Capital Markets

The industrial classification of listed companies now needs to be revised every quarter.

Mergers and acquisitions involving material asset reorganisation will be subject to greater scrutiny under new Regulations, which will increase due diligence costs for businesses in China

If, in the process of the CSRC's review of an M&A transaction, the listed company or the transaction counterparty that accounts for 20% or more of the transaction amount is found to have been involved in insider trading, the CSRC will terminate the review process.

Pooled asset management plans of securities companies now only require record filing.

Authority to approve qualifications of senior management of securities companies delegated to agencies of the CSRC.

Registered capital of a subsidiary of a fund management company is not allowed to be less than Rmb20 million.

An Interpretation from the CSRC uses for the first time a doctrine of guilty before innocent for insider trading cases. But with few cases before the courts, it is not clear how effective the Interpretation will be

Investment of venture capital funds in the over-the-counter markets being regulated.

Disclosure in annual reports simplified.