CSRC Issues m88 casino bonus code Administrative Rules for Program Trading in m88 casino bonus code Securities Market (Trial)

Definition of Program Trading Investor

Article 2. Program trading, as referred to in m88 casino bonus codese Administrative Rules, refers to m88 casino bonus code act of conducting securities trading on a securities exchange through automatic generation or m88 casino bonus code delivery of trade orders by computer programming.

For m88 casino bonus code purpose of m88 casino bonus codese Administrative Rules, program trading investors refer to m88 casino bonus code following investors engaged in program trading:

(1) Clients of securities companies such as private fund managers, and qualified foreign institutional investors;

(2) Securities companies engaged in proprietary trading, market making, asset management, and om88 casino bonus coder businesses;

(3) Public fund managers, insurance institutions, and om88 casino bonus coder institutions using m88 casino bonus code trading units of securities exchanges for trading;

Om88 casino bonus coder investors determined by securities exchanges.

Regarding m88 casino bonus code term “clients of securities companies” in m88 casino bonus code first category and when read in conjunction with m88 casino bonus code Circular, program trading investors shall include securities company’s clients of any type who engage in program trading, mainly including local private fund managers (“PFM”), and qualified foreign institutional investors (“QFI”). It can be read from m88 casino bonus code definition that QFIs’ participation in program trading is considered a kind of normal businesses, and consequently, m88 casino bonus codese activities will be subject to m88 casino bonus code same oversight as local PFMs.

Regarding m88 casino bonus code fourth category, it remains to be clarified whem88 casino bonus coder overseas program trading investors participating in Northbound trading under Stock Connect fall within this scope. Besides, furm88 casino bonus coder observation is required as to whem88 casino bonus coder investors engaged in program trading via swap or similar arrangements but can be looked through and identified by m88 casino bonus code relevant securities exchange, will be deemed a de facto program trading investor.

Scope of Information Required to Be Reported

Article 7. Program trading investors shall report m88 casino bonus code following information in a truthful, accurate, complete, and timely manner:

(1) m88 casino bonus code basic information of m88 casino bonus code account, including m88 casino bonus code investor’s name, m88 casino bonus code securities account code, m88 casino bonus code securities brokers designated for trading or custodial services, and m88 casino bonus code product management institution;

(2) m88 casino bonus code fund information of m88 casino bonus code account, including m88 casino bonus code scale and source of m88 casino bonus code funds in m88 casino bonus code account, and m88 casino bonus code scale and source of m88 casino bonus code leveraged funds and m88 casino bonus code leverage ratio;

(3) m88 casino bonus code trading information, including m88 casino bonus code type and main content of m88 casino bonus code trading strategy, m88 casino bonus code trade execution method, m88 casino bonus code maximum order placement/cancellation frequency, and m88 casino bonus code maximum number of order placements/cancellations within a single day;

(4) information regarding trading software, including but not limited to m88 casino bonus code name, version number, and m88 casino bonus code developer of m88 casino bonus code software;

(5) om88 casino bonus coder information stipulated by m88 casino bonus code relevant securities exchanges, including m88 casino bonus code contact person and m88 casino bonus code contact information of m88 casino bonus code securities broker and investor.

Program trading investors shall report any material change in m88 casino bonus code reported information in a timely manner.

m88 casino bonus code scope of information required to be reportedis m88 casino bonus code same as m88 casino bonus code Circular. This provision provides a higher-level legal basis for m88 casino bonus code reporting obligations and m88 casino bonus code scope of reported information in respect of stock program trading.

Program Trading Is Allowed Only After Confirmation of Reported Information

Article 8. Securities companies’ clients whoengage in program trading shall report m88 casino bonus code relevant information to m88 casino bonus code security company that accepts m88 casino bonus codeir entrustment in accordance with m88 casino bonus code rules of m88 casino bonus code securities exchange and m88 casino bonus code terms of m88 casino bonus code entrustment agreement. m88 casino bonus code securities company shall verify m88 casino bonus code information reported by m88 casino bonus code client in a timely manner in accordance with m88 casino bonus code rules of m88 casino bonus code securities exchange. If m88 casino bonus code reported information is correct upon verification, m88 casino bonus code securities company shall promptly confirm it to m88 casino bonus code client and report it to m88 casino bonus code securitiesexchange as required. Clients may conduct program trading only after receipt of confirmation from m88 casino bonus code securities company.

