New securities law passed
Effectively establish a registration system for stock issuance from March 1, 2020
The newly revised Securities Law (hereinafter referred to as the "New Securities Law") was passed at the closing meeting of the 15th Session of the Standing Committee of the 13th National People's Congress on December 28 and will be implemented from March 1, 2020. The Securities Regulatory Commission reviewed ten key reforms of the new securities law, including the comprehensive implementation of the securities issuance registration system, significantly increasing the cost of securities violations, improving the investor protection system, further strengthening information disclosure requirements, improving the securities trading system, and implementing the "Serving" requires the abolition of relevant administrative licenses, compacting the legal responsibilities of "gatekeepers" in the intermediary market, establishing and improving a multi-level capital market system, strengthening supervision and enforcement and risk prevention and control, and expanding the scope of application of securities laws.
Ministry of Finance of China Economic Net