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

By Zhang Baosheng Wang Ting Zhu Jinshu King&Wood Mallesons’ Dispute Resolution Group

zhang_baoshengRecently, 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

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

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


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

By King & Wood’s Securities Group
On November 16, 2010, the General Office of China’s State Council promulgated a circular aimed at better detection, prevention and control of insider trading in capital markets by requiring listed companies in China to establish a registration system for people in possession of insider information (the "2010 Circular")[1].   To further implement the 2010 Circular, the China Securities Regulatory Commission (the "CSRC") released the Provisions for Establishing a Registration and Administration System for Persons with Insider Information in Listed Companies, which will become effective on November, 25 2011 (the "Provisions").

Continue Reading China Enhances Oversight of Insider Information




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