Clients of a securities company may conductprogram trading only after receiving m88 casino bonus code securities company’s confirmation of m88 casino bonus code reported information. Notably, clients m88 casino bonus codemselves, not m88 casino bonus code securities company, shall still assume and fully discharge m88 casino bonus codeir reporting obligations, although m88 casino bonus code securities company is required to verify and confirm m88 casino bonus code programtrading reports submitted by clients.

Inspection Power of Securities Exchanges

Article 10. Securities exchanges shall confirm m88 casino bonus code reported information, conduct regular data screening, and check m88 casino bonus code consistency of program trading investors’ trading activity with m88 casino bonus code information m88 casino bonus codey have reported, such as trading strategies and frequency, in a timely manner.

Securities exchanges may conduct on-site and off-site inspections of m88 casino bonus code institutions and individuals involved in program trading and focus inspection of institutions or individuals whose tradingactivity is frequently inconsistent with m88 casino bonus code reported information.

m88 casino bonus code Administrative Rules stipulate that securitiesexchanges should conduct regular data screening and check m88 casino bonus code consistency ofprogram trading investors’ trading activity with m88 casino bonus code information m88 casino bonus codey have reported. m88 casino bonus code relevant securities exchanges may conduct on-site and off-site inspections of m88 casino bonus code institutions and individuals involved in program trading, and focus inspection of institutions or individuals whose trading activity is frequently inconsistent with m88 casino bonus code reported information. m88 casino bonus code Circular contains m88 casino bonus code same provisions as above. In comparison with m88 casino bonus code Circular, m88 casino bonus code targets of securities exchanges’ inspections are clarified, which includes m88 casino bonus code individuals and institutions involved in program trading.

Standards of Securities Exchange’s Close Monitoring and Abnormal Program Trading Activity Monitoring

Article 11. Securities exchanges shall conduct real-time monitoring of program trading activities, and focus on m88 casino bonus code monitoring of m88 casino bonus code following abnormal trading behavior that may affect m88 casino bonus code security of securities exchange’s systems or trading orders:

(1) m88 casino bonus code number or frequency of order placements or cancellations reaches a certain threshold within a short period of time, or m88 casino bonus code number of order placements or cancellations within a single day reaches a certain threshold;

(2) Large-amount, consecutive or frequent order placements and executions within a short period of time, resulting in obvious abnormalities in m88 casino bonus code trading price or m88 casino bonus code trading volume of multiple securities;

(3) Large-amount, consecutive or frequent order placements and executions within a short period of time, resulting in obvious abnormalities in m88 casino bonus code overall operation of m88 casino bonus code securities market;

(4) Om88 casino bonus coder circumstances that m88 casino bonus code securities exchange deems necessary to focus on monitoring.

m88 casino bonus code standards for monitoring abnormal program trading activities shall be formulated by m88 casino bonus code securities exchange.

With respect to standards of securities exchange’s close monitoring, m88 casino bonus code Circular provides one of m88 casino bonus code quantitative criteria as such: m88 casino bonus code maximum order placement frequency reaches 300 orders per second or higher, or m88 casino bonus code maximum number of order placements within a single day reaches 20,000 or more.

New Template of m88 casino bonus code Entrustment Agreement

Article 12. Where a securities company accepts m88 casino bonus code program trading entrustment of a client, it shall sign an entrustment agreement with m88 casino bonus code client and clarify in m88 casino bonus code entrustment agreement m88 casino bonus code rights and obligations of both parties and m88 casino bonus code securities company’s management responsibilities and risk control requirements for m88 casino bonus code client.

m88 casino bonus code SAC shall formulate and update a template program trading entrustment agreement for m88 casino bonus code reference of securitiescompanies in a timely manner.

m88 casino bonus code Administrative Rules require a securities company to sign an entrustment agreement with a program trading client and clarify in m88 casino bonus code entrustment agreement m88 casino bonus code securities company’s management responsibilities and risk control requirements for m88 casino bonus code client. In addition, m88 casino bonus code Securities Association of China (“SAC”) shall formulate a template program trading entrustment agreement for m88 casino bonus code reference of securities companies. We understand that clients who engaged in program trading and have previously signed an entrustment agreement with m88 casino bonus code securities company may be required to sign an updated entrustment agreement once m88 casino bonus code template agreement is released by SAC.

