# Policy and regulatory basis
Measures for the Administration of the Sale of Securities Investment Funds Article 8
A fund manager may handle the sale of fund products it raises. Commercial banks (including foreign-funded corporate banks in China, the same below), securities companies, futures companies, insurance institutions, Securities investment consulting institutions, independent fund sales institutions and other institutions recognized by the CSRC to engage in fund sales business shall register with the dispatched office of the CSRC at the place where the industrial and commercial registration is located and obtain the corresponding qualifications.
Article 13 of the Administrative Measures for the Custody Business of Securities Investment Funds
The CSRC shall, within 20 working days from the date of acceptance of the application materials, make a decision on administrative licensing. If the CSRC makes a decision on approval, it shall countersign the CBRCWhere a decision of disapproval is made, the applicant shall be informed of the reasons and the administrative licensing procedure shall be terminated.
The CBRC shall, within 20 working days from the date of receipt of the countersignature, make a decision on administrative licensing. If the CBRC makes a decision on approval, the CSRC and the CBRC shall jointly issue an approval document, and the CSRC shall issue a license for the fund custody businessWhere the CBRC makes a decision of disapproval, it shall state the reasons and inform the applicant that the administrative licensing procedure is terminated.
SFC Announcement(2016)No. 4Announcement on Integrating Existing Licenses for Securities, Funds and Futures Businesses
From May 1, 2016, the Securities Business License issued by the CSRC and its dispatched offices to securities and futures trading institutions, Certificate of Qualification for Securities Investment Consulting Business, Certificate of Qualification for Foreign Share Business, License for Securities Investment Business of Qualified Foreign Institutional Investor, License for Securities Investment Business, Ten licenses, such as the Fund Management Qualification Certificate, the Client-specific Asset Management Business Qualification Certificate and the Fund Sales Business Qualification certificate, the Trading Futures Business License and the Trading Department of a Futures Company Business License, are consolidated as the Trading Securities Futures Business Licensing.
Article 13 of the Administrative Measures for the Custody Business of Securities Investment Funds
Article 6 of the Interim Measures for the Administration of Securities Investment Fund Evaluation Business Fund appraisal institutions shall join the China Securities Investment Fund Association.