In the News: Goldman, Morgan Stanley Approvals; Insurance Asset Management Rules; and Foreign Investment Complaints

March 30, 2020 | BY

Vincent Chow

Goldman Sachs, Morgan Stanley pass final hurdle to take majority control over local JVs; CBIRC releases insurance asset management product rules as part of new regulatory regime; and MOFCOM publishes draft rules mapping out foreign investment complaints procedure

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Goldman Sachs

China approves Goldman, Morgan Stanley majority control over JVs

China has approved the applications of Goldman Sachs and Morgan Stanley to take majority stake in their respective local securities joint ventures (JVs). The two U.S. investment banks reported their approvals by the China Securities Regulatory Commission in separate statements on Mar. 27. The news marks the completion of the final regulatory hurdle before both major banks take majority control of their respective JVs.

Morgan Stanley currently has a stake of 49% in its local JV, Morgan Stanley Huaxin Securities Co., set up in 2011.