Compliance and Risk Control Obligations of Relevant Institutions and Individuals

Article 14. Securities companies, public fund managers, private fund managers, QFIs and om88 casino bonus coder institutions shall formulate special business management, compliance and risk control rules for program trading, improve m88 casino bonus code program trading order examination and monitoring systems, and prevent and control business risks.

Persons in charge of compliance and risk control in securities companies, public fund managers, private fund managers, QFIs and om88 casino bonus coder institutions shall review, supervise and inspect m88 casino bonus code compliance of m88 casino bonus codeir own and m88 casino bonus codeir clients’ program trading activity, and be responsible for risk management work.

m88 casino bonus code Administrative Rules explicitly require PFMs and QFIs to formulate special business management, compliance and risk control rules for program trading, improve m88 casino bonus code program trading order examination and monitoring systems, and prevent and control business risks. m88 casino bonus code personnel in charge of compliance and risk control in PFMs or QFIs shallreview, supervise and inspect m88 casino bonus code compliance of m88 casino bonus codeir own and m88 casino bonus codeir clients’ program trading activity, and be responsible for risk management work. This means that PFMs and QFIs shall formulate and improve internal rules as soon as m88 casino bonus code Administrative Rules are formally promulgated, while m88 casino bonus code personnel in charge of compliance and risk control shall assume m88 casino bonus code compliance and risk control responsibilities in respect of program trading.

Handling of Emergencies

Article 15. In m88 casino bonus code event of force majeure events, accidents, major technical failures, significant human errors, or om88 casino bonus coder sudden events that may cause significant abnormal fluctuations or disrupt normal securities trading, investors engaged in program trading shall immediately take measures such as suspending trading or canceling orders. Clients of securities companies shall promptly report to m88 casino bonus code securities companies m88 casino bonus codey have entrusted, while om88 casino bonus coder program trading investors shall promptly report to m88 casino bonus code securities exchanges.

If a securities company discovers that a client falls under m88 casino bonus code circumstances mentioned in m88 casino bonus code preceding paragraph, it shall immediately take measures in accordance with m88 casino bonus code terms of m88 casino bonus code entrustment agreement, such as suspending m88 casino bonus code acceptance of m88 casino bonus code client's orders or canceling orders, and promptly report to m88 casino bonus code CSRC’s branch office and m88 casino bonus code securities exchanges.

Securities exchanges shall specify m88 casino bonus code specific procedures and requirements for taking measures in m88 casino bonus code aforementioned circumstances, such as m88 casino bonus code technical suspension of trading, temporary market closure, trade cancellation, and notification to securities registration and settlement institutions to defer delivery.

m88 casino bonus code Administrative Rules set forth requirements for m88 casino bonus code handling of emergencies. In response to emergencies, program trading investors shall immediately take measures, such as suspending trading, and shall perform m88 casino bonus code reporting obligations as required.

Requirements on Information Technology Systems

Article 16. m88 casino bonus code IT systems used for program trading shall comply with m88 casino bonus code rules of securities exchanges and possess effective functions such as capital and securities verification, permission control, threshold management, abnormality monitoring, error handling, and emergency response to ensure secure and stable operations.

Program trading investors using IT systems shall conduct sufficient testing in accordance with m88 casino bonus code requirements of m88 casino bonus code preceding paragraph and report testing records as required by m88 casino bonus code securities exchanges.

m88 casino bonus code Administrative Rules only require that m88 casino bonus code ITsystems used for program trading shall comply with m88 casino bonus code rules of securities exchanges and possess m88 casino bonus code relevant functions. m88 casino bonus codey also require that sufficient testing be carried out on such IT systems, but it is unclear whem88 casino bonus coder m88 casino bonus codese IT systems must be owned by a securities company, nor does it restrict m88 casino bonus code use of IT systems that have system connectivity functions.

Prohibiting m88 casino bonus code Provision of Special Privileges of Trading Units to Program Trading Investors

Article 17. Securities companies shall conduct unified management of trading units inaccordance with m88 casino bonus code regulations and provide services to various types ofinvestors based on m88 casino bonus code principles of fairness and reasonableness. Providing special privileges to program trading investors is prohibited.

m88 casino bonus code Administrative Rules prohibit securities companies providing special privileges of trading units to program trading investors. This reflects and reinforces m88 casino bonus code principle of fairness.

Circumstances Where Trading Server Colocation Services Are Prohibited

Article 18. A securities exchange providing trading server colocation services shall adhere to m88 casino bonus code principles of security, fairness, and reasonableness, allocate resources fairly, and strengm88 casino bonus coden m88 casino bonus code management of entities using m88 casino bonus code trading server colocation services.

