China Announces Record-Filing Requirements for Securities Service Institutions

A revised Securities Law, reviewed and passed at the 15th Session of the 13th National People’s Congress Standing Committee, came into force on 1 March. It adjusts the supervisory system of prior admission approval for all securities service institutions, requiring all bodies engaged in asset appraisals, credit ratings, financial consultancy and information technology systems service, to file records with the State Council ’s securities regulatory administration and the relevant departments of the State Council before engaging in securities services.

In conjunction with the Ministry of Industry and Information Technology, Ministry of Justice and Ministry of Finance , the China Securities Regulatory Commission (CSRC) also issued an announcement on Administrative Regulations on the Record-Filing of Securities Service Institutions to Engage in Securities Services (CSRC Announcement No. 52 [2020]). These regulations, which relate to the business scope, timing of and procedures relating to record-filing, are due to take effect on 24 August.

Source: China Securities Regulatory Commission ​​​​​​​