Beijing Sets Timeframe for Cancellation of Foreign Investment Ceilings for Chinese Securities Firms
The Chinese central government has outlined a new timetable for the removal of foreign ownership ceilings for companies in the domestic securities sector.
Gao Li (高莉), spokesperson for the China Securities Regulatory Commission (CSRC), announced on 11 October that restrictions on foreign investment in Chinese securities companies would be rescinded as follows:
- 1 January 2020 for futures companies;
- 1 April 2020 for fund management companies nationally;
- 1 December 2020 for securities companies nationally.
The “Relevant Measures in Relation to Further Expanding Externally Opening of the Finance Sector” (关于进一步扩大金融业对外开放的有关举措) released by the Financial Stability and Development Committee (FSDC) in July indicated that Beijing would bring forward the timeframes for the cancellation of foreign investment ceilings in the securities sector from 2021 to 2020.