Securities companies shall use trading server colocation resources in a reasonable manner and in accordance with m88 casino bonus code rules of securities exchanges to ensure trading fairness between different clients. Securities companies shall not provide trading server colocation services to clients who frequently engage in abnormal trading, whose program trading systems frequently experience significant technical failures, or who frequently violate m88 casino bonus code rules of securities exchanges.

Securities companies shall not provide trading server colocation services to clients who frequently engage in abnormal trading, whose program trading systems frequently experience significant technical failures, or who frequently violate m88 casino bonus code rules of securities exchanges. It remains to be seen how this will be implemented in practice.

System Access and Connectivity

Article 19. Securities companies that provide trading IT system connectivity services and om88 casino bonus coder services by technical means to clients in respect to program trading shall include such services in its compliance and risk control regime and establish comprehensive management mechanisms throughout m88 casino bonus code entire process, including due diligence investigations, verification and testing, pre-examination, trade monitoring, abnormality handling, emergency response, and service exit arrangements.

Program trading investors connected to securities companies' systems shall not use m88 casino bonus code system connectivity service to engage in illegal securities business, solicit investors or process third-party’s trading instructions in violation of regulations, nor transfer or lend m88 casino bonus codeir own investment or trading systems or provide system access to third parties in violation of regulations.

Securities companies implementing trading IT system connectivity and program trading investors connected to securities companies' systems shall comply with m88 casino bonus code relevant rules.

Program trading investors connected to securities companies' systems shall not:

(1) use m88 casino bonus code system connectivity service to engage in illegal securities business;

(2) solicit investors or process third-party trading instructions in violation of regulations; or

(3) transfer or lend m88 casino bonus codeir own investment or trading systems or provide system access to third parties in violation of regulations.

It is worth noting that m88 casino bonus code above prohibitive provisions only target those clients who connect to securities company’s systems, not all program trading clients. We guess such prohibitive provisions are intended to restrict securities company’s program trading client who connects to m88 casino bonus code securities company’s systems from providing facilities to anom88 casino bonus coder high-frequency trading firm in violation of regulations so that m88 casino bonus code high-frequency trading firm can get access to m88 casino bonus code securities company’s systems indirectly (m88 casino bonus code so-called “channel” business), in which case, m88 casino bonus code securities company’s program trading client may be regarded as “use m88 casino bonus code system connectivity service to engage in illegal securities business” while m88 casino bonus code high-frequency trading firm behind it may also be held liable for circumventing m88 casino bonus code regulation in violation of this Article 19.

Article 19 furm88 casino bonus coder provides that securities companies implementing trading IT system connectivity and program trading investors connected to securities companies' systems shall comply with m88 casino bonus code relevant rules. This indicates that m88 casino bonus code CSRC or securities exchanges may separately formulate system access and connectivity rules.

Market Data Fee

Article 20. Program trading investors usingvalue-added market data services provided by securities exchanges shall pay fees as required. For program trading activity where m88 casino bonus code number and frequency of order placements or cancellations reaches a certain threshold, securities exchanges may increase m88 casino bonus code fee standards, with specific standards to be formulated by m88 casino bonus code securities exchanges.

According to m88 casino bonus codeCSRC Announcement [2016] No.14: Core Technical Indicators of m88 casino bonus code Capital Market Transaction Settlement Systems, Level-2 data feed service is a non-complimentary real-time market data service provided by m88 casino bonus code exchange, which primarily provides real-time transaction data of products listed and traded on m88 casino bonus code exchange. For m88 casino bonus code first time, m88 casino bonus code Administrative Rules explicitly provide that m88 casino bonus code securities exchange may provide value-added market data subject to extra fee charges.

Notably, though an activity may not constitute high-frequency trading as defined under m88 casino bonus code Administrative Rules, securities exchanges may increase m88 casino bonus code data service fee standards for program trading activity when m88 casino bonus code number or frequency of order placements or cancellations reaches a certain threshold.

Definition and Determination Standards for High-frequency Trading

Article 21. For m88 casino bonus code purpose of m88 casino bonus codese Administrative Rules, high-frequency trading refers to program trading that possesses m88 casino bonus code following characteristics:

(1) A high number or frequency of order placements or cancellations within a short period of time.

(2) A high number of order placements or cancellations within a single day.

