Legislation

For the first time insurance proceeds are allowed to be invested in wealth management products of commercial banks, credit asset-backed securities of banking financial institutions and pooled fund trust plans of trust companies.

Securities companies are allowed to be financial product sales agents.

The dividend tax reduced to encourage investors to hold shares for the long term.

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

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.

Articles 64, 65 and 69 of the Rules have been revised according to a State Council decision, removing the wordings concerning costs incurred from seizure, sealing up or custody of property.

Insurance asset management companies may be entrusted to manage the funds of pension fund, enterprise annuity and housing fund.