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I. Business Overview
QDLP, known as Qualified Domestic Limited Partner, means that fund managers who is allowed to register overseas and invest in overseas markets set up a domestic entity to raise RMB funds from domestic investors after the qualification approval, quota approval and the supervisory procedures of their foreign exchange funds, and convert RMB into foreign currencies for investing in the fund products in overseas markets within the quota.
II. Target Customers
According to relevant QDLP regulations, the QDLP custody services of ICBC mainly target at: Overseas investment fund enterprises established under partnership and/or contractual arrangements in accordance with regulations.
III. Scope of Services
1.Account opening: Open fund account, securities account and other related account for QDLP customers as required by regulatory authorities;
2.Asset custody: Set separate accounts for different QDLP investments under custody, guarantee the consistency between amount, accounts and vouchers, and ensure the integrity and independence of fund assets;
3.Capital clearing: Complete capital clearing and delivery of fund assets in a timely manner, according to the manager’s investment instruction;
4.Investment supervision: Supervise the compliance of the fund manager’s instructions and investment operations in accordance with laws and regulations and the requirements of the trustor;
5.Accounting: Conduct accounting for funds, and review and check the net value of fund assets calculated by fund managers;
6.Custody reports: Submit the reports on fund custody service and financial reports to fund investors and regulatory authorities on a regular basis;
7.Record keeping: Keep QDLP custody records, account books, reports and other related materials for at least 15 years according to national regulations.
IV. Service Advantages
As the largest custodian bank in China, ICBC has maintained its first position in the market for 25 consecutive years in terms of market share of asset custody business.
ICBC is the most professional custodian bank in China, with an advanced custody service system independently developed by it. The system has obtained ISAE3402 authentication (formerly known as SAS70), the first one of its kind in China, indicating that ICBC’s custody services have met international standards.
ICBC, the most powerful domestic commercial bank, owns a fast clearing network, hence it can provide QDLP customers with efficient and comprehensive service support.
V. Business Flow
VI. Contact Information
If you would like to apply for any service, please contact the Global Asset Custody Division of Asset Custody Department of ICBC:
Contact: Ma Pingchuan
Tel.: (8610) 81012306
E-MAIL: pingchuan.ma@icbc.com.cn
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