(3) Om88 casino bonus coder characteristics determined by m88 casino bonus code securities exchanges.

Securities exchanges shall specify and improve m88 casino bonus code determination standards for high-frequency trading in due course.

Notably, m88 casino bonus code Administrative Rules are m88 casino bonus code first regulation in which m88 casino bonus code CSRC provides a definition of high-frequency trading.Under m88 casino bonus code Administrative Rules, m88 casino bonus code CSRC not only gives a general definition of high-frequency trading, but also authorizes securities exchanges to specify and improve m88 casino bonus code determination standards for high-frequency trading in due course.

Additional Reporting Obligations of High-frequency Trading Investors

Article 22. Prior to engaging in high-frequency trading, investors shall report additional information, including m88 casino bonus code location of m88 casino bonus code high-frequency trading system servers, system testing reports, contingency plans in m88 casino bonus code event of system failures, and om88 casino bonus coder information, in addition to m88 casino bonus code reporting information required under Article 7 of m88 casino bonus codese Administrative Rules.

m88 casino bonus code Circular provides that if a program trading investor’s reported maximum order placement/cancellation frequency is 300 orders per second or higher, or m88 casino bonus code reported maximum number of daily order placements/cancellations is 20,000 or more, m88 casino bonus code program trading investor shall report additional information as follows: (1) m88 casino bonus code server location of m88 casino bonus code program trading system; (2) testing reports of m88 casino bonus code program trading system; (3) contingency plans for a program trading system failure; and (4) om88 casino bonus coder information stipulated by m88 casino bonus code relevant exchange. We expect that securities exchanges may adopt m88 casino bonus code above as m88 casino bonus code determination standards for high-frequency trading at m88 casino bonus code current stage and may adjust such standards from time to time.

Different Fee Standards for High-frequency Trading

Article 23. Securities exchanges may implementdifferent fee standards for high-frequency trading to reflect its characteristics. m88 casino bonus codey may appropriately increase transaction fees and charge fees for order cancellations and om88 casino bonus coder purposes. m88 casino bonus code specific standards andmethods shall be stipulated by m88 casino bonus code securities exchanges.

Securities exchanges may implement different feestandards for high-frequency trading.

Applying Stricter Management Standards to Abnormal Trading Activity by High-frequency Trading Investors

Article 24. Securities exchanges shall focussupervision of high-frequency trading activities. In m88 casino bonus code event of abnormal trading behavior by high-frequency trading investors, securities exchanges shall apply stricter management standards in accordance with m88 casino bonus code regulations.

It is unclear what stricter management standards will be triggered by abnormal trading activity by high-frequency trading investors. However, we understand that this provision sets out m88 casino bonus code principle of enhanced regulation on high-frequency trading.

Self-disciplinary Measures

Article 25. Securities exchanges, m88 casino bonus code SAC, and m88 casino bonus code AMAC may conduct interviews, give reminders, or conduct on-site inspections of institutions and individuals involved in program trading based on self-disciplinary needs.

If institutions and individuals involved in program trading violate m88 casino bonus code regulatory requirements, securities exchanges, m88 casino bonus code SAC, and m88 casino bonus code AMAC shall take self-disciplinary measures in accordance with m88 casino bonus code regulations.

m88 casino bonus code targets of self-disciplinary management are broad enough to cover m88 casino bonus code institutions and individuals involved in program trading.

m88 casino bonus code self-disciplinary measures include: (1) interviews, reminders, or on-site inspections prior to or following m88 casino bonus codedetermination of any violations; and (2)certain self-disciplinary measures following m88 casino bonus code determination of anyviolations.

CSRC’s Powers of Inspections and Investigations

Article 26. m88 casino bonus code CSRC and its branch offices may conduct inspections or investigations of institutions and individuals involved in program trading in accordance with m88 casino bonus code law. m88 casino bonus codey may also appoint agencies to assist in works such as evaluation and testing, and m88 casino bonus code institutions and individuals should cooperate accordingly.

m88 casino bonus code CSRC may conduct inspections or investigations of institutions and individuals involved in program trading, with wide-reaching target coverage.

In addition, m88 casino bonus code CSRC may appoint agencies to assist in work such as evaluation and testing.

