New Regulations for Law Firms' Securities Practice: Loosening Access, Strengthening Accountability

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clpstaff &clp articles

New Measures favours giving regulatory authorities greater powers of discretion in validating legal opinions. The article analyzes the new rules, and how securities lawyers can ensure compliance.

By Tiejun Shi and Shiwei Zhang, Jun He Law Offices (Beijing)
John Du, Jun He Law Offices (New York)

Among the many recent developments in China's regulation of the securities industry is one that directly affects law firms - the Measures for the Administration of the Provision of Securities Legal Services by Law Firms (the Measures), jointly issued by the China Securities Regulatory Commission (CSRC) and the Ministry of Justice of the PRC on March 9 2007, effective May 1 2007. These Measures change the previous qualification-based regulatory scheme for securities lawyers to a conduct-based regulatory mechanism of regulating the practice of securities law.

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