Capital Markets

A risk warning system is in place for carbon trading

NPC adopts anti-foreign sanctions law in response to U.S., European restrictions; NPC adopts data security law with significantly increased penalties for illegal cross-border data transfer; and Shenzhen five-year plan promises greater financial services opening-up

China establishes its national carbon trading regime

Biden administration expands Trump-era investment ban on Chinese firms with alleged military ties; China customs names and shames foreign brands for importing defective children's products; and SAFE approves record QDII quota

Goldman Sachs receives initial approval for majority-controlled wealth management JV with ICBC; CBIRC finalizes wealth management product sales rules with new six month transition period; and government push for more financing options for agricultural firms

Liquidity management is the core requirement for issuance of short-term commercial paper by securities companies

CAC issues draft rules tightening data security and privacy protection in auto industry; PCAOB releases proposed framework to implement delisting law; and BlackRock approved to begin operating majority-owned wealth management JV

European Commission releases draft regulation tightening requirements on foreign state-backed investors; Mainland-Hong Kong wealth link imminent following release of implementation rules; and Shanghai to trial first-ever options contract available to foreign investors

Being the first U.S. domestic issuer to have a secondary listing in Hong Kong required navigating difficult SEC and SFC requirements