The association noted in a statement that qualification holders in Taiwan who passed the Securities Investment Trust and Consulting Regulations exam will be exempted from sitting for additional professional examinations on financial market knowledge.
In order to obtain the mainland fund practitioners license, Taiwan applicants now only have to sit for an exam on mainland regulations.
The closed-book exam, lasting two hours, is comprised of 100 multiple choice questions. The exam covers the topics of fund distribution, product disclosure and compliance risk management. To pass the exam, the candidate will have to get at least 60 correct answers.
Amac also recently made the qualifying exams available in English.
The senior management at private fund managers, including those operated under an investment management wholly-foreign owned enterprises (IM WFOE), are required to take the exam. The association defines senior management people as the legal representative, general manager for the entity or the person who oversees investments, research and trades.
Apart from passing the exam, foreign senior managers are required to have overseas asset management qualifications, such as registration as CFA members and have at least five years of experience at an overseas asset management firm.
To date, there are a total of 14 foreign firms in China registered as a private fund manager and eligible to distribute funds to high net worth and institutional investors. Recently, more foreign asset management companies have been allowed to set up onshore.
Providing exams in English suggests that the association welcomes more foreign personnel to register as licensed practitioners.