StanChart Seeks Regulatory Approval for China Securities Unit

The CSRC (China Securities Regulatory Commission) has accepted an application from Standard Chartered Hong Kong to set up a securities firm in the mainland.

Reuters has confirmed that the move is part of the bank’s plans to “further develop onshore business through acquiring new licences”.

China removed foreign ownership restrictions for fund management companies and securities firms on 1 April.

DBS recently became the eighth foreign company to win approval to take majority ownership of a securities venture in China, after Daiwa Securities, JPMorgan Chase, Nomura Holdings, UBS, Goldman Sachs, Morgan Stanley and Credit Suisse.

In August, BlackRock became the first foreign financial institution to receive approval to set up a wholly-owned mutual fund unit in China.

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