China offices of foreign bourses barred from launching revenue-generating ops |
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Published
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Mon, 21 May 2007 01:17
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BEIJING (XFN-ASIA) - The China Securities Regulatory Commission (CSRC) said it will not allow representative offices of foreign stock exchanges to launch revenue-generating businesses in China.The CSRC has issued a set of regulations covering the operations of the China offices of foreign bourses which will take effect on July 1. The rules stipulate that these representative offices and their staff are barred from signing any agreements or contracts which may generate revenues.The regulator said foreign bourses are allowed to set up only one China representative office with one chief representative approved by the CSRC.During US Treasury Secretary Henry Paulson's visit in China in December, the government agreed that the New York Stock Exchange and the NASDAQ may open offices here.kelly.zang@xfn.com
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