Securities Regulations in China April 15, 2005 The views expressed here are solely those of the author and should not be attributed to Chinaclear, its.

Slides:

Advertisements

Similar presentations

Company structure Unit 3.

Advertisements

Chapter 19-Securities Securities Regulation Public Offerings of New Securities. zWhen “going public” there are many different types of securities that.

1 Bond Market Development in Cambodia April 2007, Shanghai, China Socheat MEY Ministry of Economy and Finance, Cambodia.

1 Role and Responsibilities of CSD in China's Investor Protection Scheme SHEN Bing Panel Discussion at 16 th Annual Meeting of ACG Bali, September 20,

Palestine Capital Markets Authority1.  PCMA has been established in 2005 to be the REGULATOR for the non- banking financial sectors  Sectors under the.

DISCLOSURE OF BENEFICIAL OWNERSHIP CROATIAN CENTRAL DEPOSITORY AGENCY (CDA)

M ATTOS FILHO, V EIGA FILHO, M ARREY JR. E Q UIROGA ADVOGADOS Legal Issues Under Brazilian Law Márcio BonfiglioliJosé Eduardo Carneiro Queiroz.

Regulatory Reform and Implications for the Municipal Bond Market RBDA Financial Regulatory Reform Webinar Lynnette Kelly Hotchkiss, Executive Director.

Bilateral screening meeting on Company Law 16 November 2010.

Maria Helena Santana Conference on The Development of Stock Exchanges in Chile Santiago, June 26, 2008 Protecting those who invest in the future of Brazil.

Regulatory Challenges in Financial Education Professor Howell E. Jackson Harvard Law School How to Increase the Effectiveness of Financial Education: Lessons.

CEP Industry Research Group 2 Hong Kong Financial Regulation and Supervision.

Prof. GAO yongfu Shanghai University of International Business and Economics May 16-17, 2013.

Stocks and Commodity Market Operations (MBA 826)

Chapter 2 Business Planning and Organization BCN 4708 Fall 2008.

Chapter 5 How Securities Are Traded. Brokerage firms earn commissions on executed trades, sales loads on mutual funds, profits from securities sold from.

CORPORATE GOVERNANCE IN CHINA BY ABDUR RASHID MIRZA UNIVERSITY OF LAHORE Director of Research Centre Shanghai Stock Exchange.

PROBLEMS OF TRADING STOCKS IN CHINA A concise introduction of violations in an emerging stock market.

1 Public availability of financial statements of publicly traded and privately-held companies: The Canadian Case REPARIS Workshop on Accounting & Audit.

INVESTMENT OPPORTUNITIES ON THE SECURITIES MARKET OF UZBEKISTAN 5 April 2012.

1 Host Country Regulation: Corporate Law, Taxation and Currency Risk Chapter 18 © 2005 Thomson/West Legal Studies In Business.

Michael Hysek Head of Banking Supervision Financial Market Authority (FMA) Annual Meeting of the EFBS Salzburg, 1 October The FMA and the Austrian.

Presentation to: The FIA Asia Derivatives Conference Beijing, China 10 August 2005 By: Donald L. Horwitz Director/General Counsel Global Futures ABN AMRO.

1 STP in Inter-bank bond market, China China Government Securities Depository Trust & Clearing CO.,LTD June,2008 Indonesia.

1 © 2012 John Wiley & Sons, Ltd, Accounting for Managers, 4th edition, Chapter 2 Accounting and its Relationship to Shareholder Value and.

WORKSHOP, Nicosia 2-3rd July 2008 “Extension of SAFETY & QUALITY Common Requirements to the EMAC States” Item 3 : Regulatory Context Peter Stastny EUROCONTROL.

XBRL Application in China: Listed Companies Information Disclosure Using XBRL MA Donghao Assistant Chief Executive Officer Shenzhen Stock Exchange.

Financial System The financial system in a country refers to the institutional framework existing to enable financial transactions to be carried out in.

Corporate governance and its practices in Shanghai Stock Exchange

Capital Markets Authority September 20, 2013 Turkish-Arab Capital Markets Forum 1.

McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 16 Regulation of Securities, Corporate Governance, and.

Chapter Two: Formation of a Limited Liability Company  The chapter focuses on the followings:  1.The conditions of incorporation  2.The process of incorporation.

© 2004 West Legal Studies in Business, a Division of Thomson Learning 19.1 Chapter 19 Securities Regulation.

Undertakings for collective investment in transferable securities (UCITS) Worldbank Global Development Learning Network The Advanced Program in Accounting.

