CSRC issues consultation draft on amendment of securities measures

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证监会就修改《证券登记结算管理办法》 征求意见; CSRC issues consultation draft on amendment of securities measures
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On 13 October the China Securities Regulatory Commission (CSRC) published the Decision on Amending Articles 14 and 19 of the Measures Governing Securities Registration and Clearing (Consultation Draft). The draft seeks public opinion on the amendment of the Measures Governing Securities Registration and Clearing, which were first enforced on 1 July 2006, and in particular proposes amendments to two articles of the 2006 Measures.

An additional inquiry body

Item 3 in the second paragraph of Article 14 of the 2006 Measures reads “stock exchanges shall perform their duties according to law by requiring securities registration and clearing agencies to provide relevant data and information”. It is proposed to be amended to “stock exchanges and the China Financial Futures Exchange shall perform their duties according to law by requiring securities registration and clearing institutions to provide relevant data and information”. Accordingly, in addition to inquiry bodies such as holders of securities, securities issuers, stock exchanges and People’s Courts, the China Financial Futures Exchange will be added as a new inquiry body in these proposed amendments.

CSRC has introduced these amendments in order to meet the practical need for “establishing a fast and efficient channel for the exchange of information between the securities registration and clearing agencies and the China Financial Futures Exchange,” to facilitate the role of a cross-market monitoring mechanism.

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Business Law Digest is compiled with the assistance of Jincheng Tongda & Neal. The authors can be emailed at wangyuanyuan@jtnfa.com. Readers should not act on the basis of this information without seeking professional legal advice.

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