFII (in USD terms, "RQFII quota");</p> <p>2. Where the assets or AUM of a qualified investor or the group it is subordinated to are located in China, the formula is: the equivalent of RMB 5 billion + asset size of the previous year＊80% - RQFII quota already obtained (in USD terms);</p> <p>3. No more than USD 5 billion (including overseas sovereign wealth funds, central bank and monetary authorities);</p> <p>4. No less than USD 20 million. The foreign exchange rates involved above shall be calculated based on the Conversion Rates of Currencies against the USD published by the SAFE on the day of application of the previous month.</p> <p>The SAFE may adjust these criteria in consideration of balance of payments, and development and liberalization of capital markets.</p> </div> </div> <div class="lev2_marginblock"> <div class="title_2"> <h2>Current criteria of basic quotas for RQFII:</h2> </div> <div class="lev2_paddingblock"> <p>1. Where the assets or AUM of an RMB qualified investor or the group it is subordinated to are located overseas, the formula is: equivalent of USD 100 million + average asset size over the past three years ＊0.2% - quota for the QFII already obtained (in RMB terms, "QFII quota").</p> <p>2. Where the assets or AUM of an RMB qualified investor or the group it is subordinated to are located in China, the formula is: RMB 5 billion + asset size of the previous year＊80% - QFII quota already obtained (in RMB terms).</p> <p>The foreign exchange rate involved above shall be calculated based on the conversion rates of various currencies against the USD published by the SAFE on the day of application for the previous month.</p> <p>The PBOC and SAFE may adjust these criteria in consideration of balance of payments, and development and liberalization of capital markets.</p> </div> </div> <div class="lev2_marginblock"> <div class="title_2"> <h2>Data for Registered Investment Quota</h2> </div> <div class="lev2_paddingblock"> <p><a href="http://www.safe.gov.cn/en/AdministrationInformation/index.html" target="_blank" title="">http://www.safe.gov.cn/en/AdministrationInformation/index.html</a></p> </div> </div> </div> </div> </div> <div class="bg_gray"> <div class="container "> <div class="lev1_marginblock "> <div class="title_1 "> <h1>Application Process </h1> </div> <div class="lev1_paddingblock_noborder "> <div style="text-align: center;"> <img src="/access/qfiirqfii/quota/process/c/10114536/images/0b0e230027524d969b72fd3aac2cd0a3.jpg" alt="" class="img"> <br>  </div> <div class="table-responsive table_lev td_left tr_interval"> <table class="table"> <tbody> <tr> <th class="lev1" width="195">Appoint Custodian</th> <td>Appoint a custodian bank and prepare application documents</td> </tr> <tr> <th class="lev1">Obtain QFII</th> <td>Submit QFII/RQFII application to CSRC via custodian</td> </tr> <tr> <th class="lev1">License</th> <td>CSRC will assess and make decision within 20 working days<br class="visible-xs"> upon receipt of complete application</td> </tr> <tr> <th class="lev1">Obtain QFII Quota</th> <td> <p>File base quota with SAFE, apply extra quota upon SAFE’s<br class="visible-xs"> approval via custodian</p> <p>Note that in September 2019, the SAFE announced that<br class="visible-xs"> it would revise the regulations on QFII and RQFII,<br class="visible-xs"> to make it clear that the investment quota of<br class="visible-xs"> individual qualified foreign investor will<br class="visible-xs"> no longer need to be approved</p> </td> </tr> <tr> <th class="lev1">Open Accounts</th> <td> <p>Open FX accounts with custodian</p> <p>Open RMB accounts with custodian</p> <p>Open securities accounts with CSDC</p> </td> </tr> <tr> <th class="lev1">Start Trading</th> <td> <p>Transfer Funds (and conduct FX conversion)</p> <p>Choose brokers for trading execution</p> </td> </tr> </tbody> </table> </div> </div> </div> </div> </div> </div> </main>  <footer> <div class="container"> <div class="link_block"> <img src="/xhtml/images/ft_logo.png" style="float: left;"> <a href="/home/trademark/">TRADEMARK</a> <a href="/home/feedback/">FEEDBACK</a> <a href="/home/disclaimer/">DISCLAIMER</a> <a href="/markets/dataservice/list/">OVERSEAS VENDORS</a> </div> <p>Support <img src="/xhtml/images/IPV6.png" style="margin-bottom:2px;"> ©2019 SHANGHAI STOCK EXCHANGE. 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