| CSRC: Overseas Stock Exchange Institution in China Prohibited from Business Operation |
| Tuesday,May 22,2007 Posted: 06:40 BJT(2240 GMT) People’s Daily |
Today China Securities Regulatory Commission issued the Measures on the Administration of the Representative Institutions of Overseas Stock Exchanges in China, which will take effect on Jul.1. The Measures prescribe that neither the representative institution nor the staff of overseas stock exchanges in China could directly or indirectly engage in any business activity, or sign agreement or contract that is likely to benefit the representative institution or its stock exchange with any legal entity or natural person. According to the Measure, no representative institution or the staff is allowed to make advertisement or take promotion activity to individual in any form. While the representative institution and the staff are organizing major promotion activity, they should submit the proposal to CSRC in advance and can proceed only when it’s agreed by CSRC within next 10 days. Likewise, the representative institution and the staff may not conduct false promotion, compete unfairly, or do business in other’s interest in any way. In addition, when the overseas stock exchange is going to impose major punishment to certain listed Chinese enterprise or Chinese member on it, its representative institution should notify CSRC in a timely manner and submit a written report to the CSRC within 10 days after the punishment. |
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