China’s securities regulator has set a concrete date for the removal of ceilings on foreign investment in domestic securities firms.
The China Securities Regulatory Commission (CSRC) has just announced that starting from 1 April 2020 it will cancel the restriction on foreign ownership in Chinese securities firms.
Qualified offshore investors will be permitted to submit applications to establish their own securities firms in China or become the real controllers of existing securities firms.
According to CSRC the move is part of overall efforts to further open the Chinese financial sector, as well as implement the requirements of the Sino-US phase 1 trade agreement.
The next step for CSRC will be to “continue to firmly implement overall arrangements for China’s foreign opening and actively advance the progress of the opening of the capital market.”