China canceled and adjusted several administrative approval items for securities firms based on the revised securities law, the country's top securities regulator said in a statement.
The China Securities Regulatory Commission (CSRC) will no longer process administrative approval items that were canceled by the new securities law, which became effective on March 1.
Under the new law, items of securities firms that were adjusted and don't require prior approvals include the establishment, acquisition and equity participation in overseas securities institutions, as well as qualification reviews of their members of the board of directors and senior managerial personnel.
The CSRC also stressed that inspections and punishment shall be strengthened in an effort to protect the legitimate rights and interests of investors and better regulate the securities market.
China's revised securities law was adopted by the top legislature in late 2019. Among others, the new law outlined regulation details in securities issuance and trading, the takeover of listed companies, information disclosure and investor protection.
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