# Policy & Legal Basis
Article 8 of Measures for the Sale of Securities Investment Funds
Fund managers may handle the sale of funds they have raised. Commercial banks (including foreign-funded corporate banks in China, hereinafter the same), securities companies, futures companies, insurance institutions, securities investment advisory agencies, independent fund sales agencies and other agencies approved by the CSRC to engage in fund sales activities may apply to the local offices of the CSRC for registration and obtain the corresponding qualifications.
Article 13 of Measures for the Administration of the Securities Investment Fund Custody Business
The China Securities Regulatory Commission shall make a decision on administrative license within 20 working days from the date of accepting the application materials. If the China Securities Regulatory Commission decides to approve, it shall countersign the approval with the China Banking Regulatory Commission. If the decision of disapproval is made, the reasons shall be explained and the applicant shall be informed that the administrative licensing procedure is terminated.
The China Banking Regulatory Commission shall make a decision on administrative license within 20 working days from the date of receiving the countersigned documents. If the China Banking Regulatory Commission decides to approve, it shall jointly issue approval documents with the China Securities Regulatory Commission. If the decision of disapproval is made, the reasons shall be explained and the applicant shall be informed that the administrative licensing procedure is terminated.
Announcement No. 4 [2016] of the China Securities Regulatory Commission - Announcement on Matters concerning the Integration of Existing Securities, Funds and Futures Business Licenses As of May 1, 2016, ten licenses issued by the CSRC and its local offices to institutions engaging in the securities and futures business, including the Securities Business License, the Qualification Certificate for the Securities Investment Consulting Business, the Qualification Certificate for Trading in Foreign Capital Shares, the Securities Investment Business License for Qualified Foreign Institutional Investors, the Securities Investment Business License, the Fund Management Qualification Certificate, the Qualification Certificate for the Specific Client Asset Management Business, the Qualification Certificate for the Fund Sales Business, the Futures Business License, and the Business License for Sales Departments of Futures Companies shall be unified as the Securities and Futures Business License.