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BEIJING, May 21 - China securities regulator Sunday unveiled management rules that give green lights to the establishment of representative offices of overseas stock exchanges in the country.
The rules will come into effect on July 1. To be eligible1, the stock exchanges should be in operation for more than 20 years and have fine financial records, according to the rules. Meanwhile, their home country should have signed memorandum2 of understanding on supervision3 cooperation with the China Securities Regulatory Commission (CSRC). The representative offices can only do non-operating activities including liaison4, promotion5 and research, the rules stated. Violators will face warning, confiscation6 of all illegal earnings7, or even closure. The offices are also required to report to the CSRC their large-scale promotion plans targeted at local businesses and can go ahead only if they get no rejection8 from the securities regulator 10 days after the reporting. The rules also ordered the offices to submit written reports to the CSRC 10 days after they give severe penalties to the companies listed on their stock exchanges. No less than half of the staff at the office should be Chinese, according to the rules. The rules also apply to the stock exchanges in Hong Kong, Macao and Taiwan. Earlier media reports said the U.S.-based Nasdaq Stock Market Inc. was considering set up a representative office in China to woo more initial public offerings in the fastest-growing major economy.
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