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China explicitly includes majority foreign-owned JVs in scope of WM companies

China’s regulator last Thursday released interim measures for the sale of wealth management products (WMPs) by wealth management companies (WMCs). It specified that WMCs refer to wealth management subsidiaries of commercial banks and other approved WMCs, including wealth management joint ventures (JVs) with a majority foreign ownership. “Although JVs with a majority foreign ownership structure have been regulated all along,…

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