China funds industry to learn Irish lessons

China’s AMAC and the Irish Funds Industry Association signed a MoU which will see the pair share ideas and exchange of information covering areas such as regulatory developments and investor protections.

The Irish Funds Industry Association (IFIA) last month signed a Memorandum of Understanding (MOU) with the Asset Management Association of China (AMAC) in Beijing.

The agreement aims to promote mutual assistance and the exchange of information in all aspects of the asset management industry, such as regulation and investor protection best practices.

“Given the development of our industry here over the past 25 years we think there are probably things we can assist the Chinese with,” Pat Lardner, chief executive of the IFIA told pfm.

“The Chinese industry is being very proactive in reaching out internationally to seek out best practice and to grow in a responsible and measured way.”

AMAC is a self-regulatory organization launched by the Chinese securities regulator, the China Securities and Regulatory Commission (CSRC). China-based GPs need to register, and enter into a reporting relationship, with the AMAC.