On March 6, 2013, the China Securities Regulatory Commission released the Pilot Measures on Domestic Securities Investment by RMB Qualified Foreign Institutional Investors and its implementation regulation (the “New RQFII Rules”), signifying that the RQFII Pilot Program has entered into a new phase of development. Compared with the Pilot Measures on Domestic Securities Investment by RMB Qualified Foreign Institutional Investors for Fund Management Companies and Securities Companies and its implementing regulation (the “Original RQFII Rules”), the New RQFII Rules have mainly expanded the scope of pilot institutions, relaxed restrictions on the scope of permissible investment products, and simplified application qualifications and documents.