CSRC Issues Rules on Depository Receipt Business Under SSE-LSE Connect

By Regulatory News

October 12, 2018

CSRC officially promulgated the rules for supervision and administration of depository receipts under the stock connect scheme between Shanghai Stock Exchange, or SSE, and London Stock Exchange, or LSE, (for trial implementation). The aim of these rules is to regulate the issuance, trading, cross-border conversion, information disclosure, and other activities in relation to depository receipts. The regulations shall be implemented as of the date of promulgation.

Shanghai-London Stock Connect is a market connect scheme between the SSE and the LSE, allowing listed companies of the two markets to cross-list depository receipts. The rules contain 30 articles covering the following aspects:

Clarifying the auditing system for the Chinese Depository Receipt (CDR) issuance
Clarifying the institutional arrangements for CDR cross-border conversion
Clarifying the ongoing regulatory requirements for CDRs, including arrangements for quarterly reports and major asset restructurings
Clarifying the regulatory arrangements for the issuance of Global Depository Receipts (GDRs) by domestic listed companies
Strengthening supervision and enforcement and clarifying the legal responsibilities of the relevant market participants

Related Link (in Chinese): Notification

Effective Date: October 12, 2018

Keywords: Asia Pacific, China, Securities, Depository Receipts, CDRs, GDRs, Administrative Measures, CSRC

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