Copyright © 2003 South-Western/Thomson Learning. All rights reserved. Chapter 3 Security Markets.

The U.S. Securities and Exchange Commission (SEC).

Finance & Finance Law. What is finance? Finance describes the act of providing money, capital or other financial resources to assist in facilitating a.

Overview of the SEC Summer What is the SEC? Securities and Exchange Commission The mission of the U.S. Securities and Exchange Commission is to.

Chapter 41 Corporations: Securities and Investor Protection McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

1 - 0 What is finance Fields and jobs in Finance Forms of business organization Responsibility of financial staff in a corporation Goals of the corporation.

1 CHAPTER 1 Overview of Financial Management and the Financial Environment.

How to protect investor’s transaction right Suyi Liu

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Accounting system of the polish investment funds Mirosław Jeżowski.

1 M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Working Group for Chapter 9 – Financial Services Bilateral.

1 M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Working Group for Chapter 9 – Financial Services Bilateral.

“Corporate Governance in Quoted Equities” The Securities Commission S e c of Zimbabwe.

M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Working Group for Chapter 6 – Company Law Bilateral screening:

M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Working Group for Chapter 31 – Common Foreign and Security Policy.

Presentation on Regulatory Framework of Capital Market Prepared by Mohammad Abul Hasan Director Bangladesh Securities and Exchange Commission.

Presentation On Capital Market Regulatory Framework.

LAWYERS AND CAPITAL MARKETS

Presentation on Regulatory Framework of Capital Market

EU RULE FOR FREE MOVEMENT OF CAPITAL

1. Capital Markets (meaning, functions, and constituents); 2

Securities Regulation

of the “Development Bank of Kazakhstan” JSC (as at 31 December, 2015)

Investment Management

LEGAL ASPECTS OF FINANCE Lecture 5

LEGAL ASPECTS OF FINANCE Lecture 6

Corporations: Securities and Investor Protection

Legal Aspects of Finance

LEGAL ASPECTS OF FINANCE Lecture 6

Presentation in the Launch Meeting of the 7-UP Mark II/ Mekong Project 23-24/4/2004, Hanoi, Vietnam Truong Quang Hoai Nam Director General - Legal Department.

Legal Aspects of Finance

Essentials of the legal environment today, 5e

Chapter 46 SECURITIES REGULATION

PRESENTATION OF MONTENEGRO

The Unified Central Securities Depository

CCLS Cannabis: Capital Markets and Business Conduct

Presentation transcript:

Securities Regulations in China April 15, 2005 The views expressed here are solely those of the author and should not be attributed to Chinaclear, its officials or other staff. Niu Wenjie Director of Law Dept. Chinaclear ShenZhen Branch

Statutory Legal Framework Statutes: Securities Act of 1998; Securities Investment Funds Act of 2003 Pertinent Acts: Company law, Trust Law Regulations: Issued by the State Council Releases: Issued by CSRC, around 300 items Business Rules: Issued by Stock Exchanges and Chinaclear

Basic Contents of Securities Regulation Issuing of Securities: focus on IPO procedures and lack of provisions on exemptions Trading of Securities: centralized trading at competing prices; listing and continuing disclosure; trading prohibition Takeover of listed companies: strict procedure, high cost Stock Exchanges, securities firms, securities registration and clearing institution, and trading service organizations Securities Association and Securities Regulatory Authority: Limited scope of authority Legal liability: Lack of civil liability, too much administrative liability

Business Rules of Stock Exchanges and Chinaclear Listing Rules Trading Rules Membership Management Rules Securities Registration and Settlement Rules

Hot Topics on Revisions of Current Act Separate regulation of Securities business: Article 6 Funds of Bank flowing to the market against the regulations: Article 133 Margin transaction: Article 141 Spot Transaction: Article 35 Lack of provisions on exemptions of registration: Chapter II Settlement risk protection: Chapter VII Management of Securities Firms: Chapter VI Lack of provisions of civil liabilities: Chapter XI

Issues in amending the business rules Listing requirement not characterized Trading method is not diversified (assorted), only spot transaction Limited authority on investigating the member firms Direct registration or Nominee registration Risk Protection systems is not perfect

Trends and Strategies Call for modifying the current Securities Act and Company law, especially the latter, but not easy. Regulations by CSRC and Stock Exchanges and Chinaclear are easy to be amended Many efforts to improve the Corporate Governance and market regulations

Useful resourses CSRC Shanghai Stock Exchange Shenzhen Stock Exchange Chinaclear SAC

Thank you for your patience!