China Securities Regulatory Commission, Working Guidelines for the Filing of Changes of Shareholders of Securities Companies with Less than 5% of Equity

中国证券监督管理委员会证券公司变更持有5％以下股权股东报备工作指引

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Limits on shareholding period of securities companies to prevent short-term speculation.

Promulgated: May 9 2008

Main Contents: Where there is to be a change of a shareholder that holds less than 5% of a securities company's equity, the securities company shall file the documents specified in the Guidelines to the securities regulatory bureau at the place of registration in advance (Article 1). The securities regulatory bureau shall review the submitted documents and pay particular attention to the following issues:

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