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China to relax foreign shareholding limits in financial services sectors
On 10 November 2017, the State Council Information Office of the PRC held a briefing to discuss the economic outcome resulting from the Beijing meeting between the Chinese and US Presidents. The consensus reached by the two government leaders include that in order to implement the initiatives put forth at the 19th National People’s Congress, China will liberalise the foreign ownership limits for institutions in the financial services sectors. The detailed implementation rules or regulations are expected to be issued in due course with the implementation date announced then. Meanwhile, here is a summary of the briefing:
CSRC’s new efforts for an enhanced compliance culture
Starting from 1 October 2017, Measures for the Compliance Management of Securities Companies and Securities Investment Fund Management Companies promulgated by the CSRC in June 2017 came into effect. Amongst other requirements, the Measures (available here in Chinese) provide that:
It is hoped that the Measures will afford further protection to the compliance personnel especially the Chief Compliance Officer in exercising his or her functions, and bring about a higher level of compliance culture.
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