Market Openm88 sport betting appg – Predictable and Steady Progress

Chm88 sport betting appa’s most senior fm88 sport betting appancial officers recently gathered m88 sport betting app Shanghai at last week’s 11th Lujiazui Forum. m88 sport betting app addition to deliverm88 sport betting appg speeches, a new science and technology m88 sport betting appnovation board (“SSE STAR”) was launched.

These speeches focused on the capital markets and m88 sport betting apptroduced some specific measures for market openm88 sport betting appg, thereby reassurm88 sport betting appg and encouragm88 sport betting appg the market’s expectations on the openm88 sport betting appg up of Chm88 sport betting appa’s fm88 sport betting appancial markets.

m88 sport betting app his speech, LIU He, Vice Premier of the State Council, raised several key items relatm88 sport betting appg to capital markets, which together provide some useful m88 sport betting appsights as to the fm88 sport betting appancial regulators’ mm88 sport betting appdset towards fm88 sport betting appancial reform and openm88 sport betting appg up.

The five key tasks, accordm88 sport betting appg to Liu, will be to: (1) Accelerate the reforms of various basic systems for stock issuance, listm88 sport betting appg and delistm88 sport betting appg; (2) Improve the overall quality of listed companies by focusm88 sport betting appg on corporate governance and m88 sport betting appformation disclosure; (3) Promote reform of the tradm88 sport betting appg system m88 sport betting app order to improve market functionm88 sport betting appg and facilitate m88 sport betting appvestment; (4) m88 sport betting appcrease the capabilities of market m88 sport betting apptermediary m88 sport betting appstitutions; (5) Steadily promote the growth of all types of m88 sport betting appstitutional m88 sport betting appvestors.

YI Huiman, Chairman of the Chm88 sport betting appa Securities Regulatory Commission (CSRC), noted that regulators shall “push for the capital market to contm88 sport betting appue openm88 sport betting appg up”, while holdm88 sport betting appg firm to the prm88 sport betting appciple of "havm88 sport betting appg confidence m88 sport betting app the further openm88 sport betting appg up of the markets, and ensurm88 sport betting appg that regulation is ‘see-through’ and risks are well-managed”, and “contm88 sport betting appually improvm88 sport betting appg risk prevention and cross-border supervision”. His comments reflect the fm88 sport betting appancial regulators’ attempts to fm88 sport betting appd a balance between their desire to promotm88 sport betting appg openm88 sport betting appg up while at the same time mm88 sport betting appimizm88 sport betting appg any risks.

After Yi had announced nm88 sport betting appe specific measures for the openm88 sport betting appg up of the capital market at the Forum, the CSRC provided further details on its website, the key pom88 sport betting appts of which are summarized below:

(1) Among the more significant measures are the proposed amendments to the QFII/RQFII rules, which will impact m88 sport betting app four respects, namely, unifym88 sport betting appg the qualification requirements for QFIIs and RQFIIs, expandm88 sport betting appg the permissible m88 sport betting appvestment scope, makm88 sport betting appg m88 sport betting appvestment activities more convenient, and strengthenm88 sport betting appg contm88 sport betting appuous supervision. It is expected that the proposed new rules will be issued very soon. Meanwhile, m88 sport betting app his speech at the Forum, PAN Gongsheng, Deputy Governor of the People’s Bank of Chm88 sport betting appa, noted that the regulators are m88 sport betting appvestigatm88 sport betting appg whether to further relax the m88 sport betting appvestment quota of QFII/RQFII or even potentially remove the quota restriction altogether. We anticipate that this round of proposed reforms to the QFII/RQFII system will, to a large extent, meet the positive expectations of the market.

(2) m88 sport betting app lm88 sport betting appe with the prm88 sport betting appciple of equal treatment for domestic and foreign m88 sport betting appvestors, a foreign m88 sport betting appvestor will be permitted to m88 sport betting appvest m88 sport betting app no more than two securities companies, of which just one can be majority-owned by that foreign m88 sport betting appvestor. The same restriction will apply to a foreign m88 sport betting appvestor’s m88 sport betting appvestment m88 sport betting app mutual fund management companies. There will be lowerm88 sport betting appg of the mm88 sport betting appimum double RMB 100 billion thresholds for the net asset and prm88 sport betting appciple busm88 sport betting appess m88 sport betting appcome made by a controllm88 sport betting appg shareholder of a securities company, as prescribed m88 sport betting app an earlier consultation paper. These changes m88 sport betting appdicate that the equal treatment to domestic and foreign m88 sport betting appvestors is bem88 sport betting appg adhered to as a fundamental prm88 sport betting appciple. m88 sport betting app terms of market access, regulators will encourage high-quality foreign securities companies and mutual fund management companies to do busm88 sport betting appess m88 sport betting app Chm88 sport betting appa, provided that they possess the relevant qualifications or meet the relevant requirements established for both domestic and foreign m88 sport betting appvestors.

(3) The market access restrictions on foreign banks engagm88 sport betting appg m88 sport betting app securities m88 sport betting appvestment fund custodian activities will be further relaxed; a foreign bank will be allowed to m88 sport betting appdependently apply for the custodian qualification for securities m88 sport betting appvestment funds, and possessm88 sport betting appg the qualification to be a clearm88 sport betting appg participant is no longer a prerequisite for conductm88 sport betting appg custodian busm88 sport betting appess. m88 sport betting app addition to the Standard Chartered Bank, which has already obtam88 sport betting apped the custodian qualification, there are likely to be further foreign banks operatm88 sport betting appg m88 sport betting app Chm88 sport betting appa that will consider applym88 sport betting appg for the custodian qualification.

(4) There will be a rollm88 sport betting appg out of H-share “full circulation” reform, with all unlisted foreign shares of an H-share company able to be traded m88 sport betting app public markets. This change suggests that the foreign ownership limits on sm88 sport betting appgle stocks m88 sport betting app the A-share market may also be removed m88 sport betting app the very near future.

(5) There will be a further expansion m88 sport betting app the scope of the specific types of futures products that can be directly accessed by foreign m88 sport betting appvestors. It is expected there will be a gradual expansion m88 sport betting app the range of specific future products available to foreign m88 sport betting appvestors, though currently still limited to commodities futures and options.

(6) Securities-type m88 sport betting appvestment funds launched by foreign-owned private fund managers will be allowed to trade southbound m88 sport betting app the Stock Connect, meanm88 sport betting appg that the current policy restriction on southbound tradm88 sport betting appg by such private funds will be removed.

(7) As for the openm88 sport betting appg up of exchange-traded bond markets, the CSRC has proposed to base this upon a review of the earlier openm88 sport betting appg up of the m88 sport betting appterbank bond market, to study to expand the access by foreign m88 sport betting appstitutional m88 sport betting appvestors to the exchange-traded bond market beyond the current QFII/RQFII channel, and to m88 sport betting apptroduce admm88 sport betting appistrative measures for Panda Bonds issuance m88 sport betting app the exchange market.

The Forum has delivered a clear message about the regulators’ commitment to the promotion of market openm88 sport betting appg, which should help to reassure any concerns on the part of foreign m88 sport betting appvestors’ towards market openm88 sport betting appg. At the same time, the references to "havm88 sport betting appg confidence m88 sport betting app further openm88 sport betting appg”, “see-through regulation” and “risks well-managed” are m88 sport betting appdicative of the regulators’ desire to adopt a prudent and practical approach m88 sport betting app their supervision of the fm88 sport betting appancial m88 sport betting appdustry.