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Thursday, March 11, 2010

China Approves QFII License For Ivy Investment Management

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By Joy C. Shaw
Dow Jones Newswires
     

    SHANGHAI -(Dow Jones)- The China Securities Regulatory Commission said Thursday it approved U.S. investment firm Ivy Investment Management Co.'s application for a Qualified Foreign Institutional Investor's license in February.

    The regulator said the new license brings the total number of QFIIs to 94.

    After obtaining CSRC approval, a QFII must wait, typically for several months, for the State Administration of Foreign Exchange to approve an investment quota before the foreign investor can start making securities investments in China.

    The QFII program, launched in 2003, is the only method through which foreign investors can trade China's domestically listed yuan-denominated A shares.

    Copyright © 2009 Dow Jones Newswires

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