Abstract

At the Lujiazui Forum on Jun 18, 2025, Wu Qing, Chairman of the CSRC, stated that the CSRC would "issue an optimized plan for the QFIIsystemand further refine arrangements for access management and investment operations".

On October 27, The Service Guide for the One-Stop Serviceof QFI Qualification Approval and Account Opening was officially released, whichprocedures for overseas institutions investing in China securities and futures markets. The Chinese version is available on the CSRC’s website; the English version is for reference by overseas investors intending to apply for QFI qualification.

On Jan 15, 2026, the CSRC held its 2026 system work conference, mentioning that it would "accelerate the implementation of the optimized QFII planand expand the scope of opening-up of specific futures", which can be expected to bring further progress.

Official Version

I. Service Name

"One-Stop Service" for Qualified Foreign Investor (QFI) Qualification Approval and Account Opening

II. Scope of Application

Application for and approval of QFI qualification;

Issuance of the QFI Securities and Futures Business License (hereinafter referred to as the "License");

Foreign exchange registration;

Opening of basic bank accounts;Opening of securities accounts;

Opening of futures accounts.

III. Target Applicants

Overseas institutional investors applying for QFI qualification, opening accounts, and investing in China's domestic securities and futures markets with funds from overseas. This includes overseas fund management companies, commercial banks, insurance companies, securities companies, futures companies, trust companies, government investment institutions, sovereign funds, pension funds, charitable funds, endowment funds, international organizations, and other institutions recognized by the China Securities Regulatory Commission (CSRC).

IV. Legal Basis for Service Handling

Securities Law of the People's Republic of China

Fund Law of the People's Republic of China

Commercial Bank Law of the People's Republic of China

Regulations of the People's Republic of China on Foreign Exchange Administration

Measures for the Administration of Domestic Securities and Futures Investment by Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors

Measures for the Administration of RMB Bank Settlement Accounts

Provisions on the Administration of Funds for Domestic Securities and Futures Investment by Overseas Institutional Investors

V. Application Submission and Handling Procedures

(I) Application Submission

The QFI's custodian (hereinafter referred to as the "Custodian") accepts the applicant's entrustment to handle relevant matters on its behalf. The Custodian shall set up a "One-Stop Service" window to provide consultation, agency application, progress inquiry, result feedback, and other services. The applicant selects the intended business items as needed. If the applicant meets the handling conditions and intends to process multiple businesses through the "One-Stop Service", it shall submit all required materials to the Custodian at one time (see Section VI (I) for the material list). The Custodian shall assist the applicant in filling out application forms, preparing complete materials, and transmitting the application materials among the CSRC, the People's Bank of China (PBC), the State Administration of Foreign Exchange (SAFE), China Securities Depository and Clearing Corporation Limited (hereinafter collectively referred to as the "Relevant Authorities") on its behalf, and inform the applicant of the handling progress and results.

(II) Handling Procedures

If the applicant applies for multiple businesses through the "One-Stop Service", the Custodian shall promote the integrated handling of relevant businesses. Before initiating the "One-Stop Service" process, the Custodian shall complete due diligence and other required work in accordance with regulations. The "One-Stop Service" process is as follows:

Application for Qualification License and Issuance of the License: The Custodian shall use its own account to submit the QFI qualification application online on behalf of the applicant through the online service platform on the CSRC's official website, and simultaneously provide the information required for License production. After completing the approval, the CSRC shall immediately generate an electronic approval document and a License number, send them to the designated business email addresses of the Custodian, SAFE, and China Securities Depository and Clearing Corporation Limited via email, and simultaneously produce a paper version of the approval document and the License. The Custodian's handling personnel shall collect them as soon as possible.

Application for Special Institutional Code, Foreign Exchange Registration, and Opening of Bank Account: Within 1 working day after receiving the electronic approval document and License number, the Custodian shall submit materials such as the "QFI Qualification Application and Basic

Information Form" through SAFE's Digital Foreign Exchange Management Platform to apply for a Special Institutional Code on behalf of the applicant. After receiving the Special Institutional Code, the Custodian shall complete the foreign exchange registration for the applicant through SAFE's Digital Foreign Exchange Management Platform within 1 working day. On the same day of applying for foreign exchange registration, the Custodian shall apply to a commercial bank for opening a bank account, and the local branch of the PBC shall complete the bank account opening approval in accordance with regulations.

Opening of Securities and Futures Accounts: Within 1 working day after the bank account is opened, the Custodian shall submit materials such as the "QFI Qualification Application and Basic Information Form" through China Securities Depository and Clearing Corporation Limited's online securities account service platform to open a securities account on behalf of the applicant. The Custodian shall, in accordance with the applicant's request, provide materials such as the "QFI Qualification Application and Basic Information Form" to the futures broker on behalf of the applicant, handle the opening of the futures account, and assist the applicant in signing the futures brokerage contract and other related matters.

When the Custodian opens securities and futures accounts on behalf of the applicant, it shall ensure that the name of the applicant's bank account is consistent with that of the securities and futures accounts.

(III) Handling Time Limits

Statutory time limit for QFI qualification approval: 10 working days; committed time limit: 5 working days;

Time limit for processing the Special Institutional Code: 1 working day;

Time limit for foreign exchange registration: 2 working days;

Time limit for bank account opening approval: 2 working days;

Time limit for opening securities and futures accounts: 2 trading days.

The time limits for the Custodian's connection and handling are as specified in Section V (II). The handling time limit shall be calculated from the date when the Relevant Authorities receive the complete materials after the Custodian completes due diligence and other work. See Annex 2 for the flow chart of the handling process.

VI. Material Requirements and Standardization

(I) Material Requirements

Comprehensively integrate application materials for all links, implement the principle of "one set of materials, one submission, multiple reuses", and eliminate duplicate, unnecessary materials and those that can be obtained through information sharing among the Relevant Authorities. The materials required for the "One-Stop Service" of QFI qualification approval and account opening include:

"QFI Qualification Application and Basic Information Form" (see Annex 1 for the template);

Power of attorney authorizing the Custodian to handle qualification approval and account opening, and a written confirmation from the Custodian verifying the authenticity, completeness, and accuracy of the application materials through necessary procedures;

Scanned copies (duplicates) of the applicant's business license or registration certificate, business qualification certificates, as well as the identity documents of the legal representative and authorized person.

If the Custodian requires the applicant to provide relevant materials in accordance with relevant laws, regulations, and national provisions, such requirements shall be implemented in accordance with the relevant regulations.

(II) Material Simplification and Standardization

The Relevant Authorities recognize the validity of scanned copies (duplicates) of application materials with the applicant's seal/signature. Custodians are encouraged to retain application materials submitted by applicants in electronic form under the premise of controllable risks.

Application materials shall be signed by the legal representative or their authorized agent. If signed by the authorized agent of the legal representative, a power of attorney issued by the legal representative to the agent shall be provided.

The Custodian shall verify and confirm in writing the authenticity, completeness, and accuracy of the materials and their Chinese translations through necessary procedures.

For the opening of securities and futures accounts, there is no longer a requirement to provide the broker's signature, business license, etc., nor the domestic identity documents or photos of the applicant or their authorized representative.

For matters involving handling in multiple locations, the Relevant Authorities shall unify the material requirements and review standards across regions to improve the standardization and regularization of services; they shall strengthen communication with Custodians and applicants regarding materials and other matters to enhance handling convenience.