April 3, 2018 / 5:57 AM / a year ago

China to step up crackdown on online asset management businesses - document

SHANGHAI, April 3 (Reuters) - China will step up a regulatory crackdown on online asset management businesses, a central bank document showed on Tuesday.

Non-financial institutions cannot issue or sell asset management products and online asset management companies must get a licence from the central financial regulators to conduct business, according to the document and two sources with knowledge of the situation.

Online asset management businesses without proper licence should wind down by end-June 2018, the document sent to provinces and central bank branches showed.

Reporting by Li Zheng and Shanghai Newsroom; Writing by Stella Qiu and Ryan Woo Editing by Jacqueline Wong

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