CHINA SECURITIES REGULATORY COMMISSION

    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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