Update:  Z-Ben Advisors has observed that firm-level access to the China market is being granted in a greater magnitude. We believe this shows that regulators are focusing on a long term horizon for cross-border harmonization which goes beyond top-line access. Regulators are staying the course, pushing forward with their reform agenda and reconciling the effects of recent volatility, and it will take some reconciling. This is the beginning of notional quota: the result of all of this is that utilization at the firm level isn’t as important as before. Regulators are giving global managers more control and freedom over their China access, which will be essential to successful long term strategies that allow for periods of volatility.