The China Securities Regulatory Commission issued a notice simplifying how heirs can process inheritance of a deceased investor’s small-value assets held with securities companies, public fund managers and fund sales institutions. The framework sets a capped “small estate” pathway, required documentation and operational options for transferring or liquidating holdings. Eligibility is limited to onshore natural persons, where the applicant is the spouse, child or parent of the deceased investor, or an heir or legatee designated in a notarised will. For brokerage accounts at a single securities company, the deceased investor’s total net assets across accounts must not exceed CNY 50,000 (or equivalent foreign currency), excluding unsettled interest, based on balances queried on the application date; for public fund and other asset management products, holdings with a single public fund manager or within an account at a single fund sales institution must not exceed the same threshold, excluding undistributed income. Applicants must submit proof of death, proof of relationship (or the notarised will), valid identification and a signed undertaking; securities company applications must be handled in person at the account-opening branch. Where conditions are met, a securities company may reset the account trading password to allow the applicant to sell or redeem assets, with non-trading transfers available when sale or redemption is objectively not possible (for example due to trading suspension or product maturity constraints); fund managers or sales institutions may process, or request registrars to process, non-trading transfers of relevant products. Institutions may refuse to proceed where accounts are restricted (including judicial freezes), heirs are in dispute, or the institution assesses the processing risk as unacceptable; suspected fraudulent claims must be referred to judicial authorities. Accounts with zero remaining balances or units are to be closed after completion, and staff who have met a reasonable prudence standard may be exempted from liability for complaints or economic losses arising from processing under the notice. The measures take effect on 25 July 2025. China Securities Depository and Clearing Corporation and the securities and fund industry associations are tasked with standardising related requirements for non-trading transfers and fund withdrawals and supporting policy consultation, while the CSRC may adjust the CNY 50,000 threshold over time; the simplified pathway does not apply to inheritance matters involving overseas individuals.
China Securities Regulatory Commission 2025-07-21
China Securities Regulatory Commission streamlines inheritance of deceased investors’ small brokerage and mutual fund holdings up to CNY 50,000
The China Securities Regulatory Commission has simplified the process for heirs to inherit small-value assets from deceased investors held with securities companies, public fund managers, and fund sales institutions. The framework includes a capped "small estate" pathway, documentation requirements, and options for asset transfer or liquidation, with eligibility limited to onshore natural persons related to the deceased. Effective 25 July 2025, the measures exclude overseas individuals and allow the CSRC to adjust the CNY 50,000 threshold over time.