Foreign Exchange News
- Rules drafted on foreign bourse offices
Date: 27-Apr-2007 Sources: (Shenzhen Daily)
THE government has drafted rules for foreign stock exchange to establish representative offices, a step toward removing the last regulatory obstacles for NYSE Group, NASDAQ and others to set up China offices.
During a visit by U.S. Treasury Secretary Henry Paulson last December, China agreed that the NYSE and NASDAQ exchanges could open offices in Beijing. A top China securities regulator said in January that relevant rules should be launched before the two bourses could set up representative offices in China.
The China Securities Regulatory Commission (CSRC) published the draft rules on its Web site Wednesday and began soliciting public views. Typically in China, draft rules take effect some months after the government solicits public comment.
According to the draft rules published by CSRC, representative offices of overseas bourses can engage in communication, promotion and research activities.
Each bourse will be allowed to set up only one representative office in China.
In addition, the rules require that foreign bourses must have at least 20 years of operation abroad before they can apply to set up an office in China.
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