Featured Product

    CSRC Amends Consultation on Rules for Issuance of Depository Receipts

    May 11, 2018

    CSRC amended its first draft consultation 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 revised draft rules by June 10, 2018.

    The amendments mainly involve the following four aspects:

    • The first one addresses the scope of application of the existing Securities Law to the China Depository Receipts.
    • The revisions introduced more flexibility for the pricing of China Depository Receipts, cancelling the requirement that companies with issuance size of less than 20 million shares should engage in direct pricing and allows them to choose their own pricing method.
    • Another amendment targets speculation in the China Depository Receipts and stipulates that offline instruments subject to a lock-in period cannot participate in online call-back mechanisms. Strategic allotment or over-allotment options are also allowed to make it easier to control the online and offline allocation structure and to stabilize the market and curb speculation.
    • The fourth amendment clarifies information disclosure requirements for unprofitable company valuation indicators.

    The China Securities Depository and Clearing Corporation, the Shanghai and Shenzhen Stock Exchanges, and the Securities Association of China will be synchronized to amend the relevant business rules.

     

    Related Links (in Chinese)

    Comment Due Date: June 10, 2018

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

    Related Articles
    News

    BCBS Amends Guidelines on Sound Management of AML/CFT Risks

    BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).

    July 02, 2020 WebPage Regulatory News
    News

    EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR

    EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).

    July 01, 2020 WebPage Regulatory News
    News

    FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform

    FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS Publishes List of Internationally Active Insurance Groups

    IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.

    July 01, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act

    FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).

    July 01, 2020 WebPage Regulatory News
    News

    EC Launches Consultation on Review of Solvency II Directive

    EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.

    July 01, 2020 WebPage Regulatory News
    News

    ECB Consults on Supervisory Approach to Consolidation in Banking

    ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.

    July 01, 2020 WebPage Regulatory News
    News

    PRA Letter Sets Expectations on Approach to Managing Climate Risks

    PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.

    July 01, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Swap Margin Rule

    US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS on Package for 2020 Data Collection on ICS and Aggregation Method

    IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.

    June 30, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5425