We welcome the recent publication of the long-awaited rules for (R)QFIIs on 25 September 2020 (“New (R)QFII Rules”[1]) by the China Securities Regulatory Commission (“CSRC”) following its two consultation papers in 2019. The New (R)QFII Rules will take effect on 1 November 2020.
Continue Reading A new chapter for (R)QFIIs – more than meets the eyes
Punishment and Conviction in Recent Insider Trading Cases
By Chang Junfeng, Gan Yulai and Deng Zhe King & Wood Mallesons’ Dispute Resolution group.
Is insider trading still under severe crackdown?
Insider trading had always been the closely focused subject of the China Securities Regulatory Commission (the “CSRC”) in the recent years. In 2017, it became the top priority of the CSRC. According to the Bulletin of the China Securities Regulatory Commission Regarding Cases Handled in H1 2017, in the first half of 2017, the CSRC launched a total of 302 preliminary/formal investigations, 140 of which were new insider trading cases, making up 46% of the total number of investigations. Among these new insider trading cases, the CSRC initiated preliminary investigations into 104 of them and filed formal investigations into 36. In addition, on 7 July 2017, the CSRC issued the third batch of cases under investigation, with a heavy focus placed on insider trading.
Continue Reading Punishment and Conviction in Recent Insider Trading Cases
China’s onshore bond market open for business
By King & Wood Mallesons
KWM has received an overwhelming response to its recent publication “China’s onshore bond market open for business”. Issuers and their advisers have asked several questions to which we provide answers in this supplemental alert.
Which regulators are relevant?
The Chinese bond market comprises two markets: an exchange bond…
Calculating liquidation losses in margin share trading accounts
by You Yang Lin Kaiyi and Zhang Xiang King & Wood Mallesons’ Dispute Resolution Group
General introduction to trust margin trading
From the end of 2014 through the first half of 2015, China’s share market soared, attracting large numbers of investors and a rapid expansion of investment capital. This very feast of capital market activity…
Unusual trading of listed securities and legal remedies
By Zhang Baosheng Wang Ting Zhu Jinshu King&Wood Mallesons’ Dispute Resolution Group
Recently, the Shanghai Stock Exchange (the “SSE”) and the Shenzhen Stock Exchange (the “SZSE”) restricted trading on 38 securities exchange accounts because of unusual trading behavior. This has caused widespread discussion in the securities market. What is unusual trading…
Client Asset Management Business Will Realize Effective Unified Regulation
By Zhang Dongcheng and Li Shi King & Wood Mallesons’ Security Group
On June 28, 2013, the China Securities Regulatory Commission (CSRC) convened a press conference to promulgate the new amendments to the Administration of the Client Asset Management Business of Securities Companies Measures (“Administrative Measures”) and the Implementing Regulations of the Aggregate Asset Management Business of Securities Companies (“Implementing Regulations”). In order to implement the Law of Securities Investment Funds of the People’s Republic of China (2012 Amendment), which already formally went into effect on June 1, 2013, the revision of Administrative Measures and Implementing Regulations, mainly revolves around the regulations of “Large Aggregate” and “Small Aggregate”. Through new legislation, we can read CSRC’s attitude and path selection on the reform direction of the asset management business.
Continue Reading Client Asset Management Business Will Realize Effective Unified Regulation
CSRC’s Guidance on Merger Control of Listed Chinese Companies
By Susan Ning, Liu Jia and Hazel Yin
China Securities Regulation Commission ("CSRC") is the authority in charge of supervising Chinese listed companies. In August 2010 and November 2011, CSRC published on its website two FAQs addressing application of the merger control regime under the Anti-Monopoly Law ("AML") to listed companies.
Continue Reading CSRC’s Guidance on Merger Control of Listed Chinese Companies
上市公司内幕信息知情人登记管理制度出台
作者:金杜律师事务所证券组
2010年11月16日,国务院办公厅转发的证监会、公安部、监察部、国资委、预防腐败局等五部委《关于依法打击和防控资本市场内幕交易意见》(国办发[2010]55号,以下简称55号文),就依法打击和防控内幕交易工作进行了统筹安排和全面部署,明确要求上市公司建立内幕信息知情人登记管理制度。中国证券监督管理委员会(证监会)于2011年10月25日公布《关于上市公司建立内幕信息知情人登记管理制度的规定》(《规定》),自2011年11月25日起施行。《规定》即是在证监会层面要求上市公司建立内幕信息知情人登记管理制度,是落实55号文的一项重要配套制度。Continue Reading 上市公司内幕信息知情人登记管理制度出台
China Enhances Oversight of Insider Information
Continue Reading China Enhances Oversight of Insider Information
证监会发布五个并购重组法律适用意见
金杜律师事务所破产、重组和清算组
中国证监会于2011年1月发布了5个并购重组法律适用意见,内容包括上市公司严重财务困难认定、要约豁免申请条款选用、二级市场收购的完成时点、拟购买资产存在资金占用问题、上市公司在12个月内连续购买、出售同一或者相关资产的有关比例计算等。
中国证监会有关部门负责人表示,这些法律适用意见就市场参与主体对《上市公司收购管理办法》、《上市公司重大资产重组管理办法》有关法律理解上可能存在不一致的问题加以明确,并以证监会公告的形式对外发布,体现其严肃性和法律效力。
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