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Fund managers are now allowed to buy mutual fund products for themselves, but only open-ended ones, according to a circular released by the China Securities Regulatory Commission (CSRC) yesterday.

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The circular said that staff from fund management companies or relevant departments of the funds' trustee bank should hold a fund for at least six months after investing in it. They should also obey relevant laws and regulations. Insider trading or corruption are strictly prohibited.

In addition, the circular asks fund companies to formulate a regulatory system before approving their employees' investment, and to report relevant investment information to the CSRC or its subsidiaries.

Meanwhile, fund management companies should disclose information about the amount and percentage of the funds invested by their staff in periodic reports and bulletins, according to the circular.

Industry insiders believe that the lift of fund investment ban can provide fund managers with another legitimate channel to share in the benefits of the booming stock market.

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