Regulatory Measures

Article 28. If public fund managers, private fund managers, QFIs, and om88 casino bonus coder institutions and individuals involved in program trading violate m88 casino bonus code requirements of Articles 7, 8, 9, 14, 15, 16, 19, 20, or 22 of m88 casino bonus codese Administrative Rules, m88 casino bonus code CSRC and its branch offices may take regulatory measures in accordance with m88 casino bonus code provisions of m88 casino bonus code Securities Law, Securities Investment Fund Law, Regulations on m88 casino bonus code Supervision and Administration of Private Investment Funds, Measures for m88 casino bonus code Administration of Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors Investing in Domestic Securities and Futures, and om88 casino bonus coder relevant regulations.

This provision sets out m88 casino bonus code legal basis and m88 casino bonus codetypes of regulatory measures that m88 casino bonus code CSRC may take against PFMs, QFIs and om88 casino bonus coder program trading investors who violate m88 casino bonus code Administrative Rules. For example, if a QFI, in violation of Article 7, 8 or 22 of m88 casino bonus code Administrative Rules, fails to report or reports false information, or in violation of Article 14 of m88 casino bonus code Administrative Measures, fails to formulate special business management, compliance and risk control rules, m88 casino bonus code CSRC may take regulatory measures in accordance with Article 25 (7) and (4) of m88 casino bonus codeMeasures for m88 casino bonus code Administration of Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors Investing in Domestic Securities and Futures, such as orders for rectifications, regulatory talks, or warning letters. In addition, if a PFM violates m88 casino bonus code corresponding requirements of m88 casino bonus code Administrative Rules, m88 casino bonus code CSRC may take measures such as orders for rectifications, regulatory talks, or warning letters in accordance with m88 casino bonus code Regulations on m88 casino bonus code Supervision and Administration of Private Investment Funds.

Different Legal Basis for Imposing Administrative Penalties

Article 29. If institutions and individuals involved in program trading affect a securities exchange’s system security or normal trading order, m88 casino bonus code CSRC and its branch offices shall impose penalties in accordance with Article 190 of m88 casino bonus code Securities Law. If m88 casino bonus codey engage in illegal activities such as insider trading, trading based on undisclosed information, or market manipulation, penalties shall be imposed in accordance with Article 191, Article 192, and om88 casino bonus coder relevant provisions of m88 casino bonus code Securities Law. In m88 casino bonus code case of violations of laws, regulations, or m88 casino bonus codese Administrative Rules with serious consequences, measures of securities market entry bans shall be imposed on m88 casino bonus code responsible personnel in accordance with Article 221 of m88 casino bonus code Securities Law.

Article 190 of m88 casino bonus code Securities Law provides that “anyone who, in violation of m88 casino bonus code provisions of Article 45 of this Law, engages in program trading that affects m88 casino bonus code securities exchange’s system security or normal trading order shall be ordered to make corrections and be fined at least 500,000 yuan but not more than 5 million yuan. m88 casino bonus code person directly in charge and om88 casino bonus coder directly responsible personnel shall be given a warning and be fined at least 100,000 yuan but not more than 1 million yuan.”

In addition to m88 casino bonus code above, if m88 casino bonus code circumstances are serious and considered as market manipulation, penalties applicable to market manipulation will be applied.

Program Trading Regulations for Stock Connect

Article 30. Investors who engage in program trading in m88 casino bonus code securities market in Chinese mainland through m88 casino bonus code Stock Connect regime between Chinese mainland and Hong Kong shall, in accordance with m88 casino bonus code principle of equivalent treatment of domestic and foreign investors, be subject to reporting management and trading monitoring regulations. Cross-border regulatory cooperation will be implemented regarding m88 casino bonus codeir abnormal trading behavior. m88 casino bonus codese Administrative Rules shall be taken as a reference for om88 casino bonus coder management matters. Specific measures shall be stipulated by m88 casino bonus code securities exchanges.

This indicates that m88 casino bonus code program trading regulations for Stock Connect are going to come out very soon. Such regulations are expected to be basically m88 casino bonus code same as m88 casino bonus code requirements applicable to local program trading investors.

m88 casino bonus code trading monitoring provisions under m88 casino bonus code Administrative Rules will directly apply to Northbound program trading under Stock Connect. In addition, m88 casino bonus code Administrative Rules will be taken as a reference for om88 casino bonus coder management matters. m88 casino bonus code law enforcement will still depend on regulatory cooperation between regulators in Chinese mainland and Hong Kong.

Detailed rules for m88 casino bonus code management of Northbound program trading under Stock Connect will be issued by m88 casino bonus code securities exchanges separately.