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May 04, 2018

CSRC issued draft rules on the issuance and trading of China Depository Receipts. The regulatory requirements and the basic rights and obligations of the participating entities provide an institutional basis for the innovative enterprises to return to the domestic capital market through the issuance of depository receipts. CSRC is soliciting comments on the draft rules.

The draft rules aim to:

  • Clarify the legal application and basic supervision principles of depository receipts
  • Address arrangements for the issuance, listing, and trading of depository receipts
  • Clarify the information disclosure requirements for depository receipts
  • Establish depository trust depository and trusteeship system by stipulating the depository trustee, custodian, and their responsibilities
  • Strengthen investor protection
  • Strengthen supervision and law enforcement and clarify legal responsibilities

It is stipulated that the issuer of overseas basic securities, its controlling shareholder, and actual controller are the main parties responsible for information disclosure. While stipulating the principle of disclosure of depository receipts information, the "Securities Law" and "Information Disclosure Management Practices for Listed Companies" and other information disclosure requirements of listed companies are applied. CSRC can take measures such as on-site inspections, investigations, and evidence collection of relevant participants to enrich the supervisory measures of the Securities and Futures Commission regarding violations of laws and regulations. The rule provides that CSRC can take orders for rectification and issue warning letters. 


Related Link (in Chinese): CSRC Notice

Keywords: Asia Pacific, China, Securities, Depository Receipts, Investor Protection, Disclosure Requirements, CSRC

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