China Securities Regulatory Commission, the financial regulatory body of China, has released a new set of rules for the asset management units of securities firms, with the goal of boosting the local asset management industry.

Included in the changes is the removal of the administrative examination and approval process for collective financing products. New plans should now be registered with the Securities Association of China following their launch.

Upon registration, the products may be invested into low-risk wealth management programmes and investment instruments in the interbank market.

The CSRC said it will release more strategies to expand the asset management and securities industries by the end of the year.