The rules enhance the information disclosure and credit risk management requirements, and improve protections for investors.
RFMCs have a three-month window to apply to transition to the LFMC regime, following which the RFMC regime will be repealed on 1 August.
The checks would have to be performed on non-FI market participants that trade directly on organised markets without going through capital market intermediaries.
The extension was granted in response to fears that provisioning requirements based on the International Accounting Standards could lead to forced selling in the market.
The FSS says companies that use false capital injections and accounting fraud to avoid delisting are impeding the financing of productive companies.
Various market conduct regimes designed for listed companies would also be extended to listed CIS including REITs.
Some operational changes will be implemented by end-2025, to enable the market to prepare for a full transition to T+1 before end-2027.
The revised guidelines include new chapters on the treatment of vulnerable clients, the provision of personal advice, and online offerings of capital market-related services.
Local financial asset exchanges in Hunan, Liaoning, Xi'an and Chongqing have been closed, with regulators in other provinces and cities planning to do the same.
VSFG is said to be "actively engaged" in discussions with the SFC on plans to potentially launch the new spot bitcoin ETF in May.
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