On September 25, 2020, the China Securities Regulatory Commission (“CSRC”), the People’s Bank of China and the State Administration of Foreign Exchange issued the Administrative Measures for Securities and Futures Investment Operated in China by Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors. On the same day, the CSRC issued the Provisions on Issues concerning the Implementation of the Administrative Measures for Securities and Futures Investment Operated in China by Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors. These regulations have made major adjustments to the application requirements and investment scope of qualified foreign institutional investors (QFII) and RMB qualified foreign institutional investors (RQFII). The rules were both implemented on November 1, 2020.
On May 14, 2021, Blackstone Alternative Solutions L.L.C. was recognized as a qualified foreign institutional investor (QFII). It was among the first batch of US-funded institutions to obtain qualified foreign institutional investor (QFII) recognition since the new regulations were implemented in 2020.
Fangda Partners advised Blackstone on its qualification application, including application materials review, legal compliance advice, and supplier agreements’ verification. The Fangda team was led by the investment management team partner Zhiyi Ren and the investment fund team partners Richard Guo and Candy Tang.