The Shanghai Stock Exchange has said the first batch of listings on the new science and technology innovation board will start trading on 22 July.
China will launch futures contracts in urea, rubber and glutinous rice, and potentially stainless steel futures later in the year.
The draft rules say securities firms would need to provide equivalent collateral for loans from the Investor Protection Fund, which will charge 1.5 times the market lending rate.
All newly approved brokerages since 2008 have been joint ventures between domestic and foreign investors. But market access should also be broadened to domestic investors, the CSRC says.
Participating companies will be allowed to take full discretionary control of their clients’ investments, and charge fees based on AUM and performance.
JPMorgan is likely to become the first foreign firm to gain a controlling stake in an asset management joint venture in China, while Morgan Stanley may soon control its China securities unit.
Bank of Hangzhou, Bank of Ningbo and Huishang Bank will form the first batch of city commercial banks to join larger rivals in setting up wealth management subsidiaries.
CMPs are issued by banks, offering higher yields than money market funds and promising a high level of liquidity, but there are no restrictions on how CMP funds can be invested.
The MOF and CSRC agree to provide the "fullest assistance" in response to SFC requests for investigative assistance regarding the provision of audit working papers.
Premier Li Keqiang said at the World Economic Forum in Dalian that foreign ownership limits in the financial sector will end in 2020, ahead of schedule.