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Fintech / Regtech
Baidu’s Fintech Arm Receives Fund Distribution Licence
By Garima Chitkara | 28/08/2018
A unit of Du Xiaoman, a Baidu subsidiary, received a fund distribution licence from the CSRC and will have six months to complete preparatory work. It will also need to apply for a securities and futures license.
AML / KYC
HKEX Unveils Details of New Northbound Investor ID Regime
By Garima Chitkara | 27/08/2018
HKEX to launch secure file transfer protocol service for exchange participants later this month to ensure smooth transition to new investor ID regime for northbound trading, set for 17 September.
Market Infrastructure
A New Era for Sino-Foreign Securities JVs
By Benjamin Quinlan | 21/08/2018
For foreign players looking to set up a securities business in China, effectively monetising the JV opportunity isn’t so straightforward, and necessitates an in-depth understanding and review of strategic, regulatory, financial, and operational considerations.
Enforcement
CSRC Bars Dagong from Ratings Business for One Year
By Garima Chitkara | 20/08/2018
The ratings agency is a target of an investigation by the securities regulator for poor governance and risk management following a spate of overly optimistic ratings given to local issuers.
Securities / Derivatives
Foreign Nationals in China Permitted to Directly Trade A-Shares
By Manesh Samtani | 16/08/2018
Foreign individuals working in China will be allowed to open domestic brokerage accounts to trade A-shares; foreign employees living abroad will be entitled to participate in employers’ stock incentive programmes.
Enforcement
UPDATED – CSRC Hits Celebrity Trader with $260mn Market Manipulation Penalty
By Editors | 13/08/2018
Celebrity trader Gao Yong used his control over 16 securities accounts to manipulate stock prices, profiting by almost CNY 900 million in just six months.
Securities / Derivatives
Stock Connect ID System for Northbound Trades Slated for September Launch
By Editors | 13/08/2018
Northbound investor ID system is scheduled to be implemented on 10 September, pending market readiness and regulatory approval, and will not affect the business of existing market participants.
Securities / Derivatives
China Approves Asset Managers to Offer Target Pension Products
By Editors | 09/08/2018
Fourteen asset managers have received approval to launch pension target funds, which will improve A-share liquidity and offer consumers more pension management alternatives.
Securities / Derivatives
CSRC Consults on Revised Mutual Funds Disclosure Rules
By Emma Zhou | 08/08/2018
New guidelines aim to protect the interests of investors by improving the quality of and access to disclosures and increasing accountability in the asset management sector with regard to disclosures.
Enforcement
China Jails Former CBRC Assistant Chairman on Bribery Charges
By Garima Chitkara | 30/07/2018
Yang Jiacai, found guilty of accepting bribes worth ¥23mn and withholding information about ¥31.16bn in income and property, was sentenced to 16 years in prison and fined ¥2mn.
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