THE central government released a long-expected regulation yesterday to allow some pilot commercial banks to launch fund management companies, clearing the major policy obstacles for the reform.
The regulation, jointly issued by the China Banking Regulatory Commission (CBRC), the People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC), will enable commercial banks to step into the securities investment business, a major breakthrough in the segregated regulatory scheme of the banking, securities and insurance sectors.